The Socio-Economic Rights and Accountability Project, SERAP, has sued the Central Bank of Nigeria over alleged failure to account for $6.23 million in election-related expenditure and more than ₦1.63 trillion in other public funds identified in the Auditor-General of the Federation’s 2023 Annual Report.
The suit, marked FHC/ABJ/CS/2450/2026, was filed at the Federal High Court in Abuja following SERAP’s earlier demand that the CBN explain the transactions and disclose the beneficiaries.
The organisation is asking the court to compel the apex bank to account for the disputed funds, publish details of those who benefited from the transactions and disclose steps taken to investigate the audit findings and recover money said to remain outstanding.
The allegations arise from Volume II of the Auditor-General’s 2023 report, published in August 2026.
Among the issues highlighted is $6.23 million allegedly spent pursuant to an election-funding request purportedly connected with the administration of former President Muhammadu Buhari.
The audit report also raised questions around ₦1.25 trillion in intervention loans to state governments, ₦116.18 billion in loans to distressed or liquidated banks and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme. Punch Newspapers
The significance of the case goes beyond the figures.
It raises a fundamental public-law question: how far can citizens and civil-society organisations use the courts to compel a major public institution to explain expenditure already questioned by the statutory audit machinery of government?
SERAP’s case is asking the court to move the matter from audit observation to enforceable accountability.
The CBN has not been found liable for misappropriation, and the allegations contained in the audit report remain matters requiring explanation and, where necessary, investigation.
For public-finance lawyers, the case could become important because it sits at the intersection of constitutional accountability, public audit, access to information and recovery of public funds.
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READ MORE: SERAP previously gave the CBN seven days to account for the same funds. SERAP Gives CBN 7 Days Over $6.23m Election Funds
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