The Socio-Economic Rights and Accountability Project (SERAP) has filed a landmark lawsuit against the Central Bank of Nigeria (CBN) over the alleged mismanagement and unaccounted diversion of public funds totaling N3 trillion, including more than N629 billion disbursed under the Anchor Borrowers’ Programme to what SERAP describes as “unknown beneficiaries.”
In a statement shared on its official X account on Sunday, SERAP said the legal action stems from serious concerns highlighted in the Auditor-General of the Federation’s latest annual report, published on September 9, 2025.
The organization is seeking a court order of mandamus through suit number FHC/ABJ/CS/250/2026 filed at the Federal High Court, Abuja, to compel the CBN to fully account for the missing funds and provide detailed explanations of their disbursement and usage.
“These grave allegations point to serious violations of public trust, the Nigerian Constitution 1999 (as amended), the CBN Act, and accepted standards of anti-corruption practice,” SERAP said. “They also reflect a broader failure of CBN accountability and its persistent non-compliance with statutory obligations to uphold transparency and integrity.”
SERAP emphasized that Nigerians have the right to know how public funds are spent and that granting the relief sought would not only ensure restitution and compensation but also guarantee non-repetition of such mismanagement.
This is the latest in a series of high-profile actions by SERAP to hold public institutions accountable. In a previous case, SERAP filed suit against the Minister of Power, Adebayo Adelabu, and the Nigerian Bulk Electricity Trading Plc over the unaccounted diversion of N128 billion, linking the alleged mismanagement to frequent grid collapses, including the first nationwide blackout of 2026.
SERAP’s Deputy Director, Kolawole Oluwadare, said in a Sunday statement that these actions aim to strengthen public accountability and protect citizens’ rights to transparency in governance.
The suit represents a significant effort by civil society to demand accountability over billions in public funds and address long-standing gaps in institutional transparency.
