Quick Summary:
Rights group SERAP drags the Central Bank of Nigeria to court, seeking accountability for N3 trillion in public funds, including N629 billion allegedly paid to “unknown beneficiaries.”
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for N3 trillion in public funds, including N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
The case, numbered FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja, according to a statement issued on Sunday by SERAP Deputy Director, Kolawole Oluwadare.
Allegations Based on Auditor-General’s Report
SERAP said the lawsuit followed grave allegations contained in the latest annual report by the Auditor-General of the Federation, published on 9 September 2025.
The organization is asking the court to compel the CBN to account for the missing funds and provide detailed explanations on how the money was spent.
SERAP Seeks Order of Mandamus
In the suit, SERAP is seeking an order of mandamus to direct and compel the CBN to disclose and explain the whereabouts of the missing or diverted funds, including comprehensive reports on their disbursement and utilization.
The group argued that the alleged violations represent a breach of public trust and contravene the Nigerian Constitution (1999, as amended), the CBN Act, and anti-corruption standards.
Call for Transparency and Accountability
SERAP emphasized that Nigerians have the right to know how public funds are managed, insisting that transparency is essential to restoring public confidence in financial governance.
The Anchor Borrowers’ Programme, launched in 2015, was designed to provide loans to smallholder farmers to boost agricultural productivity. However, recent audits have raised concerns about fund mismanagement and lack of transparency in its implementation.