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SERAP Gives CBN Governor Seven Days To Account For N1.63Trillion And Alleged $6.23Million Buhari Election Payment
SERAP Gives CBN Governor Seven Days To Account For N1.63Trillion And Alleged $6.23Million Buhari Election Payment
NEWS
The Nigerian Record
9/26/20262 min read
The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, demanding accountability for over ₦1.63 trillion in public funds and $6.23 million in allegedly diverted election-related payments.
The demand follows revelations in Volume II of the Auditor-General of the Federation's 2023 Annual Report, published on August 7, 2026, which documented serious lapses in the management of public resources between January and December 2023.
According to the report, the CBN failed to recover ₦1.25 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers' Programme. In addition, $6.23 million was allegedly spent following a fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
In a letter dated September 26, 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation stressed: "The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria's constitutional democracy."
SERAP urged Cardoso and the CBN "to account for over ₦1.25 trillion in intervention loans to states, and ₦116.18 billion in loans to distressed and liquidated banks, and disclose the details of the beneficiaries, amounts disbursed, and any recovery measures."
On the Anchor Borrowers' Programme, SERAP demanded transparency: "The CBN must account for the ₦262.86 billion disbursed, including the names and number of beneficiaries and participating 'Anchors,' amounts disbursed, utilisation, monitoring arrangements, and any recovery measures."
The organisation also called for accountability regarding the alleged election-related fraud: "SERAP urges the CBN to account for the US$6.23 million reportedly spent following a purported request for election funding by former President Muhammadu Buhari, and publish the findings of the internal investigation into the alleged fraud, including measures taken to recover the funds and establish responsibility."
The Auditor-General's report raised concerns that these funds may have been diverted to private purposes. It noted that the CBN failed to present its 2023 audited financial statements, schedules of recoveries, or lists of beneficiaries for scrutiny.
SERAP warned that the findings raise fundamental questions about transparency and accountability.
"The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources," the organisation said.
The organisation urged the CBN to identify those responsible, take disciplinary action, and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
It also called for an independent forensic reconciliation of the sums identified by the Auditor-General.
"The CBN's institutional independence cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of financial misconduct," SERAP stated.
The group reminded the CBN of its obligations under the Nigerian Constitution and the CBN Act 2007, which require accurate accounting of transactions, assets, and liabilities. It also cited Nigeria's commitments under the UN Convention against Corruption.
"Identifying those responsible, ensuring that any perpetrators are brought to justice, and securing the full recovery of any missing or unaccounted-for public funds would serve the public interest and help to address impunity for the mismanagement of public resources," the letter read.
SERAP concluded that Nigerians have the right to know the whereabouts and status of public funds. "Taking the requested measures would advance the public interest in accountability, restitution, recovery and guarantees of non-repetition," it said.