SERAP Demands Answers on Missing CBN Funds

A fresh dispute has emerged over the handling of public money as SERAP asked the Central Bank of Nigeria to explain how more than N3 trillion reported missing in the 2022 audit vanished.

The group made the demand in a letter to CBN governor Olayemi Cardoso, giving him one week to account for the funds.

SERAP outlined who should take responsibility, urging the governor to identify all officials linked to the missing money and forward their names to the ICPC and EFCC. The organisation said those involved must face investigation and any diverted funds must be returned to the national treasury without delay.

The group explained what triggered the demand, pointing to findings in the Auditor-General’s latest report. The report showed that the CBN failed to remit over N1 trillion belonging to the federal government, a lapse the auditors fear may be a case of diversion. The document called for immediate recovery of the money.

The audit also revealed another troubling case—over N629 billion paid under the Anchor Borrowers’ Programme could not be traced to any known beneficiaries. SERAP noted that the absence of a beneficiary list raises concerns over how the funds were handled and whether this contributed to rising struggles in food production.

The concerns extend further to where other gaps were found. According to the auditors, loans and interventions worth more than N784 billion remain unpaid years after disbursement, with no sign that the CBN is actively trying to recover them. They also flagged over N125 billion spent on intervention activities with no documented approval or proof of proper use.

The report also questioned how over N1.7 billion was spent on vehicles for the Nigeria Immigration Service. There was no clear link between the purchase and the CBN’s mandate, and auditors found no record that the vehicles were ever supplied. Dozens of contracts worth over N189 billion were also flagged for delays, missing documents, and variation payments that may have no legal backing.

SERAP warned why the issue matters for the country. It said the alleged lapses weaken public confidence in the CBN and show a deeper failure to uphold transparency. It added that Nigerians deserve to know how money meant for public use was handled and whether those responsible will face consequences.

The group ended by explaining how it plans to proceed. If the CBN does not respond within the seven-day deadline, SERAP said it will take legal action to compel full disclosure. The organisation insisted that accountability is not optional and that the law requires public institutions to eliminate corruption and protect public funds.