A civil society group wants Nigeria’s central bank to answer questions in court. The questions concern money the Auditor-General says the bank has not properly explained.
The group is the Socio-Economic Rights and Accountability Project (SERAP). Its target is the Central Bank of Nigeria (CBN). At stake are $6.23m in election-related spending and more than N1.63tn in other public funds.
The Audit Findings
The case starts with the Auditor-General’s 2023 annual report. Volume II came out on August 7, 2026. Several items in it caught SERAP’s attention.
The most striking is the $6.23m paid out at the bank’s Abuja branch. The CBN’s own auditors reportedly linked the spending to an election-funding request. That request was said to come from former President Muhammadu Buhari.
However, the bank never gave the Auditor-General’s team its report on the alleged fraud. He fears the money may be lost. He wants it recovered and paid into the treasury.
The report also raised concerns about loans:
- Intervention loans: Over N1.25tn lent to state governments in 2023 remains unrecovered. The Auditor-General warns it may have gone to private use.
- Distressed banks: N116.18bn lent to distressed and liquidated banks has not been recovered. The bank also did not provide recovery schedules or financial statements.
- Anchor Borrowers’ Programme: N262.86bn was spent to help farmers. The report says some anchor firms still hold the money. No list of beneficiaries or impact review was provided.
The Suit
SERAP filed its case at the Federal High Court in Abuja on Friday. It is numbered FHC/ABJ/CS/2450/2026. The group announced it on Sunday through its Deputy Director, Kolawole Oluwadare.
First, SERAP wants the court to order the CBN to account for every amount. It also wants the bank to say who benefited, whether the money has been repaid and what recovery steps it has taken.
Second, it wants the bank to publish the results of its own inquiry into the election-funds case. In addition, it asks the court to compel the CBN to name those who approved and paid out the money. The bank should also say whether they faced any sanction.
The suit goes further. SERAP also seeks records on seven boxes of banknotes awaiting examination. It asks about broken-down vehicles at the Lagos branch and a bullion van at the Abeokuta branch.
SERAP’s Argument
SERAP says the findings point to a breach of public trust. It says they also raise issues under the Constitution, the CBN Act, Nigeria’s anti-corruption laws and the UN Convention against Corruption.
The group also rejects the idea that the bank’s independence puts it beyond scrutiny. In its view, independence offers no shield from audits, public oversight or probes into fraud claims.
Its lawyers are Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu. They argue that sums this large demand a credible investigation. Such a probe should establish the facts, fix responsibility and recover any money lost.
The court has not yet fixed a date for the hearing.
