Missing N3trn: SERAP Sues CBN

•  Mandamus order sought to compel CBN to account for missing or diverted N3 trillion.
• The lawsuit follows grave allegations in the latest Auditor-General’s annual report.
• N629 billion allegedly paid to “unknown beneficiaries” via Anchor Borrowers’ Programme.
• CBN failed to remit N1.4 trillion operating surplus to the Consolidated Revenue Fund.
• Suit FHC/ABJ/CS/250/2026 filed at the Federal High Court in Abuja last week.

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its failure to account for the whereabouts of missing or diverted public funds totaling N3 trillion.

The legal action, initiated at the Federal High Court in Abuja, follows a statement by the Auditor-General of the Federation flagging deep-seated financial irregularities within the apex bank.

EkoHotBlog reports that SERAP is seeking a court order to compel the CBN Governor, Olayemi Cardoso, to provide a detailed breakdown of how these funds—including billions meant for agricultural support—were spent.

Highlighting the impact of the alleged diversion, SERAP linked the missing N629 billion in the Anchor Borrowers’ Programme to the country’s growing struggle with food security.

The organization also pointed to N784 billion in unpaid, overdue loans and interventions disbursed by the Bank between 2018 and 2022 that remain unrecovered.

Furthermore, the suit challenges the expenditure of N125 billion on “intervention activities” conducted without the necessary approval of the National Assembly or proper supporting documentation.

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SERAP’s legal team, led by Oluwakemi Agunbiade and Valentina Adegoke, argued that the persistent failure of the CBN to adhere to transparency standards has “seriously undermined the public trust.”

The group maintained that Nigerians have a fundamental right to know how their commonwealth is managed, insisting that accountability is the only way to ensure non-repetition of such financial violations.

The lawsuit underscores a growing push for institutional reform at the CBN, signaling that the era of unchecked financial interventions may be coming to a close under intense legal scrutiny.