SERAP Gives CBN Governor Seven-Day Deadline to Explain Alleged N3tn Missing Funds
The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, a seven-day ultimatum to provide a detailed explanation over alleged financial discrepancies amounting to N3 trillion, as cited in the 2022 report of the Auditor-General of the Federation.
The organisation issued the demand in a letter dated November 15, 2025, signed by its Deputy Director, Kolawole Oluwadare. SERAP described the audit revelations as a serious breach of public trust and a violation of constitutional provisions, the CBN Act, and Nigeria’s anti-corruption laws.
The concerns were first made public on September 9, 2025.
According to the group, the Auditor-General’s report uncovered major lapses in financial management within the apex bank. Among the issues raised were the failure to remit over N1.4 trillion in operating surplus to the Consolidated Revenue Fund (CRF), the inability to recover N629 billion allegedly disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme, and the non-recovery of N784 billion in overdue intervention loans. SERAP warned that such irregularities have weakened the CBN’s credibility and hindered its capacity to carry out its statutory duties effectively.
A segment of the audit report quoted by the organisation stated: “The CBN failed to remit over N1 trillion [N1,445,593,400,000.00] of the Federal Government’s operating surplus into the Consolidated Revenue Fund (CRF).”
The report also noted a lack of transparency in the Anchor Borrowers’ Programme, claiming that the identities and actual number of beneficiaries were unclear. Additionally, the Auditor-General raised concerns over more than N125 billion spent on what were termed “questionable intervention activities,” for which no supporting records were provided.
Another highlighted issue was the bank’s expenditure of N1.7 billion on operational vehicles for the Nigeria Immigration Service (NIS), a move labelled “inappropriate and inconsistent with the CBN’s mandate.”
SERAP has demanded that the CBN not only account for the funds but also ensure that all individuals implicated in the alleged financial misconduct are referred to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) for prosecution. The organisation also called for the immediate recovery of all mismanaged public funds.
Stating that Nigerians deserve transparency, SERAP cautioned that it would take legal action should the CBN fail to provide the requested clarification within the seven-day window.
