SERAP Gives CBN Seven Days to Explain Alleged ₦3 Trillion Missing Funds

SERAP Gives CBN Seven Days to Explain Alleged ₦3 Trillion Missing Funds

The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong warning to the Central Bank of Nigeria (CBN), demanding a full explanation for what it calls the disappearance or diversion of ₦3 trillion in public funds. This figure was highlighted in the 2022 Annual Report released by the Auditor-General of the Federation.

In a letter dated November 15, SERAP urged CBN Governor Olayemi Cardoso to publicly address the findings and reveal everyone involved in the questionable transactions. The organisation also pressed for those implicated to be handed over to anti-corruption agencies, including the ICPC and EFCC, and for all missing funds to be recovered.

According to SERAP’s deputy director, Kolawole Oluwadare, who signed the letter, the Auditor-General’s revelations point to serious violations of the Nigerian Constitution, the CBN Act, and key financial regulations. SERAP warned that these alleged lapses aren’t just technical issues—they strike at the heart of public trust in the nation’s top financial institution.

SERAP’s summary of the Auditor-General’s report highlights several troubling findings:

The CBN allegedly failed to remit more than ₦1.445 trillion  of the Federal Government’s share of its operating surplus into the Consolidated Revenue Fund , as required by law.

Under the Anchor Borrowers’ Programme the Auditor-General reported that hundreds of billions were disbursed—but the identities of those who received the funds could not be confirmed.

The report indicates that the bank has yet to recover hundreds of billions issued as intervention loans.

Over ₦125 billion was allegedly spent on various intervention activities without the proper documentation to justify the expenses.

The CBN reportedly spent ₦1.7 billion on operational vehicles for the Nigeria Immigration Service an expense the Auditor-General flagged as unrelated to the bank’s mandate.

SERAP insists that the magnitude of the alleged financial gaps raises serious concerns about transparency and accountability within the apex bank. The organisation emphasised that Nigerians deserve to know how public funds are being managed and why such significant sums have gone unaccounted for.

The group warned that if the CBN fails to provide a satisfactory response within seven days, it will take legal action to compel compliance.