Missing $6.2m Buhari Election Fund: SERAP Gives CBN Seven Days to Explain

The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) seven days to account for $6.23 million allegedly linked to election funding 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.

The organisation said the funds were identified in the Auditor-General’s 2023 report, which was published on August 7, 2026.

SERAP listed the funds in question as N1.25 trillion in intervention loans reportedly given to state governments but not recovered, N116.18 billion in loans issued to distressed and liquidated banks, N262.86 billion distributed under the Anchor Borrowers Programme and $6.23 million linked to an alleged request for election funding by former President Muhammadu Buhari.

The organisation called on CBN Governor Olayemi Cardoso and the apex bank to provide details on the N1.25 trillion intervention loans, including information on the beneficiaries, the circumstances surrounding the outstanding funds and measures being taken to recover them.

SERAP also requested information on the N116.18 billion in loans reportedly granted to distressed and liquidated banks and asked the CBN to identify the recipients and explain efforts to recover the money.

Regarding the Anchor Borrowers Programme, the organisation asked the central bank to publish details of the N262.86 billion distributed, including the names of beneficiaries, amounts received, how the funds were used and plans for recovering any outstanding amounts.

On the $6.23 million payment, SERAP asked the CBN to explain how the money was spent following the alleged election funding request attributed to Buhari.

The organisation also demanded the publication of any internal investigation into the payment, details of those responsible and information on measures being taken to recover the funds.

SERAP said the issues raised by the Auditor-General’s report required clarification and transparency from the CBN, particularly regarding the management and recovery of public resources.

The organisation therefore gave the CBN seven days to provide the requested explanations and information.