The Socio-Economic Rights and Accountability Project (SERAP) files a lawsuit against Nigeria’s Central Bank (CBN), asking the Federal High Court in Abuja to compel the bank to account for US$6.23 million described as “missing” election-related funds and to explain more than ₦1.63 trillion in other public money. The case is filed under number FHC/ABJ/CS/2450/2026.
SERAP says its action is based on findings in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026. It alleges the US$6.23 million is tied to an allegedly fraudulent election-funding request attributed to former President Muhammadu Buhari. SERAP also cites alleged unrecovered CBN intervention loans to state governments, loans to distressed and liquidated banks, and disbursements under the Anchor Borrowers’ Programme.
The group seeks a court order of mandamus and asks for details including the purposes and beneficiaries of the funds, repayment and recovery status, and results of any internal CBN investigation. It also requests disclosure of officers involved in approvals and disbursements and any disciplinary or administrative actions taken. Coverage from Nigerian Eye, Punch, and Vanguard broadly aligns on the amounts, the court venue, and the accountability demands.
