Account for $6.23m election funds or face legal action, SERAP tells CBN
SERAP has given the CBN a seven-day ultimatum to account for $6.23m in allegedly diverted election funds and over N1.63tn in other public funds. Read More: https://punchng.com/account-for-6-23m-election-funds-or-face-legal-action-serap-tells-cbn/
The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the CBN account for $6.23 million allegedly diverted or unaccounted for election funds, as well as over N1.63 trillion in other public funds. The organization, in a letter dated September 26, 2026, cited evidence from the Auditor-General of the Federation's 2023 Annual Report.
The funds in question include $6.23 million linked to a purported fraudulent election-funding request by former President Muhammadu Buhari, as well as N1.25 trillion in CBN intervention loans to state governments, N116.18 billion in loans to distressed and liquidated banks, and N262.86 billion disbursed under the Anchor Borrowers' Programme.
SERAP urged Cardoso and the CBN to account for these funds and provide details of the beneficiaries, amounts disbursed, and any recovery measures. The organization emphasized the importance of accountability in public institutions and the need to address these issues to uphold Nigeria's democratic principles and constitutional democracy.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
