The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to account for $6.23 million allegedly linked to election funding, as well as more than ₦1.63 trillion in other public funds.

SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.

The organisation said the issues were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

According to SERAP, the funds under scrutiny include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, ₦262.86 billion disbursed under the Anchor Borrowers’ Programme and $6.23 million reportedly spent following a purported request for election funding by former President Muhammadu Buhari.

SERAP called on the CBN to provide details of the beneficiaries of the intervention loans, amounts disbursed and measures taken to recover the funds.

It also demanded an account of the Anchor Borrowers’ Programme funds, including information on beneficiaries, participating anchors, amounts released, utilisation, monitoring arrangements and recovery efforts.

On the $6.23 million, the organisation asked the CBN to explain the circumstances surrounding the payment, publish the findings of any internal investigation and disclose measures taken to recover the funds and establish responsibility.

SERAP said the Auditor-General’s findings raised concerns about the management, protection and accountability of public resources.

The organisation urged the CBN to identify those responsible for any irregularities, take appropriate disciplinary measures and refer suspected criminal conduct to relevant law enforcement agencies where necessary.

It also called for the recovery and remittance to the Treasury of any public funds found to have been diverted, lost or otherwise unaccounted for.

SERAP further requested an independent forensic reconciliation of the amounts identified by the Auditor-General, involving relevant oversight and law enforcement institutions where necessary.

The organisation said the CBN has a legal responsibility to explain the basis for each transaction, identify the individuals or entities that received or benefited from the funds and disclose steps taken to investigate and recover any improperly paid or lost money.

SERAP said the CBN would face legal action if it failed to respond to its demands within seven days.