Account for N3trn public funds – SERAP drags CBN to court
Lawsuit Filed Against Central Bank of Nigeria Over Missing Funds
A lawsuit has been initiated by the Socio Economic Rights and Accountability Project (SERAP) against the Central Bank of Nigeria (CBN) regarding its alleged failure to account for 3 trillion naira in public funds. This includes more than 629 billion naira reportedly disbursed to “unknown beneficiaries” through the Anchor Borrowers’ Programme.
SERAP announced the suit in a statement released on Sunday, detailing that the lawsuit was filed last week at the Federal High Court in Abuja, under case number FHC/ABJ/CS/250/2026.
The legal action follows serious allegations raised in the latest annual report from the Auditor-General of the Federation, which was published on September 9, 2025. SERAP is seeking a court order to compel the CBN to provide a comprehensive accounting of the funds in question, as well as detailed explanations of their expenditure.
The plaintiffs argue that these alleged failures represent a breach of public trust and contravene the Nigerian Constitution of 1999 (as amended), the CBN Act, and established anti-corruption standards.
In its statement, SERAP said, “We have sued the CBN over its failure to account for and explain the whereabouts of the missing or diverted 3 trillion naira of public funds, including the over 629 billion naira paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.”
They further stated, “The lawsuit stems from serious allegations in the Auditor-General’s report and seeks an order of mandamus to compel the CBN to account for the missing funds and provide detailed reports on their usage.”
SERAP emphasized the importance of transparency and accountability in financial governance, noting that the allegations reflect a broader accountability failure at the CBN. The organization asserts that Nigerians have the right to know the status of these public funds and that granting their requested reliefs would support citizens’ rights to restitution and compensation.
