Nigeria’s Central Bank Hit with Lawsuit over Allegedly Missing N100 Billion in Dirty Notes

The Socio-Economic Rights and Accountability Project (SERAP) has taken the Central Bank of Nigeria (CBN) to court over an alleged missing N100 billion in dirty and bad notes kept in various branches of the bank since 2017. According to SERAP, the case was filed last week at the Federal High Court in Lagos.

In a statement, SERAP’s deputy director, Kolawole Oluwadare, said that the lawsuit aims to direct and compel the CBN to explain the whereabouts of the missing funds. The organization is citing the right of Nigerians to know the location of public funds and seeking relief for restitution, compensation, and guarantee of non-repetition.

The lawsuit comes after SERAP issued a 7-day ultimatum to the CBN in June, requesting an explanation for the alleged missing funds. The apex bank has yet to comment on the matter as of the time of filing this report.

SERAP’s lawyers, Kolawole Oluwadare and Mrs. Adelanke Aremo, are leading the lawsuit, which is considered a significant development in the ongoing efforts to increase transparency and accountability in Nigeria’s public institutions.

The case is now before the Federal High Court in Lagos, where SERAP is seeking justice for the alleged mismanagement of public funds. As the situation unfolds, the CBN’s response and subsequent actions will be closely watched by the public and financial experts alike.