The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern warning to the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso, demanding immediate explanations regarding the whereabouts of N3 trillion in public funds that are allegedly missing or diverted.
Auditor-General's Damning Report
This grave demand follows the publication of the 2022 yearly report by the Auditor-General of the Federation, which was released on September 9, 2025. The report contains alarming findings about financial irregularities within the Central Bank that have raised serious concerns about transparency and accountability.
In a letter signed by SERAP's Deputy Director, Kolawole Oluwadare, and delivered over the weekend, the organization gave the CBN governor a seven-day ultimatum to provide satisfactory explanations or face legal consequences.
Specific Allegations of Missing Funds
The Auditor-General's report highlighted several critical areas where massive public funds remain unaccounted for. According to the findings, the CBN failed to remit over N1 trillion of the Federal Government's portion of operating surplus into the Consolidated Revenue Fund (CRF) account in 2022.
The Auditor-General expressed serious concerns that these funds may have been diverted and has called for their immediate recovery and remittance to the national treasury.
Another significant finding involves the Anchor Borrowers' Programme, where the CBN failed to recover over N629 billion paid to unknown beneficiaries. This program was specifically designed to support farmers and ensure sustainable food production across Nigeria.
Legal and Constitutional Violations
SERAP described these allegations as representing grave violations of public trust and multiple legal frameworks, including the Nigerian Constitution of 1999 (as amended), the CBN Act, and established anti-corruption standards.
The organization emphasized that these violations reflect a broader failure of accountability within the Central Bank and have seriously undermined the institution's ability to effectively perform its statutory functions.
Citing paragraph 708 of the Financial Regulations 2009, SERAP reminded the CBN that payments should never be made for services not performed or goods not supplied, highlighting the apparent breach of this fundamental financial rule in the Anchor Borrowers' Programme disbursements.
Demands for Action and Consequences
SERAP has made three key demands to the CBN Governor: provide a prompt explanation of the missing N3 trillion, identify and hand over those responsible to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), and ensure the full recovery and return of all missing public funds to the treasury.
The organization warned that failure to implement these recommended measures within seven days of receiving their letter would result in appropriate legal actions being taken against the Central Bank and its leadership.
These developments come at a critical time when Nigeria continues to face economic challenges, making the proper management of public funds more important than ever for national development and public confidence in financial institutions.
