The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN), seeking a court order to compel the bank to account for approximately N3 trillion in public funds. The lawsuit follows a stark audit report that flagged unaccounted disbursements, including over N629 billion paid to unknown beneficiaries under the CBN’s Anchor Borrowers’ Programme.
The suit, filed last week at the Federal High Court in Abuja (Case Number FHC/ABJ/CS/250/2026), demands a writ of mandamus. SERAP argues the CBN must provide detailed reports explaining the expenditure of the missing or diverted funds. The move comes in response to the Auditor-General of the Federation’s annual report, published on 9 September 2025, which contained grave allegations regarding the management of these state resources.
According to SERAP’s statement, the unexplained transactions represent a serious breach of public trust and violate multiple legal frameworks, including Nigeria’s 1999 Constitution (as amended), the Central Bank of Nigeria Act, and anti-corruption standards. The advocacy group contends the CBN’s alleged failure undermines its statutory duty to uphold transparency and accountability in managing national funds.
The Anchor Borrowers’ Programme is a key federal initiative designed to provide credit guarantees to smallholder farmers. The auditor’s reference to “unknown beneficiaries” suggests potential systemic flaws or misuse within this agricultural financing scheme.
SERAP asserts that Nigerians have a fundamental right to know the fate of public monies. The organization states that securing a judicial order for full disclosure would advance the public’s right to restitution and help prevent future occurrences of such alleged financial mismanagement.
The case underscores ongoing civic and institutional pressure for greater fiscal transparency from Nigeria’s apex bank. The Federal High Court will now determine whether the CBN must produce the requested financial records and explanations. The outcome is anticipated to set a significant precedent for public accountability in the management of national economic programmes.
