Account for $6.23m election funds or face legal action, SERAP tells CBN

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The Socio-Economic Rights and Accountability Project has given the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the CBN seven days to account for $6.23m in allegedly diverted or unaccounted-for election funds and over N1.63tn in other public funds.

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SERAP made the demand in a letter dated September 26, 2026, and signed by its Deputy Director, Kolawole Oluwadare.

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The organisation said the allegations were documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

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According to SERAP, the funds include “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.”

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SERAP urged 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.”

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It also urged the CBN governor and the bank “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.”

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On the alleged election funding, SERAP urged Cardoso 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.”

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In the letter, SERAP said, “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”

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It added, “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.”

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SERAP said the Auditor-General’s findings “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.”

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The organisation urged the CBN to identify those responsible for the affected funds, take appropriate disciplinary action and refer suspected criminal conduct to the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and other competent authorities.

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SERAP also called for the recovery and remittance to the treasury of any funds found to have been diverted, lost or unaccounted for.

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“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 letter read.

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“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 organisation said.

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According to SERAP, the Auditor-General found that the CBN failed to recover N1.25tn in intervention loans granted to different states in 2023, and expressed concern that the funds might have been “diverted to private purposes.”

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The organisation also cited an alleged failure by the CBN to recover N116.18bn in loans granted to distressed and liquidated banks.

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On the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that N262.86bn was spent to support farmers but that the money remained in the hands of some “Anchors”.

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SERAP further said the Auditor-General reported that the CBN failed to provide the list and number of beneficiaries of the programme and its impact for audit assessment.

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On the $6.23m allegation, SERAP said the Auditor-General reported that the CBN failed to investigate an alleged fraud at its Abuja branch involving $6.23m.

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According to the organisation, the CBN’s internal audit reportedly disclosed that the money was spent based on a request for election funding purportedly made by Buhari.

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“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,” SERAP said.

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SERAP also cited other findings in the Auditor-General’s report, including the alleged failure of the CBN to account for seven boxes of Awaiting Examination currency notes and abandoned unserviceable vehicles at its Lagos and Abeokuta branch offices.

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The organisation said the Auditor-General’s findings covered various periods between January and December 2023.

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It further cited provisions of the 1999 Constitution, the CBN Act 2007 and the UN Convention against Corruption as part of the legal basis for its demands.

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SERAP said the CBN had seven days to respond or face “appropriate legal action.”

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