SERAP Sues CBN Over Alleged Unaccounted N3tn, N629bn Anchor Borrowers’ Funds

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over failure to account for an alleged missing or diverted N3 trillion of public funds, including the over N629 billion paid to what it described as ‘unknown beneficiaries’ ...

In a Sunday statement shared on its official X handle on Sunday, SERAP said that the lawsuit followed the grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025.

In the suit number FHC/ABJ/CS/250/2026 filed last week at the Federal High Court in Abuja, SERAP said it is seeking an order of mandamus to direct and compel the CBN to account for and explain the “whereabouts of the missing or diverted N3 trillion of public funds, including detailed reports of how exactly the funds were spent.”

The statement reads, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”

The statement added, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

“Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition,” the statement concluded.

TVC News previously reported that the Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Minister of Power, Adebayo Adelabu, and the Nigerian Bulk Electricity Trading Plc before a Federal High Court in Abuja, citing “failure to account for the missing or diverted N128 billion of public funds.”

In a Sunday statement signed by SERAP’s Deputy Director, Kolawole Oluwadare, the suit, marked FHC/ABJ/CS/143/2026, was filed last Friday following allegations contained in the Auditor-General of the Federation’s report published on September 9, 2025.

According to the statement, SERAP alleges that the corruption contributes significantly to the frequent grid collapses, as Nigerians last week witnessed the first grid collapse of 2026, plunging the country into darkness.