The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and the CBN seven days “to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds, or face appropriate legal action.”
The grave allegations are documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on 7 August 2026. The Auditor-General states that the findings variously cover the period from January to December 2023.
The funds comprise over ₦1.25 trillion in unrecovered CBN intervention loans to state governments; ₦116.18 billion in unrecovered loans to distressed and liquidated banks; ₦262.86 billion disbursed under the Anchor Borrowers’ Programme; and US$6.23 million in payments linked to an alleged fraudulent election-funding request purportedly made by former President Muhammadu Buhari.
SERAP urged Mr Cardoso and the CBN “to account for over ₦1.25 trillion in intervention loans to states, and ₦116.18 billion in loans to distressed and liquidated banks, and disclose the details of the beneficiaries, amounts disbursed, and any recovery measures.”
SERAP also urged him and the CBN “to account for the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating ‘Anchors,’ amounts disbursed, utilisation, monitoring arrangements, and any recovery measures.”
SERAP urged him and the CBN “to account for the US$6.23 million reportedly ‘spent following a purported request for election funding by former President Muhammadu Buhari’, and publish the findings of the internal investigation into the alleged fraud, including measures taken to recover the funds and establish responsibility.”
In the letter dated 26 September 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.”
SERAP said: “The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”
According to SERAP, “These findings by the Auditor-General raise serious concerns about the management and accountability of public resources and potential violations of the Nigerian Constitution 1999 (as amended), national anti-corruption laws and Nigeria’s obligations under the UN Convention against Corruption.”
