The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN), demanding explanations over the alleged disappearance of N3 trillion in public funds.

In a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, the lawsuit stems from findings contained in the 2025 annual report of the Auditor-General of the Federation, published on September 9, 2025.

The suit, filed at the Federal High Court in Abuja, is seeking judicial intervention to compel the apex bank to provide a full account of the funds in question.

Specifically, SERAP is requesting “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.”

Court documents show the case, marked FHC/ABJ/CS/250/2026, was instituted on SERAP’s behalf by lawyers Oluwakemi Agunbiade and Valentina Adegoke. The organisation cited several concerns raised by the Auditor-General regarding the bank’s financial conduct.

The suit reads in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.

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“The Auditor-General fears that the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.

“The CBN also failed to recover over N629 billion [N629,040,000,000.00] paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme ‘meant to support farmers to ensure sustainable food production in the country.’

“But the number of beneficiaries who collected the money is unknown.’ The CBN has also failed to ‘recover the money.’ The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the Nation.’”

Beyond the Anchor Borrowers’ Programme, SERAP alleged additional financial irregularities, including N125 billion reportedly spent on intervention projects without approval from the National Assembly.

The group also cited N1.79 billion allegedly used to purchase 43 vehicles for the Nigeria Immigration Service without proper procurement documentation, as well as more than N189 billion in contracts said to involve questionable variations exceeding N9 billion.

The organisation further pointed to the failure of the CBN’s Katsina branch to recover over N90 million in loans extended to small and medium enterprises during the COVID-19 pandemic.

SERAP referenced Paragraph 3112(ii) of the Financial Regulations 2009, which provides for sanctions and possible criminal referral for officials who fail to account for public funds. It also cited Section 51 of the Fiscal Responsibility Act, which allows citizens to approach the Federal High Court to enforce compliance with fiscal laws.

In its court filing, the organisation argued that “these grim allegations by the Auditor-General suggest grave violations of public trust, the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”

It further contended 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.”

SERAP maintained that the alleged lack of transparency weakens public confidence in the apex bank and affects its ability to carry out its statutory responsibilities effectively.

“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 group stated.

The suit also referenced constitutional provisions, noting that Section 15(5) requires public institutions to combat corruption and abuse of power, while Section 13 mandates adherence to the objectives outlined in Chapter 2 of the Constitution.

As of the time of filing this report, the Federal High Court has not assigned a date for hearing the case.