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SERAP demands accountability for Nigerian public funds

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2026-09-27 09:16 UTC → 2026-09-28 12:44 UTC · added ~~removed~~

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.

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