The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, demanding accountability for over $6.23 million in allegedly diverted election funds and more than ₦1.63 trillion in unrecovered public loans.
The allegations stem from the Auditor-General of the Federation’s 2023 Annual Report, which flagged multiple financial irregularities between January and December 2023.
These include:₦1.25 trillion in unrecovered intervention loans to state governments.₦116.18 billion in loans to distressed and liquidated banks.
₦262.86 billion disbursed under the Anchor Borrowers’ Programme, with funds reportedly stuck with “Anchors.”$6.23 million allegedly spent on a fraudulent election-funding request linked to former President Muhammadu Buhari.
SERAP’s letter, signed by Deputy Director Kolawole Oluwadare, urged the CBN to disclose beneficiaries, recovery measures, and findings of internal investigations.
It also called for disciplinary action, referrals to anti-corruption agencies, and full recovery of diverted funds.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP stated, stressing that the scale of the findings demands urgent and transparent investigation.
The group warned that failure to comply would trigger legal action, citing Nigeria’s constitutional obligations, the CBN Act, and commitments under the UN Convention against Corruption.
The Auditor-General’s report also highlighted other lapses, including abandoned vehicles at CBN branches, unserviceable bullion vans, and unaccounted currency notes awaiting examination.
This development intensifies scrutiny of Nigeria’s financial management and raises broader concerns about public accountability in the handling of state resources.
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