The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, demanding a full public account of over N3 trillion flagged as missing, diverted, or unremitted in the 2022 Auditor-General of the Federation’s report.
In a letter dated 15 November 2025 and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization described the audit findings as evidence of grave breaches of constitutional obligations, the CBN Act, and Nigeria’s anti-corruption framework.
Key Irregularities Identified
According to the Auditor-General’s 2022 report — made public in September 2025 — the CBN is linked to several major financial discrepancies, including:
Non-remittance of N1.445 trillion in operating surplus to the Consolidated Revenue Fund (CRF), contrary to Section 22 of the Fiscal Responsibility Act.
Unrecovered N629 billion issued to unidentified beneficiaries under the Anchor Borrowers’ Programme.
Failure to recover N784 billion in overdue intervention loans.
Over N125 billion expended on “intervention activities” without supporting documentation.
N1.7 billion spent on operational vehicles for the Nigeria Immigration Service — an expenditure the Auditor-General described as “unjustified and unrelated to the CBN’s statutory mandate.”
SERAP warned that these alleged violations have undermined public trust, weakened institutional accountability, and compromised the bank’s ability to effectively carry out its mandate.
SERAP’s Demands
The organization is insisting that within seven days, the CBN must:
1. Provide a clear and comprehensive account of all funds flagged in the audit report.
2. Identify all officials involved in the alleged diversion or mismanagement.
3. Transmit their names to anti-corruption agencies—the EFCC and ICPC—for investigation and possible prosecution.
4. Recover all missing or misappropriated public funds.
SERAP emphasized that Nigerians have a constitutional right to know how public funds are managed and warned that it would initiate legal action should the bank fail to comply.
