The Socio-Economic Rights and Accountability Project (SERAP) has taken the Central Bank of Nigeria (CBN) to the Federal High Court in Abuja, accusing the apex bank of failing to account for an alleged ₦3 trillion of public funds and demanding full transparency and accountability.
In a statement released over the weekend and formally filed last week as suit number FHC/ABJ/CS/250/2026, SERAP argued that the legal action is necessary after “grave allegations” emerged from the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.
According to both the audit report and the lawsuit, the CBN failed to explain the whereabouts of the ₦3 trillion allegedly missing or diverted from public funds.
The lawsuit specifically highlights over ₦629 billion paid into the Anchor Borrowers’ Programme to “unknown beneficiaries”, claiming that the records do not show who received the funds or how they were used.
SERAP is asking the court to issue an order of mandamus that compels the CBN to disclose detailed accounts of how the funds were spent and to provide explanations of their current status.
SERAP Deputy Director Kolawole Oluwadare said the allegations raised by the Auditor-General suggest serious breaches of constitutional provisions, the CBN Act, and established anti-corruption standards.
The organisation described the situation as a broader failure of accountability within the central bank, warning that such opacity threatens public confidence in the management of Nigeria’s financial resources.
Legal representatives for SERAP, including lawyers Oluwakemi Agunbiade and Valentina Adegoke, filed the suit on behalf of the organisation, seeking detailed records and explanations of the alleged missing funds.
SERAP’s statement argues that transparency and accountability are essential to rebuilding trust in public institutions and that Nigerians have a fundamental right to know how their tax and public revenues are being used.
The CBN has yet to issue a public response to the lawsuit, and no hearing date has been scheduled as of this report.
