SERAP Sues CBN Over Alleged Missing N3trn
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over allegations of missing or diverted public funds amounting to ₦3 trillion.
The suit, filed at the Federal High Court in Abuja, also seeks accountability for ₦629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
In a statement, SERAP said the action followed “grave allegations” contained in the Auditor-General of the Federation’s 2025 annual report, published on September 9.
“These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the CBN Act, and anticorruption standards,” SERAP stated.
The group argued that the alleged diversion reflects a broader failure of accountability within the apex bank, undermining public confidence in the management of national resources.
SERAP maintained that Nigerians have a fundamental right to know how public funds are managed. “Nigerians have the right to know the whereabouts of the missing or diverted public funds,” the group said, stressing that transparency is essential to rebuilding trust in public institutions.
The lawsuit, marked FHC/ABJ/CS/250/2026, seeks an order of mandamus compelling the CBN to disclose the whereabouts of the funds and provide detailed explanations of how they were spent.
SERAP added that granting the court orders would help secure restitution and compensation where appropriate, while also preventing a recurrence of such alleged abuses.
