SERAP gives CBN seven days to account for $6.23m, ₦1.63tn

SERAP has given the Central Bank of Nigeria seven days to account for $6.23m in allegedly diverted or unaccounted-for election funds and more than ₦1.63tn in other public funds.

The demand was addressed to CBN Governor Olayemi Cardoso in a letter dated September 26, 2026, and signed by SERAP deputy director Kolawole Oluwadare. The group based the request on the Auditor-General of the Federation’s 2023 Annual Report, which was published on August 7, 2026.

The funds listed in the reports include more than ₦1.25tn in unrecovered CBN intervention loans to state governments, ₦116.18bn in loans to distressed and liquidated banks, ₦262.86bn under the Anchor Borrowers’ Programme and $6.23m linked to an alleged election-funding request purportedly made by former President Muhammadu Buhari.

SERAP asked the bank to publish beneficiary details, recovery measures and the findings of any internal investigation into the alleged election-funding payment. It warned that it could take legal action if the CBN does not respond within the deadline.

Sources: Punch, Premium Times, Vanguard