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 about N3 trillion in public funds, including more than N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In a statement on Sunday, SERAP Deputy Director, Kolawole Oluwadare, said the legal action follows allegations contained in the latest annual report of the Auditor-General of the Federation, published September 9, 2025.
Filed last week at the Federal High Court in Abuja, the suit seeks an order of mandamus compelling the apex bank to explain the whereabouts of the allegedly missing funds and provide detailed spending records.
According to court filings, the Auditor-General reported that in 2022 the CBN failed to remit over N1 trillion of the Federal Government’s share of operating surplus into the Consolidated Revenue Fund, raising fears the money may have been diverted.
The report also alleged that the bank failed to recover more than N629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme, an initiative designed to support farmers and enhance national food production.
The Auditor-General warned that the unaccounted funds may have contributed to ongoing food security challenges.
SERAP further cited questionable expenditures, including N125 billion on intervention activities allegedly executed without National Assembly approval, N1.79 billion spent on 43 vehicles for the Nigeria Immigration Service without procurement records, and over N189 billion in contracts with irregular variations exceeding N9 billion.
Additionally, the CBN’s Katsina branch was accused of failing to recover over N90 million in outstanding COVID-19 pandemic loans granted to small and medium enterprises.
SERAP argued that the allegations suggest serious violations of public trust, constitutional provisions, the CBN Act, and anti-corruption standards.
The group maintained that Nigerians have the right to know how public funds are managed and called for accountability to restore transparency and confidence in the institution.
No hearing date has been fixed for the case
