SERAP Gives CBN 7 Days Over $6.23m Election Funds

Fresh questions over public funds have reached the Central Bank of Nigeria as SERAP demands explanations over $6.23 million linked to an alleged election-funding request and more than ₦1.63 trillion in other funds flagged in an Auditor-General’s report.

The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to account for $6.23 million in alleged election-related expenditure and more than ₦1.63 trillion in other public funds.

The demand is contained in a letter dated September 26, 2026 and signed by SERAP Deputy Director, Kolawole Oluwadare.

SERAP said its intervention followed findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

According to the organisation, the matters requiring explanation include over ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks, and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.

Particular attention is also being drawn to $6.23 million which SERAP said the Auditor-General identified in connection with an alleged fraudulent election-funding request purportedly made in the name of former President Muhammadu Buhari.

SERAP is asking the CBN to disclose the outcome of any internal investigation into the transaction and explain measures taken to recover any money found to have been improperly paid.

The organisation also called for an independent forensic reconciliation of the sums identified in the audit report and for suspected criminal conduct, where established by evidence, to be referred to appropriate anti-corruption agencies.

SERAP said it would consider legal action if the CBN fails to respond within seven days.

The allegations and audit queries do not by themselves establish criminal liability against any individual or institution.

Source: PUNCH