The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to account for millions of dollars and more than ₦1.63 trillion in public funds it says were allegedly diverted or remain unaccounted for. SERAP made the demand in a letter dated September 26 and addressed to CBN Governor Olayemi Cardoso. The organisation said the allegations were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. According to SERAP, the funds include US$6.23 million reportedly linked to an alleged election-funding request, more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in unrecovered loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. SERAP called on the CBN to provide information on the funds, identify those responsible where wrongdoing is established, and support appropriate investigations and recovery efforts. The organisation also requested an independent forensic reconciliation of the amounts identified in the Auditor-General’s report. SERAP said it would consider legal action if the CBN failed to respond within seven days. The allegations cited by SERAP have not, by themselves, established criminal liability against any individual or institution. Any such liability would depend on further investigation and applicable legal proceedings.
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