SERAP Gives CBN Seven Days to Explain $6.23m Election Payment, N1.63tn in Funds.

The Socio-Economic Rights and Accountability Project (SERAP) has given Central Bank of Nigeria Governor Olayemi Cardoso and the bank seven days to explain the handling of $6.23m and more than N1.63tn in public funds, warning that it may take legal action if they fail to respond.

In a letter dated September 26, 2026, SERAP said the concerns were detailed in Volume II of the Auditor-General of the Federation’s 2023 annual report, published on August 7. The organisation’s Deputy Director, Kolawole Oluwadare, signed the letter.

The sums include N1.25tn in intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, and N262.86bn disbursed under the Anchor Borrowers’ Programme. SERAP also wants an explanation for $6.23m allegedly released for election funding in the name of former President Muhammadu Buhari.

SERAP asked the CBN to identify the state-loan beneficiaries, disclose amounts disbursed and explain efforts to recover the money. It also sought details of Anchor Borrowers’ Programme recipients and participating anchors, how funds were used, monitoring arrangements and recovery measures.

According to SERAP, the Auditor-General reported that the CBN had not recovered N1,252,095,444,724.82 in state intervention loans. The audit report warned that the money could have been diverted for private purposes and recommended its recovery and return to the treasury. It also identified N116.18bn in loans to distressed and liquidated banks that had allegedly not been recovered.

SERAP said the CBN did not provide the audit team with its 2023 financial statements or schedules showing recoveries and outstanding loan balances. The report also found that N262.86bn intended to support farmers remained with some programme anchors. The CBN allegedly failed to provide a beneficiary list or evidence of the programme’s impact for audit assessment.

On the $6.23m, SERAP called for an account of the expenditure and publication of the CBN’s internal investigation. It said the Auditor-General reported that the money was released following a request for election funding purportedly made by Buhari, but the CBN did not give auditors the investigation report.

The transaction is connected to the 2023 general elections and the criminal case against former CBN Governor Godwin Emefiele. In 2024, CBN official Michael Onyeka Ogbu testified that the money was released in cash to pay international election observers, based on documents bearing purported approvals from Buhari, former Secretary to the Government of the Federation Boss Mustapha and Emefiele. Mustapha later denied authorising the payment and alleged that the signatures were forged.

SERAP also raised concerns about seven boxes of “Awaiting Examination” currency notes and abandoned vehicles at CBN branches in Lagos and Abeokuta. It called for an independent forensic reconciliation, preservation of records, disciplinary action against responsible officials and referral of suspected crimes to relevant agencies.

The organisation said the CBN’s independence does not exempt it from audits and public financial oversight.