The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to account for $6.23 million allegedly spent on election funding and over N1.63 trillion in other public funds. The funds were identified in the 2023 report of the Auditor-General of the Federation. SERAP threatened legal action if the CBN fails to explain the whereabouts, utilisation, and recovery of the funds. The highlighted funds include N1.252 trillion in CBN intervention loans to state governments and N116.18 billion in loans to distressed entities.
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