SERAP sues CBN over alleged N3trn unaccounted public funds

THE Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) over its alleged failure to account for N3 trillion in public funds, including more than N629 billion reportedly disbursed to ‘unknown beneficiaries’ through the Anchor Borrowers’ Programme.

According to SERAP, the lawsuit was filed last week at the Federal High Court in Abuja. The case, which bears the suit number FHC/ABJ/CS/250/2026, seeks a court order compelling the apex bank to provide a full explanation on how the funds were handled and where they are currently located.

The civil society group said the decision to approach the court followed serious allegations contained in the most recent annual report of the Auditor-General of the Federation, published on September 9, 2025. SERAP described the findings as disturbing and said they raised questions about the transparency and accountability of the CBN.

In a statement issued on Sunday, SERAP’s Deputy Director, Mr Kolawole Oluwadare, said the organisation was asking the court to issue an order of mandamus directing the CBN to account for the allegedly missing or diverted funds and to provide detailed records of how the money was spent.

The organisation argued that the failure to properly account for such a large sum of public money amounted to a breach of public trust. It also said the alleged conduct violated the provisions of the 1999 Constitution (as amended), the CBN Act, and established anti-corruption standards.

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SERAP noted that the allegations went beyond the Anchor Borrowers’ Programme and reflected what it described as a broader failure of accountability within the CBN. The group said this persistent lack of transparency undermined public confidence in the institution and weakens efforts to fight corruption.

In a post shared on its official social media handle, SERAP stated: “We’ve sued @cenbank over failure to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.”

The group added that the claims were based on the Auditor-General’s report and that the court action was necessary to ensure that the apex bank was held to account. It stressed that Nigerians had a constitutional right to know how public funds were used.

SERAP further said that granting the reliefs sought would not only compel the CBN to disclose the status of the funds, but would also help guarantee restitution, compensation, and prevent similar incidents in the future.

The case is expected to test the extent of financial accountability at the country’s apex bank and could set a major precedent for transparency in the management of public resources.