Introduction

The Socio-Economic Rights and Accountability Project has set a seven-day deadline for the Central Bank of Nigeria and its governor, Olayemi Cardoso, to explain $6.23 million in allegedly diverted election funds and over N1.63 trillion in other public funds. The demand, outlined in a letter dated September 26, 2026, stems from findings in the 2023 Auditor-General's annual report that reveal serious financial transparency gaps.

What Happened

According to SERAP, the Auditor-General's 2023 report uncovered multiple shortfalls at the CBN, including over N1.25 trillion in unrecovered intervention loans to state governments, N116.18 billion in unpaid loans to distressed and liquidated banks, and N262.86 billion disbursed under the Anchor Borrowers' Programme with beneficiary details withheld. The report also alleges that $6.23 million was spent following a purported request for election funding by former President Muhammadu Buhari, yet the CBN failed to produce an investigation report confirming the transaction's legitimacy. Additional findings include seven boxes of awaiting examination currency notes and abandoned vehicles at CBN Lagos and Abeokuta branch offices.

  • Over N1.25 trillion in unrecovered intervention loans to state governments
  • N116.18 billion in unpaid loans to distressed and liquidated banks
  • N262.86 billion disbursed under the Anchor Borrowers' Programme with beneficiary details withheld
  • $6.23 million linked to an alleged fraudulent election-funding request
  • Seven boxes of awaiting examination currency notes and abandoned vehicles at CBN Lagos and Abeokuta offices

Why This Matters

The findings raise fundamental questions about the custody and safeguarding of Nigeria's public resources. SERAP argues that the accountability of institutions like the CBN is a cornerstone of Nigeria's constitutional democracy, and that the magnitude of unaccounted funds potentially violates the 1999 Constitution, national anti-corruption laws, and Nigeria's obligations under the UN Convention against Corruption. Without transparent disclosure and recovery measures, public trust in financial oversight remains at risk.

Key Takeaways

  • SERAP has set a seven-day deadline for the CBN to respond or face appropriate legal action
  • The organisation demands full disclosure of beneficiaries, amounts disbursed, and recovery measures for each fund category
  • SERAP also calls for independent forensic reconciliation and referral of suspected criminal conduct to the EFCC and ICPC
  • Recovery of any funds found to have been diverted, lost, or unaccounted for is urgently needed to protect national resources

Conclusion

As the CBN faces increasing scrutiny over its financial transparency, the outcome of this demand could set a precedent for how public institutions handle accountability and fund recovery in Nigeria. Readers are encouraged to stay informed and follow developments as the seven-day window unfolds.