The Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against the Central Bank of Nigeria, CBN, over the alleged missing N3 trillion public funds, demanding full disclosure and accountability.
The suit follows revelations contained in the latest annual report of the Auditor-General of the Federation, published on 9 September 2025, which raised concerns over the whereabouts of the missing N3 trillion public funds, including over N629 billion allegedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
Filed at the Federal High Court, Abuja Division, and marked FHC/ABJ/CS/250/2026, the suit seeks “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing N3 trillion public funds, including detailed reports of how exactly the funds were spent.”
No date has been fixed for hearing.
Auditor-General raises alarm over missing N3 Trillion public funds
According to the Auditor-General’s report, the CBN in 2022 failed to remit over N1.445 trillion of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund, CRF.
The report expressed fears that the funds may have been diverted and recommended recovery and remittance to the treasury.
The report further alleged that over N629 billion paid to unknown beneficiaries under the Anchor Borrowers’ Programme has not been recovered. The numbers of beneficiaries who collected the money remain unknown, raising further concerns about the missing N3 trillion public funds and accountability gaps.
Additionally, over N784 billion in unpaid and overdue loans disbursed between 2018 and May 2022 reportedly remain unrecovered, with the Auditor-General stating there was no evidence that sufficient recovery efforts were being made.
The report also questioned N125 billion spent on intervention activities allegedly connected to national security and financial sector capacity building, noting there was no documented approval from the National Assembly.
In another instance, the CBN allegedly spent N1.79 billion to purchase 43 operational vehicles for the Nigeria Immigration Service without evidence of delivery or proper procurement documentation.
Further concerns were raised over 43 contracts valued at over N189 billion, where contractors reportedly delayed completion, requested contract variations, and were paid over N9 billion in irregular variation costs without relevant procurement records.
The Katsina State branch of the apex bank was also accused of failing to recover over N90 million disbursed to 33 small and medium enterprises during the COVID-19 intervention in 2020.
SERAP: Violations undermine public trust
n the suit filed by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, SERAP argued that the allegations surrounding the missing N3 trillion public funds suggest grave violations of public trust, the 1999 Constitution (as amended), the CBN Act, and anti-corruption standards.
SERAP stated: “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anti-corruption standards.”
The organisation maintained that the violations reflect a broader failure of CBN accountability and non-compliance with transparency obligations.
According to SERAP: “Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
The group cited Section 15(5) of the Constitution, which mandates public institutions to abolish corrupt practices and abuse of power, as well as Section 13, which requires conformity with constitutional principles.
SERAP also relied on Paragraph 3112(ii) of the Financial Regulations 2009, which provides that any public officer who fails to account for government revenue shall be surcharged and handed over to either the EFCC or ICPC.
Legal grounds and public interest implications
The suit invokes Section 51 of the Fiscal Responsibility Act, which grants legal capacity to enforce compliance at the Federal High Court without showing special interest.
SERAP argued that the Nigerian Constitution, the Freedom of Information Act, and Nigeria’s anti-corruption and human rights obligations guarantee citizens access to information regarding public institutions’ activities.
SERAP insists that compelling the CBN to account for the missing N3 trillion public funds would restore transparency, strengthen institutional integrity, and rebuild public confidence in the apex bank.
