SERAP demands CBN explanation for $6.23m election funding

The Socio-Economic Rights and Accountability Project has given the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the apex bank seven days to account for $6.23m allegedly spent on election funding and over N1.63tn in other public funds.

SERAP threatened to take legal action against the CBN if it failed to provide the requested explanations within the seven days.

The organisation made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.

It said the issues were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

According to SERAP, the funds include N1.25tn in CBN intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, N262.86bn disbursed under the Anchor Borrowers’ Programme, and $6.23m allegedly spent following a purported request for election funding in the name of former President Muhammadu Buhari.

SERAP urged Cardoso and the CBN to disclose the beneficiaries of the intervention loans to states, the amounts disbursed and steps taken to recover the funds.

It also demanded details of the N262.86bn Anchor Borrowers’ Programme disbursements, including the beneficiaries and participating anchors, amounts released, utilisation of the funds, monitoring arrangements and recovery measures.

On the $6.23m, the organisation asked the CBN to account for the expenditure and publish the findings of its internal investigation into the alleged fraud.

SERAP said the Auditor-General had reported that the CBN’s internal audit disclosed that the money was spent based on a request for election funding purportedly made by Buhari.

It added that the CBN allegedly failed to provide the investigation report to the Auditor-General’s audit team for scrutiny and confirmation.

SERAP said the Auditor-General also reported that the CBN failed to recover N1,252,095,444,724.82 in intervention loans granted to various states in 2023.

It said the Auditor-General expressed concern that the money might have been diverted to private purposes and recommended that it be recovered and remitted to the treasury.

The organisation further said the audit report identified N116,179,000,000 in loans granted to distressed and liquidated banks which the CBN had allegedly failed to recover.

According to SERAP, the CBN also failed to present its 2023 audited or draft financial statements and schedules of recoveries and outstanding balances on the loans to the audit team.

On the Anchor Borrowers’ Programme, SERAP said the Auditor-General reported that N262,859,473,249.81 had been disbursed to support farmers but remained in the hands of some anchors.

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It said the Auditor-General also noted that the CBN failed to provide the list and number of beneficiaries and the impact of the programme for audit assessment.

SERAP said the audit report also raised concerns about the CBN’s failure to account for seven boxes of “Awaiting Examination” currency notes and abandoned unserviceable vehicles at its Lagos and Abeokuta branches.

The organisation said it had urged Cardoso and the CBN to identify those responsible for any affected funds, take appropriate disciplinary action and refer suspected criminal conduct to the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and other competent authorities.

SERAP also called for an independent forensic reconciliation of the sums identified in the audit report and the preservation of relevant records.

It said, “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”

The organisation added that the findings raised concerns about the management and accountability of public resources and potential violations of the Constitution, anti-corruption laws and Nigeria’s obligations under the United Nations Convention against Corruption.

SERAP said the CBN’s institutional independence could not exempt it from constitutional audit, statutory accounting requirements and public financial oversight.

It urged Cardoso and the CBN to comply with its demands within seven days or face appropriate legal action.

The $6.23m transaction dates back to the 2023 general elections and is also part of the criminal case against former CBN Governor Godwin Emefiele.

A CBN official, Michael Onyeka Ogbu, testified in February 2024 that the apex bank released the money in cash for the payment of international election observers, based on documents purportedly bearing the approvals of then-President Buhari, former Secretary to the Government of the Federation, Boss Mustapha, and Emefiele.

However, Mustapha subsequently told the court that neither he nor Buhari authorised the payment, alleging that their signatures on the documents were forged.

He also said the Federal Government and the SGF’s office had no responsibility for funding international election observers. The $6.23m transaction subsequently formed part of the allegations against Emefiele in his ongoing criminal trial.