The Central Bank of Nigeria (CBN) and its governor, Olayemi Cardoso, are facing scrutiny over the alleged mismanagement of N1.44 trillion in public funds. According to the 2022 yearly report by the Auditor-General of the Federation, released on September 9, 2025, a significant amount of money is missing or has been diverted.
The report reveals that the CBN failed to remit over N1 trillion of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund (CRF) account in 2022. This has raised concerns about the bank’s accountability and transparency. The Socio-economic Rights and Accountability Project (SERAP) has called on Cardoso to account for the missing funds, citing a failure of the CBN to comply with its Act and uphold principles of transparency and accountability.
SERAP has warned that if the CBN and Cardoso fail to provide an explanation for the missing funds, the organization will take legal action. The group is also demanding that those involved in the misappropriation of funds be named and handed over to anti-graft agencies, such as the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, for prosecution.
The CBN has yet to comment on the matter. The allegations of missing public funds have significant implications for the country’s economy and highlight the need for greater transparency and accountability in the management of public finances. The case is likely to attract close attention from Nigerian citizens and international observers, who will be watching to see how the situation is handled and whether those responsible are held accountable.
The Auditor-General’s report has shed light on the need for improved oversight and management of public funds in Nigeria. The country has struggled with corruption and mismanagement of public resources in the past, and this case has the potential to undermine efforts to promote transparency and accountability. As the situation develops, it is likely that there will be increased calls for reform and greater scrutiny of the CBN and its management of public funds.