SERAP’s High-Stakes Showdown: CBN Must Account For Missing N100bn Or Face Legal Consequences!

The Socio-Economic Rights and Accountability Project (SERAP) has given a seven-day ultimatum to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), to account for over N100 billion in “dirty and bad notes” and other large sums of cash reportedly held in various CBN branches……CONTINUE READING

SERAP’s call for accountability follows allegations detailed in the latest annual report by the Auditor-General of the Federation. The organization is also seeking an explanation for the N7.2 billion allocated in 2010 for the construction of the CBN Dutse branch and the N4.8 billion budgeted in 2009 for the renovation of the CBN Abeokuta branch. SERAP demands that Cardoso publish the names of the contractors who received these funds but failed to complete the projects.

In a letter released on Saturday and signed by SERAP Deputy Director Kolawole Oluwadare, the organization stated: “The allegations outlined by the Auditor-General suggest severe breaches of public trust, the Nigerian Constitution, the CBN Act, and both national and international anti-corruption standards.”

The letter further notes, “We urge that the necessary measures be taken within seven days of receiving or publishing this letter. Should we not receive a response within this period, SERAP will pursue all legal avenues to compel compliance in the public interest.”

The Auditor-General’s 2020 report indicates that since 2017, the CBN has been holding over N100 billion (N100,672,999,000.00) in “dirty and bad notes” and other substantial sums of cash awaiting examination across its branches.