Financial Sh*ck: SERAP Sues CBN Over Alleged ₦3 Trillion Missing From Anchor Borrowers’ Fund

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for ₦3 trillion in public funds.....KINDLY READ THE FULL STORY HERE▶

SERAP said the legal action stems from allegations in the Auditor-General of the Federation’s 2025 annual report, published on September 9, 2025. According to the rights group, the funds include over ₦629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.

Filed last week at the Federal High Court, Abuja, under case number FHC/ABJ/CS/250/2026, the suit seeks a court order compelling the CBN to provide a detailed account of the missing funds, including how they were spent. SERAP argues that the Auditor-General’s findings raise serious constitutional and governance concerns.

“These allegations suggest grave violations of public trust, the Nigerian Constitution, the CBN Act, and anticorruption standards,” the organisation stated. It added that the CBN’s failure to comply with legal provisions undermines transparency, accountability, and public confidence.

SERAP contends that Nigerians have the right to know the fate of the diverted funds and that court intervention would ensure restitution, compensation, and prevent recurrence. The organisation cited Sections 13 and 15(5) of the Constitution, which obligate public institutions to eliminate corruption and abuse of power.

The suit, filed by lawyers Oluwakemi Agunbiade and Valentina Adegoke, highlights multiple alleged financial irregularities by the CBN:

• In 2022, the CBN reportedly failed to remit over ₦1.44 trillion of the Federal Government’s operating surplus to the Consolidated Revenue Fund (CRF), which the Auditor-General fears may have been diverted.

• Over ₦629 billion paid under the Anchor Borrowers’ Programme went to unknown beneficiaries, with the number of recipients and repayment status unclear.

• ₦784.4 billion in unpaid or overdue loans and interventions from 2018 to May 2022 had not been recovered.

• The CBN allegedly spent over ₦125 billion on questionable interventions without proper approval or documentation.

• More than ₦1.79 billion was spent to purchase 43 operational vehicles for the Nigeria Immigration Service, with no evidence of delivery or proper documentation.

• The bank awarded 43 contracts totaling over ₦189 billion, with irregular payments of over ₦9 billion due to extensions and contract variations, lacking procurement records.

• The Katsina branch failed to recover over ₦90 million in outstanding COVID-19-related loans to small and medium enterprises.

SERAP cited Financial Regulations 2009 and the Fiscal Responsibility Act, which provide that public officers who fail to account for government funds may be surcharged and referred to the EFCC or ICPC. The organisation also invoked citizens’ rights under the Nigerian Constitution, Freedom of Information Act, and anti-corruption obligations to access information on public funds.

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