ABUJA, Nigeria — The Socio-Economic Rights and Accountability Project (SERAP) has taken the Central Bank of Nigeria (CBN) to court, seeking disclosure of how $6.23 million linked to a disputed election-funding request was spent.
The advocacy group is asking the Federal High Court in Abuja to compel the bank to identify the recipients of the money, explain the transactions, and provide evidence of efforts to recover outstanding funds.
The group is also seeking an explanation for why more than ₦1.63 trillion in public loans and other funds remained unrecovered.
The case, numbered FHC/ABJ/CS/2450/2026, was filed on Friday, October 9, 2026, following financial irregularities identified in the Auditor-General of the Federation’s 2023 Annual Report.
The audit findings, published in August 2026, concern transactions and outstanding balances recorded during 2023.
SERAP also wants the CBN to disclose the identities of officials who authorised the payments and any disciplinary measures taken against those found responsible for wrongdoing.
The organisation’s lawsuit follows an earlier demand that the bank explain the transactions within seven days or face legal proceedings.
₦1.63 Trillion in Loans Under Scrutiny
The largest amount identified in the audit concerns more than ₦1.25 trillion in intervention loans extended by the CBN to state governments.
According to findings cited in the lawsuit, the bank had not recovered ₦1,252,095,444,724.82 from the affected states.
The Auditor-General raised concerns that some of the money could have been diverted for private purposes and recommended its recovery.
A separate finding concerned ₦116.18 billion in outstanding loans to distressed and liquidated banks.
The audit team reported that the CBN had not supplied the financial statements and repayment records needed to establish the status of those loans.
Another ₦262.86 billion was identified under the Anchor Borrowers’ Programme, which was established to support agricultural production and improve food security.
The Auditor-General reported that some participating anchors still held the money and that the bank had not provided adequate records identifying beneficiaries or assessing the programme’s results.
The report raised concerns about possible diversion and called for the recovery of outstanding funds.
Together, the three categories amount to approximately ₦1.63 trillion.
The audit findings do not establish that the entire amount was stolen. They identify outstanding loans, insufficient financial documentation, and expenditure requiring further explanation.
$6.23 Million Linked to Purported Buhari Request
A separate allegation concerns a $6.23 million payment processed through the CBN’s Abuja branch.
According to the Auditor-General’s findings, the bank’s internal auditors identified a transaction connected to an election-funding request purportedly made by former President Muhammadu Buhari.
The report did not establish that Buhari personally authorised the request.
The Auditor-General said the CBN had not made its internal investigation report available for examination, preventing the audit team from confirming the circumstances of the payment.
The Auditor-General expressed concern that the transaction could have involved fraud and recommended that the money be recovered and returned to the treasury.
SERAP wants the court to direct the CBN to release the investigation’s findings, identify the people who received the money, and disclose any action taken against those involved.
The organisation is also requesting documents establishing the basis on which the payment was approved.
Currency Notes and Bank Vehicles Also Questioned
Beyond the disputed payments and loans, SERAP is seeking records concerning seven boxes of currency notes at the CBN that had reportedly remained awaiting examination for an extended period.
The Auditor-General warned that the unresolved status of the notes could create risks of financial mismanagement.
The audit also identified vehicles that were no longer serviceable at the bank’s Lagos branch and a bullion van in similar condition at its Abeokuta branch.
The report said the vehicles’ condition could hinder operations, particularly activities involving the handling and movement of currency.
It recommended that the bank produce evidence of the disposal or replacement of the affected vehicles.
SERAP wants the CBN to disclose what has been done about each of those findings.
SERAP Seeks Mandatory Disclosure Order
The organisation is asking the Federal High Court to issue an order of mandamus, a judicial directive requiring a public institution to perform a legal duty.
Its application seeks details of the purposes of the disputed payments, the beneficiaries, repayment arrangements, investigations, and recovery measures.
The suit was filed by lawyers Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo, and Kelechi Anwu.
SERAP argues that the CBN’s operational independence does not remove its responsibility to submit to audits and account for public money.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It cited provisions of the 1999 Constitution, the Central Bank of Nigeria Act 2007, and Nigeria’s obligations under the United Nations Convention against Corruption.
SERAP maintained that the CBN must account for the funds identified by the Auditor-General and establish whether any money had been improperly disbursed or lost.
“The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” the organisation said.
The case seeks disclosure and accountability rather than a judicial determination that all the money identified in the audit was stolen.
No hearing date has been announced.
