CBN taken to court over missing N3 trillion

By Isa Isawade

A lawsuit has been filed against the Central Bank of Nigeria (CBN) over failure of the apex bank to explain the whereabouts of an alleged missing N3 trillion of public funds.

The case was instituted by the Socio-Economic Rights and Accountability Project (SERAP) who said the missing fund included a sum of N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.

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

In the suit number FHC/ABJ/CS/250/2026 filed last week at the Federal High Court in Abuja, 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.”

In the suit, SERAP is arguing that, “These grim 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 anticorruption standards.

“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.”

“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. The CBN ought to be committed to transparency and accountability in its operations.”

SERAP is also arguing that, “Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”

“Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power. Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”

The suit filed on behalf of SERAP by its lawyers Oluwakemi Agunbiade and Valentina Adegoke, read in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] 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 also failed to recover over N629 billion [N629,040,000,000.00] 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 numbers of beneficiaries who collected the money are 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.’

“He wants the money recovered and remitted to the treasury.”

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