The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Central Bank of Nigeria (CBN) before the Federal High Court in Abuja 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.
In a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, SERAP disclosed that the suit, marked FHC/ABJ/CS/250/2026, was filed last week.
The organisation said the legal action was prompted by what it described as “grave allegations” contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025. The report allegedly raised concerns about the management and disbursement of trillions of naira in public funds under the apex bank’s supervision.
SERAP is seeking an order of mandamus compelling the CBN to account for and explain the whereabouts of the alleged missing or diverted N3 trillion, as well as provide detailed reports on how the funds were spent.
Specifically, the group is demanding clarity on the disbursement of over N629 billion under the Anchor Borrowers’ Programme, which it claims was paid to unidentified beneficiaries.
In a post on its official X handle, SERAP stated:
“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 organisation argued that the allegations, if established, amount to a breach of public trust and contravene provisions of the 1999 Constitution (as amended), the CBN Act and established anti-corruption standards.
According to SERAP, the alleged infractions reflect a broader failure of accountability at the apex bank and underscore what it described as persistent non-compliance with statutory obligations relating to transparency and prudent financial management.
“Nigerians have the right to know the whereabouts of the missing or diverted public funds,” the group said, adding that granting the reliefs sought would advance citizens’ rights to restitution, compensation and guarantees of non-repetition.
The CBN has yet to publicly respond to the suit.
