The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Central Bank of Nigeria (CBN), demanding a detailed explanation regarding an alleged N3 trillion in unaccounted public funds.
The lawsuit also seeks clarification over N629 billion reportedly disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme. In a statement issued on Sunday, SERAP disclosed that the legal action followed allegations contained in the latest report of the Auditor-General of the Federation, published on September 9, 2025.
The suit, marked FHC/ABJ/CS/250/2026, was filed at the Federal High Court in Abuja. SERAP is asking the court to issue an order of mandamus compelling the apex bank to disclose the location of the funds and provide a comprehensive breakdown of how the money was spent.
Allegations Raise Constitutional and Legal Concerns
According to SERAP, the findings contained in the Auditor-General’s report suggest potential violations of constitutional provisions, the CBN Act, and established anti-corruption standards.
The organisation described the allegations as indicative of serious accountability gaps within the central banking system.
“These grave allegations by the Auditor-General suggest serious violations of the public trust, provisions of the 1999 Constitution (as amended), the CBN Act, and anti-corruption standards,” the group stated.
SERAP argued that failure to provide transparency on the management of such funds undermines public confidence in national financial institutions.
Demand for Transparency and Restitution
The organisation maintained that Nigerians have a constitutional right to know how public funds are administered and to demand accountability where irregularities are identified.
SERAP stated that granting the reliefs sought would not only clarify the status of the alleged missing funds but could also facilitate restitution or compensation where necessary.
“Nigerians have the right to know the whereabouts of the missing or diverted public funds,” the organisation said, emphasizing that transparency remains critical to restoring trust in public institutions.
Previous Legal Actions Against CBN
The latest suit adds to previous legal battles between SERAP and the apex bank. In 2025, the organisation filed a separate lawsuit seeking disclosure of details relating to direct payments allegedly made to Nigeria’s 774 local government councils.
In that case, SERAP asked the court to compel the CBN to disclose amounts sent to each council following a Supreme Court judgment. It also sought clarification on whether direct payments had been made to local government councils in Rivers State and the justification for any such payments. As of the time of filing this report, the outcome of that case remains unclear.
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