SERAP Demands Explanation from CBN Over Missing N100bn

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to explain the whereabouts of over N100 billion in ‘dirty and bad notes’ and other large sums of cash held at various CBN branches.

Eko Hot Blog reports that SERAP through a statement by its deputy director, Kolawole Oluwadare, referenced the latest annual report from the Auditor-General of the Federation, which documented these allegations.

SERAP also demanded an explanation for the missing N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and N4.8 billion for the renovation of the CBN Abeokuta branch in 2009.

Additionally, SERAP urged the recovery of outstanding loans, specifically N1.2 billion to the Enugu state government in 2015 and N1.9 billion to the Anambra state government between 2015 and 2016.

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SERAP emphasized the need for transparency and accountability, highlighting violations of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.

The organization has given the CBN seven days to address these concerns, adding that failure to comply will lead to a pursuit of legal actions.

The letter stated: “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.”

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

The Auditor-General suspects that the ‘dirty and bad notes’ intended for destruction may have been diverted back into the economy.

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