Rights Group Takes CBN to Court Over $6.23m Election Funds, N1.63tn in Loans
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), seeking explanations for $6.23 million in election-related funds and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report. Filed at the Federal High Court in Abuja, the suit seeks to compel the apex bank to disclose how the money was spent, identify its beneficiaries and explain efforts to recover outstanding funds.
The election-related transaction involves an alleged fraudulent request purportedly made in the name of former President Muhammadu Buhari, according to findings cited in the suit. The Auditor-General reportedly raised concerns that the CBN failed to provide an internal investigation report on the transaction for audit verification. SERAP is asking the court to compel the bank to disclose its findings and identify those responsible for approving and disbursing the funds.
Beyond the election-related funds, the organisation is challenging the reported failure to recover about ₦1.25 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion allocated under the Anchor Borrowers’ Programme. The audit findings also raised questions about the management of currency notes awaiting examination and unserviceable vehicles at some CBN branches. SERAP wants the bank to disclose the status of the funds, recovery measures and any action taken against officials implicated in the transactions.
The organisation argues that the CBN’s institutional independence does not exempt it from financial scrutiny and public accountability. It is asking the court to compel the bank to provide the relevant records and ensure that any funds found to have been improperly disbursed are recovered. The suit, filed on Friday, October 9, 2026, had no hearing date scheduled as of Sunday, October 11.
