SERAP files lawsuit against CBN over alleged missing N3 trillion, demanding full accounting and transparency on public funds

The Central Bank of Nigeria is facing a lawsuit filed by the Socio-Economic Rights and Accountability Project over failure to account for an alleged missing N3 trillion in public funds.

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The suit, number FHC/ABJ/CS/250/2026, filed last week at the Federal High Court in Abuja, follows allegations contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.

SERAP said the missing funds include N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.

Filed on behalf of SERAP by lawyers Oluwakemi Agunbiade and Valentina Adegoke, the suit seeks an order of mandamus compelling the CBN to explain the whereabouts of the alleged missing funds and provide detailed reports on their utilisation.

“These allegations suggest grave violations of public trust, the Nigerian Constitution 1999 [as amended], the CBN Act, and anti-corruption standards,” SERAP said.

“They reflect a persistent failure by the CBN to uphold transparency and accountability, undermining public confidence in the institution.”

The organisation added that Nigerians have the right to know how public funds are managed, arguing that granting the relief sought would advance citizens’ rights to restitution, compensation, and guarantee of non-repetition.

SERAP cited Sections 13 and 15(5) of the Nigerian Constitution, which mandate public institutions to combat corruption and observe principles of accountability.

According to the Auditor-General’s report, the CBN in 2022 failed to remit over N1.44 trillion of the Federal Government’s operating surplus into the Consolidated Revenue Fund.

The apex bank also failed to recover over N629 billion allocated under the Anchor Borrowers’ Programme, a scheme intended to support farmers and promote sustainable food production.

The Auditor-General warned that the unaccounted funds may have been diverted, potentially affecting national food security.