SERAP Takes CBN to Court Over Unaccounted ₦3 Trillion in Public Funds
The Socio-Economic Rights and Accountability Project (SERAP) has filed a high-stakes lawsuit against the Central Bank of Nigeria (CBN), demanding accountability for an alleged ₦3 trillion gap in public funds that remains unexplained. The suit lodged at the Federal High Court in Abuja follows explosive findings in the latest Auditor-General of the Federation’s annual report that raised serious concerns about financial governance and transparency at the apex bank.
What the Lawsuit Says
In suit number FHC/ABJ/CS/250/2026, filed last week, SERAP is seeking multiple court orders to compel the CBN to produce a detailed account of the missing funds, including how and where they were spent or diverted. The organisation argued that the failure to account for these funds constitutes a violation of constitutional and statutory provisions governing public finance management.
SERAP’s legal team — led by lawyers Oluwakemi Agunbiade and Valentina Adegoke — cited provisions of the Nigerian Constitution, the CBN Act and anti-corruption standards in asserting that public institutions have an unassailable duty to uphold transparency and stewardship of public monies.
Key Allegations from the Auditor-General’s Report
According to the Auditor-General of the Federation’s report published on September 9, 2025 a series of alarming financial irregularities were documented:
- Failure to remit operating surplus: The CBN reportedly did not transfer over ₦1.445 trillion of the federal government’s share of operating surplus into the Consolidated Revenue Fund account — funds which auditors fear may have been diverted.
- Anchor Borrowers’ Programme anomaly: More than ₦629 billion was disbursed under the programme, but the identities of beneficiaries remain unknown, and funds have not been recovered.
- Outstanding loans: Over ₦784 billion in loans and interventions disbursed between 2018 and 2022 have not been repaid.
- Questionable intervention expenditures: More than ₦125 billion on intervention initiatives lacked clear approvals from the National Assembly — raising concerns about constitutional compliance.
Legal and Constitutional Basis
SERAP’s case underscores the belief that these financial gaps erode public trust and contravene critical governance frameworks. The suit invokes:
- Section 15(5) of the Constitution — mandating public institutions to abolish corruption and abuses of power.
- Section 13 — requiring conformity with the Constitution’s fundamental objectives on transparency and accountability.
Fiscal Responsibility Act provisions, allowing citizens to seek court remedies to enforce compliance and recovery of public funds.
SERAP argues that Nigerians have a constitutionally guaranteed right to know how their public funds are spent and that judicial intervention to compel detailed reporting will help restore trust and safeguard public finances.
Why It Matters for Nigeria’s Economy
The central bank plays a pivotal role in shaping fiscal and monetary policy, managing foreign reserves, and supporting national economic stability. Allegations of unaccounted funds running into trillions of naira have significant implications for Nigeria’s economic governance landscape:
- Fiscal credibility: Large gaps in public account reporting can weaken investor confidence and harm Nigeria’s creditworthiness.
- Budget strain: Unremitted operating surpluses limit the government’s ability to fund critical public services and infrastructure.
- Agricultural impact: Delays or failures in recovering Anchor Borrowers’ Programme funds could impede efforts to boost agricultural production.
Court Hearing Pending
No hearing date has yet been scheduled, leaving many Nigerians watching closely as the legal process unfolds. The case’s outcome could set a pivotal precedent for transparency and accountability in the management of public funds by Nigeria’s most powerful financial institution.
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