SERAP Sues CBN Over Missing N3tn Anchor Borrowers’ Funds
ABUJA — The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Central Bank of Nigeria (CBN) to the Federal High Court over a staggering ₦3 trillion in public funds that have allegedly vanished from the apex bank’s books. The lawsuit, marked FHC/ABJ/CS/250/2026, stems from a damning 2025 report by the Auditor-General of the Federation. Specifically, the rights group is seeking a judicial order to compel the CBN to account for ₦629 billion disbursed to “unknown beneficiaries” under the controversial Anchor Borrowers’ Programme (ABP). This legal offensive marks a significant escalation in the quest for transparency within Nigeria’s most powerful financial institution.
The Auditor-General’s findings paint a grim picture of fiscal negligence and potential diversion of state resources. According to the audit, the CBN failed to remit over ₦1.4 trillion in operating surpluses into the Consolidated Revenue Fund in 2022. Furthermore, the bank has reportedly neglected to recover ₦784 billion in overdue intervention loans dating back to 2018. SERAP argues that these systemic failures directly violate the 1999 Constitution and the CBN Act of 2007. The organization contends that the “unknown” nature of loan beneficiaries has severely crippled the nation’s food security initiatives.
The apex bank’s internal records show a worrying lack of documentation for various “national security” interventions totaling ₦125 billion. The Auditor-General noted that these expenditures lacked National Assembly approval and supporting vouchers. In a related development, the bank reportedly spent ₦1.7 billion on 43 operational vehicles for the Nigeria Immigration Service—a purchase the audit deems “unjustified” and outside the bank’s statutory mandate. SERAP insists that the public has a constitutional right to know how their wealth is managed. Meanwhile, the bank’s management has yet to provide a comprehensive public defense against these specific audit queries.
Furthermore, the lawsuit highlights irregular contract variations amounting to ₦189 billion, where contractors allegedly secured ₦9 billion in questionable price hikes. The Auditor-General expressed fears that these funds might have been diverted into private pockets, leading to abandoned projects nationwide. SERAP’s legal team, led by Oluwakemi Agunbiade, emphasized that Section 15(5) of the Constitution mandates all public institutions to abolish corrupt practices. They argue that granting the reliefs sought would serve as a crucial step toward restitution and a guarantee of non-repetition.
Ultimately, the ₦3 trillion suit serves as a litmus test for the independence of the Nigerian judiciary in holding the “Bank of Last Resort” accountable. As the court prepares to fix a date for the hearing, the burden of proof now shifts to the CBN to locate its missing trillions. Only a transparent accounting can restore the public’s battered confidence in the integrity of the apex bank.