SERAP sues CBN over $6.23m election funds, N1.63tn audit queries

SERAP, a Nigerian rights group, has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged mishandling of $6.23 million in election funds and over N1.63 trillion in other public funds. The lawsuit, filed in the Federal High Court in Abuja, demands that the CBN account for these funds, disclose their beneficiaries, and reveal measures taken to investigate the irregularities and recover any outstanding amounts.

The allegations stem from concerns raised in the Auditor-General of the Federation's 2023 Annual Report, which identified various issues including the misuse of funds for an election funding request, unrecovered intervention loans, loans to distressed banks, and disbursements under the Anchor Borrowers’ Programme.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.