By Peter Omopo
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, to publicly account for what it describes as “missing or diverted N3 trillion of public funds” flagged in the 2022 annual report of the Auditor-General of the Federation.
The organisation, in a letter dated November 15 and signed by its deputy director, Kolawole Oluwadare, said the allegations—made public on September 9, 2025—indicate serious violations of financial regulations and constitutional provisions by the apex bank.
SERAP urged Cardoso to identify and release for prosecution by the ICPC and EFCC all officials responsible for the alleged diversion of funds, as well as ensure the full recovery of the amounts in question.
According to SERAP, the Auditor-General’s findings “suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the CBN Act, and international anti-corruption standards.”
The group warned that the alleged financial irregularities have “seriously undermined the ability of the CBN to effectively discharge its statutory functions” and eroded public confidence in the institution.
Breakdown of Allegations
SERAP cited portions of the Auditor-General’s report, including:
- Non-remittance of N1.445tn in operating surplus into the Consolidated Revenue Fund (CRF).
- Failure to recover N629bn allegedly paid to unknown beneficiaries under the Anchor Borrowers’ Programme.
- Non-recovery of N784bn in overdue intervention loans.
- Unsubstantiated spending of N125.37bn on various intervention programmes without documentation.
- Expenditure of N1.7bn by the CBN to procure operational vehicles for the Nigeria Immigration Service, which the Auditor-General described as unjustified and unrelated to the bank’s core mandate.
On the Anchor Borrowers’ Programme, the Auditor-General reportedly stated that the “number of beneficiaries who collected the money are unknown,” raising concerns about transparency and accountability in one of the CBN’s flagship initiatives.
Public Right to Know
SERAP reminded the CBN of its constitutional and statutory obligations to ensure transparent management of public resources, insisting that Nigerians “have the right to know the whereabouts of public funds.”
The organisation said it would initiate legal action if the CBN fails to address the allegations within seven days or refuses to disclose details of actions taken to recover the funds.
As at the time of this report, the CBN has not issued an official response to SERAP’s ultimatum.
