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CBN Governor Given 7-Day Ultimatum To Account For ₦100 Billion In Bad Notes

Published

5 months ago

Jun 30, 2024.

SERAP has given CBN Governor Olayemi Cardoso a seven-day ultimatum to account for over ₦100 billion in ‘dirty notes’ and missing funds for unfinished projects, as detailed in the Auditor-General’s report.

EKO HOT BLOG reports that the Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, demanding an account for over ₦100 billion in ‘dirty and bad notes’ and ‘other large sums of cash awaiting examination’ held in various branches of the apex bank.

The group claims these allegations are documented in the latest annual report by the Auditor-General of the Federation.

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In a letter released on Saturday, signed by SERAP deputy director Kolawole Oluwadare, the organization also urged the CBN governor to explain the whereabouts of ₦7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and ₦4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009. SERAP demanded the publication of the names of contractors who received these funds but failed to complete the projects.

SERAP insisted that these allegations suggest significant violations of the Nigerian constitution and must be addressed.

CBN Governor ₦100 Billion Bad Notes

The letter reads in part, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.”

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”