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2 clusters · 18 sources · 14 days · First seen · Last updated

SERAP demands accountability for Nigerian public funds

Overview

The Socio-Economic Rights and Accountability Project (SERAP) has issued a series of ultimatums to Nigerian institutions demanding accountability for allegedly diverted or mismanaged public funds, citing findings from the Auditor-General of the Federation’s 2023 reports.

Initially, SERAP demanded that the Independent National Electoral Commission (INEC) account for over ₦126.46 billion. The allegations include irregular payments for electoral materials without competitive bidding, unverified procurement certificates, and contracts allegedly split to bypass rules. SERAP called for these findings to be referred to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Subsequently, SERAP extended its demands to the Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, regarding much larger sums. These include over ₦1.25 trillion in unrecovered intervention loans to state governments, ₦116.18 billion in unrecovered loans to distressed banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. The organization also sought transparency regarding US$6.23 million in payments linked to an alleged fraudulent election-funding request.

In a recent seven-day ultimatum, SERAP has intensified its pressure on the CBN and Governor Cardoso to account for these funds. The organization specifically highlighted the $6.23 million allegedly spent on election funding following a request attributed to former President Muhammadu Buhari. SERAP has threatened legal action if the CBN fails to provide a full breakdown of the Anchor Borrowers’ Programme disbursements, including beneficiary details and monitoring records, within the stipulated timeframe.

Entities

Socio-Economic Rights and Accountability Project · Auditor-General of the Federation · Olayemi Cardoso · Central Bank of Nigeria · Independent National Electoral Commission

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. 2 days ago

    [BUSINESS] 9 sources
    Central Bank of Nigeria ordered to account for $6.23m and ₦1.63tn in funds

    SERAP has given Nigeria's Central Bank seven days to account for $6.23 million in alleged election funds and over ₦1.63 trillion in other public funds flagged in a federal audit.

  2. 15 days ago

    [POLITICS] 12 sources
    INEC ordered to account for ₦126bn in allegedly diverted electoral funds

    SERAP has given Nigeria's INEC seven days to account for ₦126.46 billion in allegedly diverted or mismanaged electoral funds following an Auditor-General's report on procurement irregularities.

Sources

247ureports.com · chronicle.ng · dailyreport.ng · disa.org · fellowpress.com · knowledgesource.com · nationaldailyng.com · newtelegraphng.com · osundefender.com · premiumtimesng.com · punchng.com · realnewsmagazine.net · solacebase.com · tgnews.com.ng · thetidenewsonline.com · thetrentonline.com · thewhistler.ng · thisdaylive.com

This summary has been updated 1 time: see revision history