SERAP Gives CBN Seven Days to Account for $6.23m Election Funds
Reloaded News Desk
The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to account for $6.23 million allegedly spent in connection with election funding and more than ₦1.63 trillion in other public funds.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation based its demand on issues it said were documented in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.
According to SERAP, the figures requiring explanation include more than ₦1.25 trillion in unrecovered CBN intervention loans to state governments, ₦116.18 billion in loans to distressed and liquidated banks and ₦262.86 billion disbursed under the Anchor Borrowers’ Programme.
It also demanded an explanation of US$6.23 million reportedly spent following what the Auditor-General’s report described as a purported request for election funding by former President Muhammadu Buhari.
SERAP is asking the CBN to disclose the beneficiaries of the intervention loans, the amounts involved, the recovery measures taken and the present status of the funds.
On the Anchor Borrowers’ Programme, the organisation wants the bank to disclose the beneficiaries and participating anchors, the amounts disbursed, how the funds were used, the monitoring arrangements and recovery measures.
The organisation is also demanding publication of the findings of an internal investigation into the alleged election-funding transaction, including any steps taken to recover the money and establish responsibility.
The $6.23 million issue is an allegation and an accountability demand; it is not, by itself, evidence that any named individual committed a criminal offence.
SERAP’s letter puts the responsibility on the CBN to explain the transactions and provide documentation relating to the Auditor-General’s findings.
The organisation warned that it would consider legal action if the CBN fails to respond within seven days.
The broader figures cited by SERAP also raise questions about the recovery and monitoring of CBN intervention funds that were disbursed to states, businesses and other beneficiaries under different programmes.
For the CBN, the immediate issue is therefore not only the $6.23 million election-funding allegation but the wider demand for documentation on more than ₦1.63 trillion in public funds identified by SERAP.
The seven-day period now places the ball in the CBN’s court.
What the bank says about the transactions, the underlying audit findings and any internal investigation could determine the next stage of the dispute.
