In the suit marked FHC/ABJ/CS/250/2026, the group is asking the court to order the apex bank to explain the location and use of the funds and to provide a full account of how the money was spent. The legal action was filed on behalf of SERAP by its lawyers.
According to the Auditor-General’s report cited in the case, the CBN did not remit over N1.4 trillion, said to be the Federal Government’s share of operating surplus for 2022, into the Consolidated Revenue Fund.
The report raised fears that the funds may have been diverted and called for recovery and payment into the treasury.
The report also stated that more than N629 billion paid under the Anchor Borrowers’ Programme went to beneficiaries whose identities could not be traced. The programme was created to support farmers and boost food production across the country.
The Auditor-General noted that the number of those who received the loans was unknown and that the money had not been recovered, raising concerns about its impact on food supply.
SERAP also referred to other expenses questioned in the report. These include N125 billion reportedly spent on intervention projects without approval from the National Assembly, N1.79 billion used to purchase 43 vehicles for the Nigeria Immigration Service without proper procurement records, and over N189 billion in contracts said to have irregular adjustments amounting to more than N9 billion.
In addition, the report mentioned that the Katsina branch of the CBN failed to recover over N90 million in loans given to small and medium businesses during the COVID-19 period.
The organisation based its action on provisions of the Financial Regulations 2009, which require penalties and possible criminal referral for officials who fail to account for public revenue.
It also relied on the Fiscal Responsibility Act, which allows citizens to approach the Federal High Court to enforce compliance with public finance rules.
SERAP argued that the issues raised in the Auditor-General’s findings point to breaches of public trust and violations of the Constitution, the CBN Act and anti-corruption laws.
The group said the lack of clear records has weakened public confidence in the bank and affected its ability to carry out its duties.
The organisation maintained that citizens have the right to know how public funds are managed and said a court order would help ensure accountability and prevent a repeat of such issues.
No date has been fixed for the hearing of the case.