SERAP sues CBN over ‘missing’ N100b dirty notes
SOCIO-ECONOMIC Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) at the Federal High Court, Lagos, over alleged failure to account for the whereabouts of over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’, which are kept in various branches of the CBN.
In the suit number FHC/L/MSC/441/2024 filed last week, SERAP asked the court to direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of CBN since 2017.
SERAP also asked the court to direct and compel the CBN to explain the whereabouts of the N7.2 billion meant for the construction of the CBN Dutse branch building in 2010 and the N4.8 billion meant for the renovation of the CBN Abeokuta branch in 2009 and to publish the names of contractors that collected the money.
The body wants the court to direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2 million granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016 .
In the suit, SERAP argued that explaining the whereabouts of the alleged missing public funds, publishing the names of those suspected to be responsible and ensuring that they were brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.
“These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations,” the organisation argued.
According to SERAP, 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 anti-corruption standards.
In the suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Mrs Adelanke Aremo, the body said: “Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
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