The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) for its alleged failure to properly account for N3 trillion of public funds. This includes a significant sum of over N629 billion that was reportedly paid to unidentified beneficiaries under the government’s Anchor Borrowers' Programme. SERAP's lawsuit highlights serious concerns regarding transparency and accountability in the management of public finances, particularly by governmental financial institutions.

The lawsuit was prompted by troubling findings detailed in the most recent annual report from the Auditor-General of the Federation, released on September 9, 2025. This report pointed out that the CBN failed to remit over N1 trillion in funds during 2022, raising alarms about mismanagement and possible corruption within the bank. SERAP’s action is not just a legal move, but a call to ensure that public funds are used effectively and accounted for properly, thereby establishing a significant precedent for financial accountability in Nigeria.

Filed last week at the Federal High Court in Abuja, SERAP seeks an “order of mandamus” to legally compel the CBN to disclose the whereabouts and intended utilization of the missing or misappropriated funds. This case underscores the ongoing struggle in Nigeria for governance reform and the fight against corruption, as citizens increasingly demand transparency in how their tax money and public funds are being managed and dispersed by government agencies.