The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN). Demanding a full explanation for an alleged N3 trillion in missing or diverted public funds.
The lawsuit also seeks clarity on the reported payment of N629 billion to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In a statement release on Sunday, SERAP explained that the legal action was prompt by “serious allegations”. Outlined in the latest annual report from the Auditor-General of the Federation, published on September 9, 2025.
The group reveal that the case, mark FHC/ABJ/CS/250/2026, filed last week at the Federal High Court in Abuja. SERAP is requesting a court order to compel the CBN to disclose the location of the funds. And provide a detail account of how they’re use.
Key Points Raised by SERAP:
- The Socio-Economic Rights and Accountability Project argued that the Auditor-General’s findings point to significant violations of the Nigerian Constitution, the CBN Act, and anti-corruption laws.
- The group stated that the alleged diversion of funds highlights a broader lack of accountability within the CBN, eroding public trust in the management of national resources.
- “These allegations suggest serious breaches of public trust and transparency,” SERAP said. Emphasizing the need for the CBN to comply with its legal obligations.
SERAP stress that Nigerians have a fundamental right to know how public funds are manage. The group believes that granting the court orders would not only ensure accountability. But also help recover misused funds and prevent future abuses.
“Transparency is critical to restoring public confidence in institutions,” SERAP added, urging the court to act in the public’s interest.
