Politics
SERAP Issues Deadline For CBN To Clarify Missing N100bn And Public Fund Usage
SERAP Issues Deadline For CBN To Clarify Missing N100bn And Public Fund Usage....KINDLY READ THE FULL STORY HERE▶
“Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), to provide explanations regarding the whereabouts of over N100 billion in ‘dirty and bad notes’ and other large sums of cash awaiting examination across various CBN branches. This request follows allegations documented in the latest annual report by the Auditor-General of the Federation.
In a statement issued by its Deputy Director, Kolawole Oluwadare, SERAP also urged Governor Cardoso to clarify the handling of N7.2 billion allocated for the construction of the CBN Dutse branch in 2010, and N4.8 billion earmarked for renovating the CBN Abeokuta branch in 2009. SERAP further demanded the publication of names of contractors who received funds but failed to complete these projects.
Additionally, SERAP highlighted concerns over the alleged disappearance of outstanding loans, including N1.2 billion granted to the Enugu state government in 2015, and N1.9 billion extended to the Anambra state government between 2015 and 2016. They called for thorough investigation and prosecution of any implicated parties, stressing violations of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.
In a letter dated June 29, 2024, and signed by Deputy Director Kolawole Oluwadare, SERAP emphasized, ‘These serious allegations by the Auditor-General indicate significant breaches of public trust, constitutional provisions, the CBN Act, and anti-corruption standards.’
The organization criticized the CBN for its lack of transparency and accountability, asserting that such failures undermine public confidence and the CBN’s ability to fulfill its statutory duties effectively.
SERAP urged swift action within seven days to address their concerns, warning of legal action to compel compliance if their demands are not met promptly.
According to the Auditor-General’s 2020 report, the CBN has held over N100 billion in ‘dirty and bad notes’ since 2017, raising fears that funds earmarked for destruction might have been reintroduced into circulation.
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