The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, seven days to account for $6.23 million in alleged election-related spending and more than N1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 report.Read original
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare. The organisation warned that it could take legal action if the CBN fails to provide satisfactory explanations within the seven-day period.
According to SERAP, the issues were documented in Volume II of the Auditor-General’s 2023 Annual Report, which was published on August 7, 2026.
Funds SERAP wants CBN to explain
SERAP said the funds under scrutiny include more than N1.25 trillion in unrecovered CBN intervention loans granted to state governments, N116.18 billion in loans to distressed and liquidated banks, N262.86 billion disbursed under the Anchor Borrowers’ Programme and $6.23 million reportedly spent in connection with an alleged election-funding request attributed to former President Muhammadu Buhari.
The organisation asked Cardoso and the CBN to explain what happened to the intervention loans granted to states and the loans to distressed and liquidated banks.
It also demanded the publication of the names of beneficiaries, amounts disbursed and details of measures being taken to recover any outstanding funds.
SERAP demands details of Anchor Borrowers’ Programme
On the N262.86 billion reportedly disbursed under the Anchor Borrowers’ Programme, SERAP asked the CBN to provide a comprehensive breakdown of the funds.
The organisation wants the bank to disclose the names and number of beneficiaries and participating “Anchors”, the amounts released, how the funds were used, monitoring arrangements and measures being taken to recover any outstanding money.
The Auditor-General reportedly raised concerns over the CBN's failure to provide the list and number of beneficiaries and information on the programme's impact for audit assessment.
$6.23m election funding allegation
SERAP also wants the CBN to explain the circumstances surrounding the reported $6.23 million payment.
According to the organisation, the Auditor-General’s report said a CBN internal audit indicated that the money was spent following a purported request for election funding attributed to Buhari.
SERAP asked Cardoso and the CBN to publish the findings of any internal investigation into the matter, identify those responsible and disclose steps taken to recover the money.
The allegation is contained in the Auditor-General's findings as reported by SERAP; it does not by itself establish that Buhari personally received or misappropriated the funds.
SERAP calls for transparency
SERAP said the scale of the issues raised in the audit report requires independent and transparent action.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It added that the findings raise questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
SERAP further called for the recovery and return to government coffers of any funds found to have been unlawfully lost or improperly spent.
The organisation said the CBN has seven days to respond to its demands, after which it may pursue appropriate legal action.
