……Demands disclosure of alleged Buhari-linked payment
…Seeks Details Of N1.63tn Intervention, Anchor Loans
…Wants Beneficiaries, Recoveries, Suspected Wrongdoers Named
Daud Olatunji
The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to account for $6.23m allegedly spent as election funding and more than N1.63tn in other public funds flagged in the 2023 report of the Auditor-General of the Federation.
SERAP, in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, demanded that the apex bank disclose details of the transactions, identify beneficiaries and explain what steps had been taken to recover funds found to have been improperly disbursed or lost.
The organisation warned that failure by the CBN and Cardoso to provide the requested information within seven days would trigger what it described as “appropriate legal action.”
The demands followed findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, covering transactions and activities between January and December 2023.
The funds under scrutiny include N1.252tn in unrecovered CBN intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, N262.86bn disbursed under the Anchor Borrowers’ Programme and $6.23m linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari.
…Buhari-linked $6.23m
On the controversial dollar transaction, SERAP said the Auditor-General reported that the CBN’s internal audit indicated that $6.23m was spent following a purported request for election funding by Buhari.
However, the organisation said the CBN failed to make available its internal investigation report on the transaction to the Auditor-General’s audit team for scrutiny and confirmation.
SERAP consequently demanded that Cardoso and the CBN publish the internal investigation report, disclose the circumstances surrounding the payment and explain measures taken to recover the funds.
It also requested the identification of individuals or entities responsible if the investigation establishes that wrongdoing occurred.
The demand has further intensified scrutiny of the controversial transaction, which had earlier featured in questions raised by former Special Investigator of the CBN, Jim Obazee.
Obazee, in July 2026, reportedly raised questions about the withdrawal during proceedings in the corruption trial involving former CBN Governor, Godwin Emefiele.
SERAP said the latest Auditor-General’s findings made it necessary for the CBN to provide Nigerians with a transparent account of the transaction and the status of the funds.
….N1.25tn state intervention loans
Beyond the dollar transaction, the organisation demanded a comprehensive account of N1.252tn in intervention loans granted to various state governments.
SERAP asked the apex bank to disclose the identities of the beneficiaries, amounts disbursed to each beneficiary and the outstanding balances.
It also demanded details of measures taken to recover the unrecovered funds.
According to SERAP’s account of the Auditor-General’s findings, the audit raised concerns that some of the intervention funds could have been diverted to private purposes and recommended their recovery and remittance to the treasury.
The organisation said the CBN should therefore explain the status of the loans and publish details of its recovery efforts.
…N262.86bn Anchor Borrowers’ funds
SERAP also demanded a detailed breakdown of the N262.86bn disbursed under the Anchor Borrowers’ Programme, including the names and number of beneficiaries and participating “Anchors.”
The organisation requested information on the amounts received, utilisation of the funds, monitoring mechanisms and recovery measures.
It said the Auditor-General had faulted the CBN for failing to provide the list and number of beneficiaries of the programme and assess its impact.
The audit findings, according to SERAP, also expressed concern that funds remaining with some “Anchors” could undermine the programme’s food-security objectives.
SERAP therefore urged the CBN to account for the money and demonstrate how the funds were monitored and recovered.
…N116.18bn bank loans
The organisation also demanded explanations concerning N116.18bn in loans granted to distressed and liquidated banks.
It asked the CBN to disclose the beneficiaries, amounts involved, outstanding balances and details of recoveries made so far.
The group argued that the public deserved a clear account of the funds, particularly where the Auditor-General had raised questions concerning their recovery.
…SERAP seeks forensic reconciliation
SERAP further called on the CBN to conduct or support an independent forensic reconciliation of the funds identified in the Auditor-General’s report.
It urged the apex bank to preserve all records relating to the transactions, investigations and recovery efforts.
The organisation also called for any suspected criminal conduct uncovered in the process to be referred to the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and other relevant authorities.
SERAP said, “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” stressing that the scale of the findings required urgent, independent and transparent action.
The organisation maintained that the CBN’s institutional independence did not exempt it from constitutional audit, statutory accounting requirements and public financial oversight.
It urged the apex bank to identify persons or entities that received or benefited from the funds, explain the basis for the transactions and disclose measures taken to investigate, reconcile and recover any money found to have been improperly paid or lost.
SERAP said Nigerians had a right to know the whereabouts and status of public funds, insisting that accountability, recovery and appropriate action should follow wherever wrongdoing is established.
PLATFORM TIMES reports that the seven-day demand places the CBN under pressure to publicly respond to the Auditor-General’s findings and SERAP’s specific requests concerning the $6.23m transaction and more than N1.63tn in intervention and other funds.
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