Account for N3trn public funds – SERAP drags CBN to court

News Account for N3trn public funds – SERAP drags CBN to court Published on February 15, 2026 By Vanessa Onah googletag.cmd.push(function() { googletag.display('div-gpt-ad-1500386953281-8'); }); A lawsuit has been filed by the Socio Economic Rights and Accountability Project, SERAP, against the Central Bank of Nigeria, CBN, over its alleged failure to account for N3 trillion in public funds, including over N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme. This was disclosed in a statement issued on Sunday by SERAP Deputy Director, Kolawole Oluwadare. The suit, numbered FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1524595905268-5'); }); SERAP stated that this lawsuit followed grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025. It further stated that it wants the court to compel CBN to account for the missing funds as well as explanations on how the money is spent. The plaintiffs argued that the alleged violations constitute a breach of public trust and contravene the provisions of the 1999 Nigerian Constitution (as amended), the CBN Act, and established anti-corruption standards. The statement issued by SERAP on its official handle read, “We’ve sued @cenbank over failure to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme. “The lawsuit followed the grave allegations contained in the latest annual report by the Auditor-General of the Federation, which was published on 9 September 2025. “In the suit number FHC/ABJ/CS/250/2026 filed last week at the Federal High Court in Abuja, we are 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 of public funds, including detailed reports of how exactly the funds were spent. “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anti-corruption standards. “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability. “Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.“ Don't Miss Plateau Govt cries out over imminent collapse of five FG bridges You may like CBN approves weekly sale of FX to BDCs Naira continues to appreciate against US dollar as CBN directs FX sales to BDCs Nigeria’s monetary reforms are now recognised globally – Tinubu hails CBN Electoral Act Amendment: SERAP petitions CCB over alleged abuse of office by senate CBN raises alarm over reliance on foreign fintech in Nigeria Appeal Court dismisses CBN, ABU bid to stop N2.5bn payment to 110 illegally sacked workers

SOURCE: https://dailypost.ng/2026/02/15/account-for-n3trn-public-funds-serap-drags-cbn-to-court/