THE Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) at the Federal High Court in Abuja over the failure to account for and explain the whereabouts of the missing or diverted N3 trillion public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.

The lawsuit followed the allegations contained in the latest yearly report by the Auditor-General of the Federation, which was published on September 9, 2025.

In the suit, FHC/ABJ/CS/250/2026, SERAP is seeking an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including detailed reports of how exactly the funds were spent.

SERAP stated that the allegations by the auditor-general suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended),

the CBN Act, and anti-corruption standards.
It also said that the violations reflected a failure of CBN’s accountability 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 organisation, the violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.

In the suit filed by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, SERAP said: “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.’”

SERAP, therefore, lamented that the beneficiaries who collected the money are unknown.

No date has been fixed for the hearing of the suit.

RELATEDLY, in a move aimed at tackling corruption in the public service, the Human and Environmental Development Agenda (HEDA Resource Centre) has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged financial mismanagement and corruption involving the Nigeria Social Insurance Trust Fund (NSITF) and its Managing Director/Chief Executive Officer, Oluwaseun Mayomi Faleye.In the petition signed by HEDA’s Chairman,

Olanrewaju Suraju and addressed to the EFCC Chairman, Olanipekun Olukoyede, the anti-corruption organisation urged the Commission to carry out a prompt and impartial investigation into allegations of abuse of office, financial misconduct, and possible misappropriation of public funds within the agency.

HEDA stated that its petition followed an investigative report published on February 9, 2026, which alleged that the NSITF Managing Director granted himself a no approval limit on funds amounting to about N297 billion and operated over 100 bank accounts linked to a single Bank Verification Number (BVN).

The group, while calling on the EFCC to conduct a comprehensive forensic audit of NSITF accounts, banking transactions,

procurement records, board approvals, and disbursement documentation within the period under review, also urged the Commission to identify individuals responsible for any unlawful conduct and pursue appropriate enforcement actions,

including prosecution and asset recovery where necessary.

It emphasised that a thorough investigation would help to restore public confidence in the management of social insurance funds and strengthen accountability within public institutions.