The Socio-Economic Rights and Accountability Project has demanded that the Central Bank Governor, Olayemi Cardoso, account for what it described as “missing or diverted N3 trillion” flagged in the 2022 Auditor-General’s report.
The organisation said the findings point to deep financial irregularities that require urgent transparency from the apex bank.
SERAP also warned that the alleged breaches undermine public trust, insisting that a full breakdown of the disputed funds must be made available and those responsible handed over to the anti-corruption agencies.
“These violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank,” it said.
In a letter dated November 15 and signed by its deputy director, Kolawole Oluwadare, SERAP highlighted that the Auditor-General’s queries include the failure to remit over N1.4tn operating surplus into the Consolidated Revenue Fund, the non-recovery of N784bn intervention loans, and the disbursement of N629bn under the Anchor Borrowers’ Programme to “unknown beneficiaries.”
The organisation also noted that the audit report questioned over N125bn allegedly spent on “questionable intervention activities,” without supporting documentation. It further highlighted the reported N1.7bn spent on operational vehicles for the Nigeria Immigration Service, which the Auditor-General described as unjustified because it fell outside the statutory mandate of the CBN.
“The numbers of beneficiaries who collected the money under the Anchor Borrowers’ Programme are unknown,” the Auditor-General reportedly said, underscoring concerns over transparency.
SERAP reminded the CBN of its constitutional obligations, stressing that Nigerians “have the right to know the whereabouts of public funds,” and warned that legal action would commence if the bank fails to respond within seven days.