SERAP Gives CBN Ultimatum on $6.23m Election Funds, N1.63tn Accountability

The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the institution itself. SERAP is demanding a full account of $6.23 million in allegedly diverted or unrecorded election funds, alongside over N1.63 trillion in other public monies.

This demand was formally conveyed in a letter dated September 26, 2026, which was signed by SERAP’s Deputy Director, Kolawole Oluwadare. The human rights organisation highlighted that these serious allegations were detailed in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, which became public on August 7, 2026.

According to SERAP, the disputed funds encompass a staggering N1.25 trillion in unrecovered intervention loans extended by the CBN to various state governments. Also included are N116.18 billion in unrecovered loans provided to banks facing distress or liquidation, N262.86 billion disbursed under the Anchor Borrowers’ Programme, and US$6.23 million in payments connected to a purportedly fraudulent election-funding request allegedly initiated by former President Muhammadu Buhari.

SERAP has specifically called on Governor Cardoso and the CBN to provide a detailed explanation for the N1.25 trillion in intervention loans to states and the N116.18 billion in loans to struggling and liquidated banks. They also seek disclosure of beneficiaries, exact amounts disbursed, and all recovery efforts made. Furthermore, the organisation urged the CBN governor and the bank to account for the N262.86 billion spent on the Anchor Borrowers’ Programme, requesting details on the names and number of beneficiaries, participating ‘Anchors,’ disbursed amounts, utilisation, monitoring mechanisms, and any recovery actions.

Regarding the alleged election funding, SERAP pressed Cardoso and the CBN to explain the US$6.23 million reportedly ‘spent following a purported request for election funding by former President Muhammadu Buhari.’ They also demanded the publication of findings from any internal investigation into the alleged fraud, including steps taken to retrieve the funds and assign responsibility.

In its letter, SERAP emphasised that “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.” The body further stated, “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.”

SERAP asserted that 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.” The organisation has urged the CBN to identify individuals responsible for the affected funds, initiate appropriate disciplinary measures, and refer any suspected criminal conduct to relevant anti-graft agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Additionally, SERAP called for the recovery and remittance to the national treasury of any funds found to have been diverted, lost, or not accounted for. The letter also read, “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.”

SERAP maintained that the CBN has clear legal obligations to account for each amount flagged by the Auditor-General, clarify the basis for each transaction, identify beneficiaries, and disclose measures taken to investigate, reconcile, and recover any improperly paid or lost amounts. The organisation pointed out that the Auditor-General’s report indicated the CBN’s failure to recover N1.25 trillion in intervention loans to states in 2023, expressing worries that these funds might have been “diverted to private purposes.”

Furthermore, SERAP cited the Auditor-General’s report on the CBN’s alleged failure to retrieve N116.18 billion in loans extended to distressed and liquidated banks. Concerning the Anchor Borrowers’ Programme, SERAP noted that the Auditor-General reported N262.86 billion was expended to support farmers, but the funds remained with some “Anchors.” The Auditor-General also reportedly found that the CBN did not provide a list or number of beneficiaries for the programme or its impact for audit assessment. Regarding the $6.23 million allegation, SERAP stated that the Auditor-General reported the CBN’s failure to investigate an alleged fraud at its Abuja branch involving this sum. According to SERAP, the CBN’s internal audit reportedly revealed that the money was spent based on a purported election funding request from former President Buhari. However, the Auditor-General observed that “the CBN failed to make the investigation report of the alleged fraud available to the audit team for scrutiny and confirmation.”