The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, a seven-day deadline to account for an alleged N3 trillion in missing or diverted public funds flagged in the 2022 report of the Auditor-General of the Federation.

The allegations, made public on September 9, 2025, were formally raised in a letter dated November 15, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare. The organisation described the audit findings as a “grave violation of public trust” and a breach of the Nigerian Constitution, the CBN Act, and relevant anti-corruption laws.

According to SERAP, the Auditor-General’s report revealed extensive financial irregularities within the apex bank, including the failure to remit over N1.4 trillion in operating surplus to the Consolidated Revenue Fund (CRF). It also cited N629 billion allegedly disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme and N784 billion in overdue intervention loans yet to be recovered.

“These violations have seriously undermined the CBN’s ability to effectively discharge its statutory functions and have eroded public trust in the institution,” the group stated.

Quoting the audit report, SERAP noted: “The CBN failed to remit over N1 trillion [N1,445,593,400,000.00] of the Federal Government’s portion of operating surplus into the CRF account.”

The organisation further highlighted concerns about the opacity surrounding the Anchor Borrowers’ Programme, saying the identities of many beneficiaries remained unknown. It also questioned over N125 billion reportedly spent on “questionable intervention activities” without supporting documentation.

Additionally, SERAP flagged the CBN’s N1.7 billion expenditure on operational vehicles for the Nigeria Immigration Service (NIS), an action the Auditor-General described as unjustifiable and unrelated to the bank’s statutory mandate.

SERAP has demanded that the CBN not only account for the funds but also identify and hand over all officials involved in any diversion to the EFCC and ICPC for prosecution. It also called for immediate recovery of all misappropriated funds.

“Nigerians have the right to know the whereabouts of their money,” the group said, warning that it would take legal action if the bank fails to comply within seven days.