SERAP sues CBN over $6.23 million in alleged election funds and ₦1.63 trillion in other public funds flagged in Nigeria’s 2023 audit report. The organisation wants the bank to disclose how the money was spent, who received it and what steps officials have taken to address the concerns.
SERAP filed the suit at the Federal High Court in Abuja on October 9, 2026. The case follows findings in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. The report highlighted several transactions and outstanding loans that require further explanation.
The organisation is asking the court to compel the CBN to provide records of the affected funds, including their beneficiaries, repayment status and recovery efforts. It also wants the bank to disclose the outcome of its internal investigation into the alleged election-funding fraud.
SERAP Sues CBN Over Alleged Election-Funding Irregularities
The $6.23 million at the centre of the case relates to an election-funding request purportedly made by former President Muhammadu Buhari. According to the Auditor-General’s report, the CBN’s internal audit indicated that the money was spent following the request.
However, the bank reportedly failed to provide its investigation report to the audit team for scrutiny. The Auditor-General expressed concern that the funds might have been lost through fraudulent payments and recommended their recovery and remittance to the treasury.
SERAP wants the CBN to explain the transaction and publish the findings of its investigation. It is also seeking the identities of officials who approved or disbursed the money, alongside details of any disciplinary or administrative action.
The allegations have not established that any individual committed fraud. The requested disclosures could help clarify what happened and whether the bank took appropriate steps to address the concerns.
₦1.63 Trillion in Loans and Other Public Funds
The lawsuit also covers several categories of public funds identified in the audit report. These include approximately ₦1.252 trillion in unrecovered intervention loans to state governments and ₦116.18 billion in loans to distressed and liquidated banks.
The Auditor-General raised concerns about the outstanding balances and recommended recovery of the funds. The report also questioned the CBN’s failure to provide certain financial statements and loan-recovery schedules for examination.
Another ₦262.86 billion went to the Anchor Borrowers’ Programme, which aims to support farmers and strengthen food production. The audit raised concerns about funds remaining with programme anchors and the absence of adequate information on beneficiaries and results.
SERAP wants the bank to disclose how the programme’s funds were distributed and used. It is also seeking information on the beneficiaries, participating anchors and measures taken to recover outstanding amounts.
The figures highlight the scale of the financial questions raised in the report. However, the amounts cover different programmes and transactions, and the audit concerns do not automatically prove that all the funds were stolen or diverted.
SERAP Seeks Answers on Currency Notes and Vehicles
The organisation’s legal action extends beyond loans and election-related spending. SERAP is also asking the CBN to account for seven boxes of currency notes awaiting examination.
The audit report further identified unserviceable vehicles at the bank’s Lagos branch and an unserviceable bullion van at its Abeokuta branch. It raised concerns about the management of these assets and requested evidence of their disposal or replacement.
SERAP argues that the CBN must provide clear records of its financial activities and respond to credible concerns raised by auditors. It maintains that the bank’s institutional independence does not remove its responsibility to comply with audit and financial reporting requirements.
Court Asked to Compel CBN to Disclose Records
Through the lawsuit, SERAP is seeking a court order requiring the CBN to account for the funds and disclose relevant records. The organisation says identifying those responsible, investigating possible wrongdoing and recovering any money found to have been improperly paid would serve the public interest.
The case has renewed attention on financial accountability and the handling of public resources in Nigeria. Its outcome may also clarify the extent to which the bank must disclose information about the transactions identified by auditors.
No hearing date had been announced in the reports available on October 12, 2026. The court has yet to determine the claims, and the CBN’s alleged failures remain matters for legal scrutiny.