SERAP Sues CBN $6.23m Election Funds, N1.63tn Unrecovered Loans

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 $6.23m in election-related funds and more than N1.63tn in other public funds flagged in the Auditor-General of the Federation’s 2023 annual report.
SERAP is seeking a court order compelling the apex bank to account for the funds, disclose their beneficiaries and repayment status, and identify officials responsible for approving and disbursing the money.
The organisation disclosed this in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.
The suit, marked FHC/ABJ/CS/2450/2026, wa...