The Socio-Economic Rights and Accountability Project has given the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the apex bank seven days to explain the alleged expenditure of $6.23m on election funding and account for more than ₦1.63tn in other public funds identified in an Auditor-General’s report.
SERAP made the demand in a letter dated 26 September 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation said the issues were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026.
SERAP warned that it would take legal action against the CBN if the bank failed to provide the requested explanations within the seven-day period.
$6.23m election funding
According to SERAP, the audit report identified $6.23m allegedly spent following a purported request for election funding made in the name of former President Muhammadu Buhari.
SERAP said the CBN’s internal audit reportedly disclosed that the money was spent based on the request, but the apex bank allegedly failed to provide the internal investigation report to the Auditor-General’s audit team for scrutiny and confirmation.
The organisation therefore demanded that Mr Cardoso and the CBN account for the money, publish the findings of the internal investigation and disclose measures taken to recover the funds and establish responsibility.
The transaction dates back to the 2023 general elections and has also featured in the criminal case involving former CBN Governor, Godwin Emefiele.
A CBN official, Michael Onyeka Ogbu, had testified in February 2024 that the apex bank released the money in cash for the payment of international election observers, based on documents purportedly carrying the approvals of Buhari, former Secretary to the Government of the Federation, Mr Boss Mustapha, and Emefiele.
However, Mr Mustapha later told the court that neither he nor Buhari authorised the payment and alleged that their signatures on the documents were forged. He also said the Federal Government and the SGF’s office had no responsibility for funding international election observers.
₦1.63tn in other funds
SERAP also demanded explanations concerning other funds identified in the Auditor-General’s report.
They include ₦1.25tn in CBN intervention loans to state governments, ₦116.18bn in loans to distressed and liquidated banks, and ₦262.86bn disbursed under the Anchor Borrowers’ Programme.
On the intervention loans, SERAP said the Auditor-General reported that the CBN had failed to recover ₦1,252,095,444,724.82 granted to various states in 2023.
The Auditor-General reportedly expressed concern that some of the money might have been diverted to private purposes and recommended that the funds be recovered and remitted to the treasury.
SERAP asked the CBN to disclose the beneficiaries of the loans, the amounts disbursed and the steps taken to recover the outstanding funds.
Anchor Borrowers’ programme
The organisation also demanded details of the ₦262.86bn disbursed under the Anchor Borrowers’ Programme.
SERAP said the Auditor-General reported that the funds, intended to support farmers, remained in the hands of some participating “Anchors”.
It also said the CBN failed to provide the list and number of beneficiaries and information on the programme’s impact for audit assessment.
SERAP therefore asked the CBN to disclose the beneficiaries and participating anchors, amounts released, utilisation of the funds, monitoring arrangements and recovery measures.
Other audit concerns
SERAP further cited ₦116.18bn in loans to distressed and liquidated banks, which it said the CBN had allegedly failed to recover.
The organisation also referenced the Auditor-General’s concerns over the CBN’s failure to account for seven boxes of “Awaiting Examination” currency notes and abandoned unserviceable vehicles at its Lagos and Abeokuta branches.
SERAP urged the CBN to identify anyone responsible for affected funds, take appropriate disciplinary action and refer suspected criminal conduct to the EFCC, ICPC and other competent authorities.
It also called for an independent forensic reconciliation of the sums identified in the audit report and the preservation of relevant records.
SERAP warns of legal action
SERAP said public institutions, including the CBN, must remain accountable for the management of public resources.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” the organisation said.
It argued that the Auditor-General’s findings raised questions about the custody, expenditure, accounting, safeguarding and recovery of public funds.
SERAP said the CBN’s institutional independence did not exempt it from constitutional audit requirements, statutory accounting obligations and public financial oversight.
The organisation consequently gave Mr Cardoso and the CBN seven days to respond to its demands, warning that failure to do so would lead to “appropriate legal action.”
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