Quick Summary:
CBNFundsProbe2025 as SERAP calls on Central Bank Governor Olayemi Cardoso to explain the whereabouts of N1.44 trillion in unremitted public funds, following revelations in the Auditor-General’s 2022 report.
Auditor-General’s Report Sparks Controversy
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank are facing mounting pressure to account for N1.44 trillion in missing or unremitted public funds.
According to the 2022 annual report by the Auditor-General of the Federation, released on September 9, 2025, the funds were either diverted or not remitted into the Consolidated Revenue Fund (CRF) as required by law.
SERAP’s Demand for Transparency
In a statement issued over the weekend, the Socio-Economic Rights and Accountability Project (SERAP), through its Deputy Director, Kolawole Oluwadare, demanded that the CBN and its governor provide a full account of the missing funds.
“According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund account,” SERAP stated.
The organization described the situation as a grave violation of financial accountability, accusing the CBN of failing to comply with its governing Act and neglecting the principles of transparency and good governance.
Threat of Legal Action
SERAP warned that if the CBN and its leadership fail to account for the missing funds, it would initiate legal proceedings to compel compliance.
The group also urged Cardoso and the CBN to identify and report individuals involved in the alleged misappropriation to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for immediate investigation and prosecution.
CBN Yet to Respond
As of the time of this report, the Central Bank of Nigeria has not issued an official statement addressing the allegations or clarifying the discrepancies highlighted in the Auditor-General’s report.
The controversy adds to growing public scrutiny of Nigeria’s financial management systems and the need for stronger institutional accountability within the country’s fiscal framework.
