Oluwatobi Adu 
ABUJA, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP), on Sunday files a lawsuit against the Central Bank of Nigeria (CBN), accusing the bank of failing to account for more than ₦3 trillion in public funds, including ₦629 billion allegedly paid to “unknown beneficiaries”.
The suit, filed at the Federal High Court in Abuja, follows revelations contained in the 2022 report of the Auditor-General of the Federation, published in September 2025. SERAP seeks an order of mandamus compelling the CBN to explain how the funds were spent and to recover any diverted sums.
According to court documents, the Auditor-General reports that the CBN failed to remit over ₦1.4 trillion in operating surplus to the Consolidated Revenue Fund, raising fears the money “may have been diverted”. The report also flags ₦629 billion disbursed under the Anchor Borrowers’ Programme to beneficiaries whose identities remain unknown.
SERAP alleges further irregular spending, including ₦125 billion in intervention funds without National Assembly approval and contracts worth ₦189 billion with questionable cost variations. It also cites unrecovered COVID-19 loans to small businesses from the CBN’s Katsina branch.
“These allegations suggest grave violations of public trust and constitutional obligations,” SERAP says, arguing that transparency failures undermine the CBN’s statutory role and erode public confidence. No hearing date has been fixed.
About the Author
Hussaini Ibrahim 
Edino Chubiyo Cornelius