The Central Bank of Nigeria (CBN) faces intense scrutiny over an alleged ₦3 trillion in missing public funds.
Recently, the Socio-Economic Rights and Accountability Project (SERAP) filed a lawsuit demanding a full account of the missing money.
Missing ₦3 Trillion
Moreover, the dispute involves ₦629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
SERAP explained that the legal action followed “grave allegations” in the Auditor-General of the Federation’s latest annual report, published on September 9, 2025.
Last week, the civil society group filed the suit at the Federal High Court in Abuja, under case number FHC/ABJ/CS/250/2026.
Demand For Accountability
Through the lawsuit, SERAP wants the court to compel the bank to reveal the funds’ whereabouts and provide detailed accounts of their use.
According to the group, the Auditor-General’s report shows serious breaches of the constitution, the CBN Act, and established anti-corruption laws.
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Furthermore, SERAP argued that these findings reflect a wider failure of accountability within the central bank, which shakes public confidence.
“These allegations point to serious violations of public trust and undermine citizens’ confidence in national resources,” SERAP stated.
The organisation emphasised that Nigerians have a fundamental right to know how public money is spent and to hold officials accountable.
It added that court intervention could secure restitution, ensure compensation where necessary, and prevent future abuses of funds.
SERAP’s Legal Track Record
This legal action is not SERAP’s first against the CBN.
Last year, it filed a case over payments to Nigeria’s 774 local government councils, including those in Rivers State.
Founded in 2004, SERAP uses human rights law to challenge corruption, poverty, inequality, and discrimination.
In 2025, the group also sued the Nigerian National Petroleum Company Limited (NNPCL) for allegedly failing to remit ₦500 billion in oil revenue to the Federation Account.
Now, with the spotlight firmly on the apex bank, the nation waits to see whether the court will enforce transparency or leave questions unanswered.
