The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Central Bank of Nigeria (CBN), seeking a comprehensive account of approximately ₦3 trillion in public funds that are allegedly missing or diverted.
The lawsuit, marked FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja. It follows a series of “grave allegations” detailed in the 2024 Annual Report of the Auditor-General of the Federation, which was published on 9 September 2025.
Central to the litigation is the demand for transparency regarding ₦629 billion reportedly disbursed to “unknown beneficiaries” under the federal government’s Anchor Borrowers’ Programme—a scheme originally designed to provide loans to smallholder farmers to boost agricultural output.
In a statement released on Sunday, SERAP asserted that the Auditor-General’s findings suggest a profound breach of the 1999 Constitution (as amended), the CBN Act, and international anti-corruption standards. The organisation is seeking an order of mandamus to compel the apex bank to:
Disclose the current whereabouts of the ₦3 trillion.
Provide a detailed breakdown of the ₦629 billion paid to unidentified recipients.
Offer a public explanation of the rationale and legal basis for these expenditures.
SERAP argued that the central bank’s failure to account for these funds reflects a broader systemic collapse of accountability. “Nigerians have the right to know the whereabouts of the missing or diverted public funds,” the group stated, noting that such diversions undermine public confidence in the management of national resources.
This legal action is the latest in a string of lawsuits filed by the civil society group against the CBN. In 2025, SERAP dragged the bank to court over its failure to disclose direct payments made to Nigeria’s 774 local government councils. That suit specifically sought clarity on whether payments were made directly to councils in Rivers State following the landmark Supreme Court judgment on local government autonomy.
Established in 2004, SERAP has increasingly utilised human rights law to challenge institutional corruption. This new case against the CBN follows a similar high-profile lawsuit filed against the Nigerian National Petroleum Company Limited (NNPCL) over an alleged failure to remit ₦500 billion in oil revenue between October and December 2024.
By seeking court orders for restitution and compensation, SERAP aims to ensure that public officials are held liable for the management of the Federation Account. The organisation maintains that transparency is not merely a preference but a fundamental civic right essential for rebuilding trust in Nigeria’s public institutions.
As of the time of this report, the Central Bank of Nigeria has yet to file a formal response to the suit.
Leave a comment