Socio-Economic Rights and Accountability Project has demanded that the Governor of the Central Bank of Nigeria, Oayemi Cardoso, urgently account for what it described as “missing or diverted N3tn of public funds” highlighted in the 2022 annual report of the Auditor-General of the Federation, published on September 9, 2025.
In a letter dated November 15, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation described the issues raised by the Auditor-General as “grave violations of public trust, the Nigerian Constitution, the CBN Act, and global anti-corruption standards.”
SERAP called on the CBN to ensure full recovery of the allegedly missing funds, return them to the treasury without delay, and identify those responsible for potential mismanagement, handing them over to the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission for investigation and prosecution.
According to SERAP, the Auditor-General reported that the CBN failed to remit over N1.4tn of the Federal Government’s portion of its 2022 operating surplus into the Consolidated Revenue Fund account, raising fears that the funds may have been diverted.
Similarly, more than N629bn disbursed under the Anchor Borrowers’ Programme, intended to support farmers and promote food security, went to “unknown beneficiaries,” with no evidence of recovery.
The CBN was also cited for failing to recover N784bn in 32 overdue loans and interventions disbursed between 2018 and May 2022, with the Auditor-General questioning the adequacy of the bank’s recovery efforts.
The letter further highlighted concerns over the CBN’s spending of over N125bn on what the Auditor-General described as “questionable intervention activities” linked to national security, state services, the armed forces, and financial sector capacity building.
