The Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, to explain, promptly, the whereabouts of the missing or diverted N3 trillion of public funds, as documented in the recently published 2022 yearly report by the Auditor-General of the Federation.

SERAP said the grave allegations were documented in the latest yearly report published by the Auditor-General on September 9, 2025.The body urged him to identify those responsible for the missing or diverted public funds and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.

SERAP also urged him to ensure the full recovery and return of any missing public funds to the treasury without further delay. In the letter at the weekend signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the grim allegations by the Auditor-General suggested grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the CBN Act, and anti-corruption standards.

The letter reads: “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

According to the body, these violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank, noting that the CBN ought to be committed to transparency and accountability in its operations.

It adds: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.

“The Auditor-General fears that the money may have been diverted. He wants the money recovered and remitted to the treasury.

“The CBN in 2022 failed to recover over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme meant to support farmers to ensure sustainable food production in the country. But the number of beneficiaries who collected the money is unknown. The CBN has also failed to recover the money. The Auditor-General fears the money may have been diverted, which could have contributed to the difficulty in sustaining food security in the nation.”

Citing paragraph 708 of the Financial Regulations 2009, the organisation said that ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’SERAP further threatened legal actions if the recommended measures were not taken within seven days of the receipt of the letter.