SERAP Sues CBN Over $6.23m Election Funds, N1.63tn in Public Money Flagged in Audit

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN), seeking answers over $6.23 million in election-related funds and more than N1.63 trillion in other public funds flagged in an Auditor-General’s report.

The organisation wants the Federal High Court in Abuja to compel the apex bank to explain how the funds were spent, identify their beneficiaries and disclose steps taken to recover any outstanding amounts.

The lawsuit follows concerns raised in an audit report over the management of public funds, including election-related expenditure and other financial transactions involving government programmes and institutions.

SERAP is asking the court to require the CBN to provide information on the funds and clarify what measures have been taken to address the issues identified by the Auditor-General.

The audit report also raised questions about intervention loans to state governments, loans to distressed banks and funds disbursed under the Anchor Borrowers’ Programme.

These areas of concern involve substantial public resources and have renewed attention on the need for transparency in the management of government-linked financial interventions.

SERAP’s legal action seeks to establish how the money was handled and whether the relevant authorities have taken adequate steps to account for the funds and recover outstanding amounts where necessary.

However, the issues raised in the audit report are queries and allegations requiring clarification. They do not, by themselves, establish that the money was stolen or that the CBN committed an offence.

The case is expected to test whether the court will order the bank to provide the disclosures requested by the organisation. No hearing date had been fixed at the time of the report.