SERAP gives CBN 7 days to account for allegedly diverted $6.23m election funds, ₦1.63trn other public funds
The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and the CBN seven days “to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over ₦1.63 trillion in other public funds, or face appropriate legal action.” The grave allegations are […] The post SERAP gives CBN 7 days to…
The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and the bank seven days to explain the diversion or unaccounted-for use of $6.23 million in alleged election funds and over ₦1.63 trillion in other public funds. These allegations are detailed in Volume II of the 2023 Auditor-General of the Federation's Annual Report.
The funds include over ₦1.25 trillion in CBN intervention loans, ₦116.18 billion in loans to distressed banks, and ₦262.86 billion under the Anchor Borrowers' Programme. SERAP is urging the CBN and Cardoso to provide detailed accountings of these funds, including disbursement details, beneficiary information, utilisation, and any recovery measures.
Written by urgent.news from Ripples Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
