SERAP Sues CBN Over $6.23m Election Funds, ₦1.63tn

ABUJA, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking answers over $6.23 million linked to an alleged election-funding fraud and more than ₦1.63 trillion in other public funds flagged in the Auditor-General of the Federation’s 2023 report.

In the suit filed at the Federal High Court in Abuja, SERAP is asking the court to compel the apex bank to explain how the funds were disbursed, identify their beneficiaries, disclose repayment records and outline efforts to recover any money found to be missing or improperly handled.

In a statement on Sunday, the organisation is also seeking disclosure of the findings of an internal investigation into the alleged $6.23 million fraud, including the identities of officials and other individuals who approved the transactions and any disciplinary or administrative action taken.

The case, numbered FHC/ABJ/CS/2450/2026, was filed last Friday, according to SERAP. No hearing date has been fixed. The action follows findings in the Auditor-General’s annual report, published on 7 August 2026, which raised concerns about several financial transactions and unrecovered loans associated with the CBN.

The amounts highlighted in the report include ₦1.252 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, in addition to the $6.23 million election-related transaction.

Questions over alleged election-funding fraud

According to the Auditor-General’s report, the CBN failed to provide auditors with an investigation report concerning an alleged fraud involving $6.23 million at its Abuja branch.

The report stated that the bank’s internal audit had disclosed that the money was spent following a request for election funding purportedly made by former President Muhammadu Buhari.

However, the CBN reportedly failed to submit the investigation report for the audit team to examine and verify.

About the Author

Mirian Gom

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Gom Mirian is a Nigerian journalist and editor at Africa Health Report (AHR), with more than a decade of experience covering health, development, humanitarian issues and public-interest affairs across Nigeria and Africa. She holds a Master’s degree in Economics and has additional training in data analytics, combining evidence-driven reporting with compelling human-centred storytelling. Her work examines the intersection of health, policy, economics, technology and social change, with a particular interest in how global decisions and emerging challenges affect communities across Africa. Her journalism has received professional recognition, including a Nestlé Award nomination for human-interest reporting. Follow her on X @mirian_linus.

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