The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to explain the whereabouts and use of $6.23 million linked to an alleged election funding payment and more than N1.63 trillion in other public funds.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, following findings it said were contained in the 2023 Annual Report of the Auditor-General of the Federation, published on August 7, 2026.
The organisation said the funds under review include about N1.25 trillion in intervention loans reportedly given to state governments, N116.18 billion in loans linked to distressed and liquidated banks, and N262.86 billion disbursed under the Anchor Borrowers’ Programme.
SERAP also raised questions over a $6.23 million payment which it said the audit report linked to an alleged request for election funding attributed to former President Muhammadu Buhari. The organisation wants the CBN to explain how the money was spent and provide details of any investigation carried out into the transaction.
The group called on the CBN to provide details of the intervention loans given to states, including the names of beneficiaries, the amounts involved and measures being taken to recover outstanding funds.
It also requested a full account of the N262.86 billion associated with the Anchor Borrowers’ Programme. This includes information on beneficiaries, the amounts received, how the funds were used and the steps being taken by the CBN to recover money that remains outstanding.
On the alleged election-related payment, SERAP asked the CBN to make public the findings of any internal investigation, identify those responsible if wrongdoing is established and explain how the funds would be recovered.
The organisation said the audit findings raised questions about how public resources were kept, spent, recorded and recovered. It therefore called for transparent action to resolve the issues raised in the report.
SERAP also warned that it could take legal action if the CBN fails to provide the requested explanations within the seven-day period.
The latest demand comes after SERAP made a similar call earlier in September for the Independent National Electoral Commission to account for more than N126.46 billion in electoral funds it said were flagged in the Auditor-General’s 2023 report.