CBN Over Alleged N3 Trillion Unaccounted Funds, Including N629 Billion Paid to ‘Unknown Beneficiaries

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Central Bank of Nigeria over its alleged failure to account for N3 trillion in public funds, including more than N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.

According to a statement signed on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the lawsuit follows allegations detailed in the latest annual report by the Auditor-General of the Federation, published on September 9, 2025.

The suit, numbered FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja by SERAP’s lawyers, Oluwakemi Agunbiade and Valentina Adegoke. SERAP 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, including detailed reports of how the funds were spent.”

Citing the Auditor-General’s report, SERAP alleged that the CBN in 2022 failed to remit over N1.445 trillion of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund account. The Auditor-General reportedly expressed concerns that the money may have been diverted and called for its recovery and remittance to the treasury.

The organisation further alleged that the CBN failed to recover over N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme, which was designed to support farmers and ensure sustainable food production. According to SERAP, the numbers of beneficiaries who collected the money remain unknown, and the bank has not recovered the funds.

The statement read in part, “The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the Nation.'”

SERAP also raised concerns over other questionable expenditures by the CBN, including N125 billion spent on intervention activities allegedly lacking National Assembly approval, N1.79 billion used to purchase 43 vehicles for the Nigeria Immigration Service without procurement records, and over N189 billion awarded in contracts with irregular variations exceeding N9 billion.

Additionally, the organisation noted that the Katsina branch of the CBN reportedly failed to recover over N90 million in outstanding loans disbursed to small and medium enterprises during the COVID-19 pandemic.

SERAP argued that the allegations by the Auditor-General suggest grave violations of public trust, the Nigerian Constitution, the CBN Act, and anti-corruption standards. It stated that these violations reflect a broader failure of CBN accountability and are linked to the institution’s persistent non-compliance with its Act and the principles of transparency and accountability.

The organisation cited Paragraph 3112(ii) of the Financial Regulations 2009, which mandates surcharges and criminal referral for officers who fail to account for government revenue, and Section 51 of the Fiscal Responsibility Act, which empowers citizens to enforce compliance through the Federal High Court.

According to SERAP, the lack of transparency has undermined the bank’s ability to discharge its statutory functions and eroded public trust.

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

The suit also highlighted that Section 15(5) of the Constitution obliges public institutions to eliminate corrupt practices and abuse of power, while Section 13 mandates the CBN to uphold the provisions of Chapter 2 of the Constitution.

No hearing date has been fixed for the suit at the time of filing this report.