The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its failure to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over N1.63 trillion in other public funds. The lawsuit followed allegations documented in Volume II of the Auditor-General of the Federation's 2023 Annual Report, published on 7 August 2026, covering various periods between January and December 2023. The funds include US$6.23 million in payments linked to an allegedly fraudulent election-funding request purportedly made by former President Muhammadu Buhari; over N1.25 trillion in unrecovered CBN intervention loans to state governments; N116.18 billion in loans to distressed and liquidated banks; and N262.86 billion disbursed under the Anchor Borrowers' Programme. In the suit number FHC/ABJ/CS/2450/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking accountability for these funds.
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