SERAP Demands Answers From CBN Over Missing N3 Trillion In Public Funds

According to Ireporter Online, the Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, provide a detailed explanation regarding the alleged disappearance or diversion of N3 trillion in public funds, as highlighted in the Auditor-General of the Federation’s 2022 report.

The rights organization, in a statement issued on Saturday, urged Cardoso to clarify the whereabouts of the missing funds and ensure full accountability. SERAP called on the CBN governor to identify individuals responsible and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution. The group also emphasized the urgent need to recover all missing funds and remit them to the national treasury.

In a letter dated November 15, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization described the Auditor-General’s findings as indicative of “grave violations of public trust, the Nigerian Constitution, the CBN Act, and anticorruption standards.” SERAP further stated that these violations point to systemic accountability failures within the CBN, undermining public confidence and impairing the bank’s ability to perform its statutory functions.

The letter cited several specific concerns from the Auditor-General’s report, including:

• Failure by the CBN to remit over N1.44 trillion of the Federal Government’s operating surplus to the Consolidated Revenue Fund, raising concerns about possible diversion.

• Non-recovery of over N629 billion disbursed to unknown beneficiaries under the Anchor Borrowers’ Programme, a key agricultural support initiative.

• Unrecovered loans and interventions amounting to over N784 billion disbursed between 2018 and May 2022.

• Questionable expenditures exceeding N125 billion on various intervention activities without documented National Assembly approval.

• Unjustified spending of over N1.79 billion on vehicles for the Nigeria Immigration Service, lacking procurement evidence or delivery records.

• Irregular contract variations totaling over N9 billion, with missing procurement documentation.

• Failure to recover over N90 million in loans to small and medium enterprises in Katsina State during the COVID-19 pandemic.

SERAP warned that if the CBN does not respond within seven days of receiving the letter, the organization would pursue all legal measures necessary to compel compliance. The group emphasized that these actions are critical to uphold Nigerians’ right to information, ensure restitution, and prevent recurrence of such financial mismanagement.