SERAP Demands Answers: CBN Governor Under Fire Over Alleged ₦3 Trillion Missing Public Funds

The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, provide a full account of the alleged disappearance or diversion of ₦3 trillion in public funds, as highlighted in the Auditor-General of the Federation’s 2022 annual report published on September 9, 2023.....KINDLY READ THE FULL STORY HERE▶

In a statement on Saturday, SERAP urged Cardoso to immediately clarify the whereabouts of the missing funds and ensure accountability. The rights organization also called on the CBN governor to identify those responsible and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution. SERAP further emphasized that all missing monies should be recovered and returned to the national treasury.

In a letter dated November 15, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organization said, “These allegations suggest grave violations of public trust, the Nigerian Constitution 1999 [as amended], the CBN Act, and anti-corruption standards.” SERAP noted that these violations reflect a broader failure of CBN accountability, undermining public confidence in the institution and its statutory functions.

According to the Auditor-General, in 2022 the CBN failed to remit over ₦1.44 trillion of the Federal Government’s share of operating surplus to the Consolidated Revenue Fund (CRF) account, raising concerns that the funds may have been diverted. Similarly, over ₦629 billion allocated to unknown beneficiaries under the Anchor Borrowers’ Programme could not be recovered, potentially affecting national food security.

The Auditor-General also flagged ₦784 billion in unpaid or overdue loans and interventions disbursed between 2018 and May 2022, and questioned over ₦125 billion spent on intervention activities without evidence of approval by the National Assembly or alignment with CBN objectives. Additionally, ₦1.79 billion spent to purchase 43 vehicles for the Nigeria Immigration Service lacked procurement records, and 43 contracts worth over ₦189 billion showed irregular payments and potential abandonment.

Other discrepancies include ₦90 million in unrecovered loans to SMEs in Katsina State during the COVID-19 pandemic. SERAP emphasized that these cases indicate potential mismanagement or diversion of public funds and urged immediate recovery.

The organization stated that, under Paragraph 708 of the Financial Regulations 2009 and Section 15(5) of the Nigerian Constitution, public institutions must prevent corruption and misuse of funds. Failure to account for public revenue could result in surcharges and referral to the EFCC or ICPC.

SERAP concluded that Nigerians have a constitutional right to know the whereabouts of public funds, and prompt action by the CBN would advance transparency, restitution, and accountability, upholding the nation’s anti-corruption and human rights obligations.