Lagos, 27 September 2026
The Socioeconomic Rights and Accountability Project has given the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, and the bank seven days to account for 6.23 million US dollars in allegedly diverted or unaccounted for election funds and more than 1.63 trillion naira in other public money, or face legal action.
The demand is contained in a letter dated 26 September 2026 and signed by SERAP deputy director Kolawole Oluwadare.
The organisation says the allegations are set out in Volume II of the Auditor General of the Federation’s 2023 Annual Report, published on 7 August 2026. The Auditor General states that the findings cover the period from January to December 2023.
According to SERAP the sums include more than 1.25 trillion naira in unrecovered Central Bank intervention loans to state governments, 116.18 billion naira in unrecovered loans to distressed and liquidated banks, 262.86 billion naira disbursed under the Anchor Borrowers’ Programme, and 6.23 million US dollars in payments linked to an alleged fraudulent request for election funding purportedly made by former President Muhammadu Buhari.
SERAP has asked Mr Cardoso and the bank to account for the intervention loans to states and the loans to distressed and liquidated banks, and to disclose the beneficiaries, the amounts paid out and any steps taken to recover the money.
It has also asked them to account for the 262.86 billion naira released under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating anchors, the sums disbursed, how the money was used, the monitoring arrangements and any recovery measures.
On the dollar payment SERAP has asked the governor and the bank to account for the 6.23 million US dollars reportedly spent after a purported request for election funding by former President Buhari, and to publish the findings of the internal inquiry into the alleged fraud, including measures taken to recover the funds and to establish responsibility.
The letter states that the accountability of public institutions, including the Central Bank, is a crucial pillar of Nigeria’s constitutional democracy.
SERAP says the scale and nature of the findings require urgent, independent and transparent action because they raise fundamental questions about the custody, spending, accounting, safeguarding and recovery of public resources.
The organisation argues that the Auditor General’s findings raise serious concerns about the management and accountability of public resources and possible breaches of the Nigerian Constitution of 1999 as amended, national anticorruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.
Citing the audit, SERAP says the bank failed to investigate an alleged fraud at its Abuja branch office amounting to more than 6.2 million dollars. The bank’s internal audit disclosed that the money was spent on the basis of a request for election funding purportedly made by the immediate past president. SERAP says the bank failed to give that investigation report to the audit team for scrutiny. The Auditor General fears the money may have been lost and that the payments may have been fraudulent, and wants the sum recovered and paid into the treasury.
On the state loans the report found that the bank failed to recover more than 1.25 trillion naira in intervention loans granted to different states in 2023. The Auditor General fears the money may have been diverted to private purposes and recommends recovery and remittance to the treasury.
The bank also failed to recover more than 116 billion naira of loans granted to distressed and liquidated banks and failed to present its 2023 audited or draft financial statements and a schedule of recoveries and outstanding balances for audit scrutiny.
Under the Anchor Borrowers’ Programme more than 262 billion naira was spent to support farmers and food production, yet according to the audit the money remains in the hands of some anchors, which could hamper the intended food security aims of the programme. The bank failed to provide the list and number of beneficiaries and the impact of the programme for assessment, and failed to recover a significant sum. The Auditor General again fears diversion to private purposes.
SERAP has urged the governor and the bank to identify those responsible, take disciplinary action where appropriate, refer suspected criminal conduct to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other competent authorities, and ensure full recovery of any diverted, lost or unaccounted for funds.
It has also called for an independent forensic reconciliation of the sums identified by the Auditor General and for the preservation of all relevant records.
The organisation says the bank’s institutional independence cannot reasonably be treated as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of financial misconduct.
No response from the Central Bank or Mr Cardoso was immediately available.
By John James
