SERAP sues CBN over failure to account for $6.23m in ‘missing’ election funds, ₦1.63trn in other public funds
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its “failure to account for US$6.23 million in allegedly diverted or unaccounted-for…
SERAP, a Lagos-based civil society organisation, has over the years used public interest litigation and freedom of information requests to press government agencies to disclose how public funds are spent, including past suits targeting federal ministries, the NNPC and now the CBN. The apex bank's handling of foreign exchange disbursements and its role as banker to the federation has repeatedly drawn scrutiny from auditors and anti-corruption groups, particularly around election periods when large sums are moved for logistics and security.
This latest suit, filed at the Federal High Court in Abuja, centres on figures reportedly flagged in an Auditor-General's report covering transactions and loans from 2023, including $6.23 million tied to elections and over ₦1.63 trillion in other unaccounted public funds. The coverage across outlets is largely uniform in detailing the amounts and the court venue, but none of the reports yet specify what remedy SERAP is seeking beyond an accounting, nor how the CBN has responded to the allegations.