SERAP Demands Accountability from CBN Over Missing ₦3 Trillion
The
Socio-Economic Rights and Accountability Project (SERAP) has issued a stern
ultimatum to the Central Bank of Nigeria (CBN), demanding a full explanation
and accounting for the alleged disappearance or diversion of ₦3 trillion in
public funds.
This demand was formally addressed to the CBN Governor, Mr. Olayemi Cardoso, in a letter dated November 15, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare.
The call
for accountability stems from revelations contained in the 2022 Annual Report
of the Auditor-General of the Federation, which was published on September 9,
2025.
According
to SERAP, the report documents grave allegations regarding the mismanagement or
misappropriation of public funds amounting to ₦3 trillion. SERAP insists that
the CBN must not only clarify the whereabouts of these funds but also identify
those responsible for the alleged diversion.
In its
letter, SERAP urged Governor Cardoso to take immediate steps to recover any
missing funds and return them to the national treasury.
Furthermore,
the organization demanded that individuals implicated in the disappearance be
handed over to Nigeria’s anti-corruption agencies, the Independent Corrupt
Practices and Other Related Offences Commission (ICPC) and the Economic and
Financial Crimes Commission (EFCC), for thorough investigation and prosecution.
SERAP
emphasized that failure to comply with these demands within seven days would
prompt legal action. The organization stated its readiness to pursue judicial
remedies to compel the CBN to fulfill its constitutional and statutory
obligations regarding transparency and accountability in the management of
public resources.
This development has sparked widespread concern among civil society groups and the general public, given the magnitude of the funds involved and the implications for Nigeria’s economic stability and governance.
SERAP’s intervention
underscores the growing demand for institutional integrity and the enforcement
of anti-corruption measures in Nigeria’s financial sector.
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