The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) for its alleged failure to account for N3 trillion in public funds, which includes over N629 billion disbursed to unknown beneficiaries under the Anchor Borrowers’ Programme. The lawsuit was filed last week at the Federal High Court in Abuja, seeking an order to compel the CBN to detail the whereabouts of the missing or potentially diverted funds.
According to a recent report by the Auditor-General of the Federation, the CBN reportedly failed to remit over N1 trillion of the Federal Government’s surplus into the Consolidated Revenue Fund. SERAP claims that the funds may have been diverted, contributing to ongoing issues related to food security in Nigeria. The CBN’s inability to recover the N629 billion given to unidentified recipients further underscores alleged mismanagement.
