SERAP has taken the CBN to the Federal High Court in Abuja. The lawsuit follows allegations in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
The report raises concerns about $6.23 million linked to an allegedly fraudulent election-funding request attributed to former President Muhammadu Buhari. It also identifies over ₦1.25 trillion in unrecovered intervention loans to state governments.
Other flagged funds include ₦116.18 billion in loans to distressed and liquidated banks. The report also identifies ₦262.86 billion disbursed through the Anchor Borrowers’ Programme.
SERAP Seeks Answers and Accountability
In suit number FHC/ABJ/CS/2450/2026, SERAP is seeking a court order compelling the CBN to account for the funds. The organisation wants details about beneficiaries, repayments, recovery efforts and investigations into the alleged election-funding fraud.
SERAP also wants the bank to identify officials responsible for approving and disbursing the funds. Additionally, it seeks records concerning seven boxes of currency notes awaiting examination and abandoned vehicles at CBN branches.
The group argues that the allegations raise serious questions about public accountability and compliance with Nigerian laws. It maintains that the CBN’s independence does not exempt it from audits, financial oversight or investigations into credible fraud allegations.
SERAP wants a credible investigation to establish the facts, identify those responsible and recover any public funds unlawfully lost.
