The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria, CBN, seven days to account for $6.23 million election money and over N1.63 trillion missing public funds.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
According to SERAP, the Auditor-General’s 2023 report published on August 7, 2026, exposed the missing funds.
SERAP listed the funds as N1.25 trillion unrecovered intervention loans given to state governments; N116.18 billion loans to distressed and liquidated banks; N262.86 billion shared under Anchor Borrowers Programme; and $6.23 million payment linked to alleged election funding request said to be made by former President Muhammadu Buhari.
SERAP asked Cardoso and CBN to explain how over N1.25 trillion intervention loans given to states and N116.18 billion loans to distressed banks disappeared, and to publish names of those who collected the money and how they plan to recover it.
The group also told CBN to give full details of the N262.86 billion shared under Anchor Borrowers Programme, including names of beneficiaries, how much each person got, how the money was used and how CBN wants to recover it.
On the $6.23 million election money, SERAP asked Cardoso and CBN to explain how the money was spent after an alleged request by former President Buhari, and to publish a report of internal investigation, who is responsible and how the money will be recovered.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.
“The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” parts of the letter read.
Missing $6.2m Buhari election fund: SERAP gives CBN seven days to explain