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Central Bank of Nigeria ordered to account for $6.23m and ₦1.63tn in funds
The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) and Governor Olayemi Cardoso to account for significant public funds. The demand follows findings in the Auditor-General of the Federation’s 2023 Annual Report, which flagged several suspicious or unrecovered transactions.
Key areas of concern include $6.23 million allegedly spent on election funding following a request attributed to former President Muhammadu Buhari. Additionally, SERAP is demanding explanations for over ₦1.63 trillion in other funds, including ₦1.25 trillion in unrecovered intervention loans to state governments and ₦116.18 billion in loans to distressed or liquidated banks.
The organization also requested a full breakdown of ₦262.86 billion disbursed through the Anchor Borrowers’ Programme, including beneficiary details and monitoring records. SERAP has threatened legal action if the CBN fails to provide the requested documentation and transparency within the stipulated timeframe.
Entities
Auditor-General of the Federation · Central Bank of Nigeria · Muhammadu Buhari · Olayemi Cardoso · Socio-Economic Rights and Accountability Project
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 9 SOURCES] Approximately ₦116.18 billion in loans to distressed and liquidated banks are reportedly unrecovered. dailyreport.ng · tgnews.com.ng · 247ureports.com · realnewsmagazine.net · nationaldailyng.com · +4 more
- [● 9 SOURCES] Approximately $6.23 million was allegedly spent following a request for election funding attributed to former President Muhammadu Buhari. dailyreport.ng · tgnews.com.ng · 247ureports.com · realnewsmagazine.net · nationaldailyng.com · +4 more
- [● 9 SOURCES] Over ₦1.25 trillion in CBN intervention loans to state governments remain unrecovered. dailyreport.ng · tgnews.com.ng · 247ureports.com · realnewsmagazine.net · nationaldailyng.com · +4 more
- [● 9 SOURCES] SERAP has issued a seven-day ultimatum to the Central Bank of Nigeria and Governor Olayemi Cardoso to account for specific funds. dailyreport.ng · tgnews.com.ng · 247ureports.com · realnewsmagazine.net · nationaldailyng.com · +4 more
- [● 9 SOURCES] The allegations are based on findings in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026. dailyreport.ng · tgnews.com.ng · 247ureports.com · realnewsmagazine.net · nationaldailyng.com · +4 more
- [● 9 SOURCES] ₦262.86 billion was disbursed under the Anchor Borrowers’ Programme. dailyreport.ng · tgnews.com.ng · 247ureports.com · realnewsmagazine.net · nationaldailyng.com · +4 more