The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and the CBN seven days “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.”
“SERAP also urges him and the CBN to undertake or support an independent forensic reconciliation of the sums identified by the Auditor-General, involving relevant oversight and law-enforcement institutions where necessary, and preserve all records relevant to the transactions and investigations.”
“The CBN’s institutional independence cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of financial misconduct.”
“The CBN has clear legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost.”
“The spending of public funds, including by the CBN, must remain subject to effective constitutional oversight, transparency and accountability. The substantial public funds identified by the Auditor-General as unrecovered, unaccounted for or otherwise requiring explanation cannot be insulated from constitutional safeguards.”
“The public interest requires meaningful oversight of withdrawals, expenditure, investment and accountability mechanisms. The ongoing management of public funds by the CBN must remain transparent and subject to appropriate safeguards.”
“According to the Auditor-General, the findings in the report variously covered the period between January and December 2023.”
“The 2023 audited report of the Auditor-General reportedly found that the Central Bank of Nigeria (CBN) failed to recover over ₦1.2 trillion [₦1,252,095,444,724.82] in ‘CBN interventions loan granted to different states in 2023.’”
“The Auditor-General fears that the money may have been ‘diverted to private purposes’ and recommends that the money be recovered and remitted to the treasury.”
“The CBN reportedly failed to ‘recover over ₦116 billion [₦116,179,000,000.00] of loans granted to distressed and liquidated banks.’”
“The CBN also failed to ‘present its 2023 audited or draft Financial Statements and schedule of recoveries and outstanding balance against loans granted to distressed and liquidated banks to the audit team for scrutiny.’ The Auditor-General fears that the money may have been ‘diverted’.”
“The CBN reportedly ‘spent over ₦262 billion [₦262,859,473,249.81] on Anchor Borrowers’ Programme meant to support farmers to ensure food production in the country.’ However, ‘the money remain in the hands of some ‘Anchors,’ which ‘could hamper the intended food-security objectives of the programme.’”
“The CBN also ‘failed to provide the list and number of beneficiaries of the programme and the impact of the programme for audit assessment.’ The CBN had ‘failed to recover the money, which is quite a significant amount.’ The Auditor-General feared that the money may have been ‘diverted to private purposes.’”
“The CBN reportedly failed to ‘investigate an alleged fraud at its Abuja Branch Office, amounting to over $6.2 million [$6,230,000.00].’ The ‘CBN internal audit disclosed that the money was spent based on a request for election funding purportedly made by the immediate past President of Nigeria [Muhammadu Buhari].’”
“However, ‘the CBN failed to make the investigation report of the alleged fraud available to the audit team for scrutiny and confirmation.’ The Auditor-General fears that the money may have been ‘lost’ and that the payments may have been ‘fraudulent.’ He wants the money recovered and remitted to the treasury.”
“The CBN also reportedly failed to ‘account for the long overdue seven (7) boxes of Awaiting Examination (A/E) Currency Notes.’ The Auditor-General fears that this ‘may lead to increase in awaiting examination currency notes’ and ‘mismanagement of funds’ and recommends that ‘sanctions [be] imposed for gross misconduct.’”
“The CBN reportedly ‘abandoned some unserviceable vehicles at its Lagos Branch.’ The Auditor-General noted that the condition of the vehicles had negatively affected the smooth operations of the branch, given the strategic roles they play for the Bank.”
“The Auditor-General fears that this ‘may lead to inefficiency in the Branch Operations and Delay in meeting critical currency operations’ and wants the CBN to ‘provide evidence of disposal [and] replacements of the vehicles.’”
“The CBN also reportedly ‘abandoned the unserviceable bullion van at its Abeokuta Branch Office.’ The unserviceable bullion van remains on the records of the branch. The Auditor-General similarly fears that this ‘may lead to inefficiency in the Branch Operations and Delay in meeting critical currency operations’ and wants the CBN to ‘provide evidence of disposal [and] replacements of the vehicles.’”
“SERAP notes that Section 15(5) of the Nigerian Constitution requires the State to ‘abolish all corrupt practices and abuse of power.’ Section 13 of the Constitution also imposes a responsibility on all organs of government to conform to, observe and apply the provisions of Chapter II of the Constitution.”
“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.”
