The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to explain $6.23 million in alleged election funds. The group also wants answers over more than N1.63 trillion in other public funds. SERAP addressed its demand to CBN Governor Olayemi Cardoso. It made the demand in a September 26, 2026 letter signed by Deputy Director Kolawole Oluwadare.
According to SERAP, the allegations appear in Volume II of the Auditor-General’s 2023 Annual Report. The report was published on August 7, 2026. SERAP said the funds include N1.25 trillion in unrecovered CBN loans to states. They also include N116.18 billion in loans to distressed and liquidated banks. Another N262.86 billion went to the Anchor Borrowers’ Programme. The report also raised questions over $6.23 million linked to an alleged election-funding request.
SERAP wants the CBN to publish details of the affected transactions and beneficiaries. It also wants the bank to explain its recovery efforts. On the $6.23 million, SERAP asked the CBN to publish its internal investigation findings. The group said the Auditor-General reported that the CBN failed to provide the investigation report.
The report reportedly linked the payment to a request for election funding purportedly made by former President Muhammadu Buhari. SERAP said the Auditor-General wants the money recovered and returned to the treasury.
Meanwhile, SERAP wants the CBN to identify anyone responsible for the disputed funds. It also called for disciplinary action where necessary. The group urged the CBN to refer suspected criminal conduct to relevant authorities.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
It also requested an independent forensic review of the affected transactions. SERAP warned that it could take “appropriate legal action” if the CBN fails to respond within seven days.
