The Socio-Economic Rights and Accountability Project (SERAP) has issued seven days ultimatum to the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, “to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds, or face appropriate legal action.”
The grave allegations are documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026. The Auditor-General states that the findings variously cover the period from January to December 2023.
The funds comprise over ₦1.25 trillion in unrecovered CBN intervention loans to state governments; ₦116.18 billion in unrecovered loans to distressed and liquidated banks; ₦262.86 billion disbursed under the Anchor Borrowers’ Programme; and US$6.23 million in payments linked to an alleged fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
SERAP urged Mr 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.”
SERAP also urged him and the CBN “to account for the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating ‘Anchors,’ amounts disbursed, utilisation, monitoring arrangements, and any recovery measures.”
SERAP urged him and 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.”
In the letter dated 26 September 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”
SERAP said: “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.”
According to SERAP, “These findings by the Auditor-General raise serious concerns about the management and accountability of public resources and potential violations of the Nigerian Constitution 1999 (as amended), national anti-corruption laws and Nigeria’s obligations under the UN Convention against Corruption.”
The letter, read in part: “The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility and securing recovery where public funds have been unlawfully lost.”
“SERAP urges him and the CBN to identify those responsible for the affected public funds, take appropriate disciplinary action, refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities, and ensure full recovery and remittance to the treasury of any diverted, lost or unaccounted-for funds.”
“The CBN Act 2007 establishes specific statutory responsibilities concerning the Bank’s accounts, assets, financial reporting and management. Section 7(2) of the Act places responsibility on the Governor and Deputy Governors, including responsibility for ensuring that true accounts are kept of transactions entered into by the Bank and of its assets and liabilities and valuables entrusted to it.”
“Sections 27 to 32 of the CBN Act also define the Bank’s principal powers and functions. Section 49 provides for the audit of the Bank’s accounts, while section 50 establishes requirements concerning the Bank’s annual accounts and reporting. These provisions reinforce the principle that the CBN’s financial affairs are subject to a statutory framework of accounting, audit and public accountability.”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the Convention impose obligations on States Parties concerning the development of effective anti-corruption policies and the proper management of public affairs and public funds.”
“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 findings also raise broader concerns about the CBN’s compliance with principles of transparency, accountability and responsible management of public resources. 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.”
