SERAP Takes Legal Action Against CBN Over Missing Election Funds and Public Money

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN). The lawsuit claims the CBN has not accounted for over $6 million in missing election funds and more than ₦1.6 trillion in other public funds.

This legal action follows serious allegations found in the 2023 Annual Report by the Auditor-General of the Federation. The report, published on August 7, 2026, covers various financial activities from January to December 2023.

Among the missing funds, the report mentions $6.23 million linked to a questionable election funding request made by former President Muhammadu Buhari. It also highlights more than ₦1.25 trillion in loans to state governments that have not been recovered, ₦116 billion in loans to banks that are no longer in operation, and ₦262 billion disbursed through a program meant to support farmers.

SERAP’s lawsuit, filed at the Federal High Court in Abuja, seeks several orders. These include demands for the CBN to explain the missing funds, identify those responsible for approving the payments, and disclose the status of various financial records and abandoned assets.

SERAP argues that public institutions like the CBN must be accountable to the people. They claim the findings from the Auditor-General raise serious questions about how public money is managed and whether it has been misused.

The CBN has not yet responded to the lawsuit, and no hearing date has been set. The outcome of this case could have significant implications for transparency and accountability in Nigeria’s financial management.