The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for US$6.23 million in election-related funds and more than ₦1.63 trillion in other public funds.
The suit, numbered FHC/ABJ/CS/2450/2026 and filed last Friday at the Federal High Court in Abuja, followed findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026.
According to SERAP, the funds include US$6.23 million linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari; over ₦1.25 trillion in unrecovered CBN intervention loans to state governments; ₦116.18 billion in loans to distressed and liquidated banks; and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.
SERAP is seeking an order of mandamus compelling the CBN to account for the US$6.23 million and the ₦1.63 trillion in other public funds.
It also wants the apex bank to disclose the purposes, beneficiaries, repayment status, recovery measures and findings of its internal investigation into the alleged election-funding fraud.
The organisation further asked the court to direct the CBN to identify the officers and other persons responsible for approving and disbursing the affected funds, and to disclose any disciplinary or administrative action taken against them.
The lawsuit aims to enforce transparency and accountability in the management of public resources.
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