SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation said the issues were contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, which was published on August 7, 2026, with findings covering transactions and activities between January and December 2023.
SERAP said the CBN must provide the requested explanations within seven days or face what it described as appropriate legal action.
Funds SERAP Wants CBN to Explain
According to SERAP, the funds under scrutiny include:
More than N1.25 trillion in CBN intervention loans granted to state governments but reportedly not recovered.
N116.18 billion in loans to distressed and liquidated banks.
N262.86 billion disbursed under the Anchor Borrowers’ Programme.
$6.23 million linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari.
SERAP said it wants the CBN to provide detailed information on the funds, including the beneficiaries, amounts disbursed, how the money was used and measures taken to recover any outstanding amounts.
SERAP Questions N1.25tn Intervention Loans
SERAP asked the CBN to account for more than N1.25 trillion in intervention loans provided to state governments.
The organisation wants the bank to disclose the identities of those who benefited from the funds, the amounts received and the steps being taken to recover the money.
According to SERAP's account of the Auditor-General's findings, concerns were raised over the CBN's failure to recover the loans and the possibility that some of the funds could have been diverted to private purposes.
N116.18bn Loans to Distressed Banks
SERAP also demanded explanations concerning N116.18 billion in loans reportedly granted to distressed and liquidated banks.
The organisation said the Auditor-General's report raised concerns about the recovery of the loans and the CBN's documentation of outstanding balances and recoveries.
SERAP is asking the apex bank to disclose what has been recovered, what remains outstanding and the measures being taken to recover the funds.
CBN Asked to Explain N262.86bn Anchor Borrowers’ Funds
The Anchor Borrowers’ Programme is another area highlighted by SERAP.
The organisation said N262.86 billion was disbursed under the programme and demanded details of the beneficiaries and participating “Anchors”, the amounts received, how the funds were used, monitoring arrangements and recovery measures.
SERAP also wants the CBN to provide information that would allow the public and relevant authorities to determine how the programme funds were utilised.
SERAP Demands Explanation Over $6.23m Election-Linked Payment
The most prominent allegation concerns $6.23 million reportedly spent following a purported request for election funding attributed to former President Muhammadu Buhari.
SERAP said the Auditor-General's report indicated that the CBN's internal audit had raised concerns about the payment.
The organisation said the CBN failed to make its internal investigation report available to the Auditor-General's audit team for scrutiny and confirmation.
SERAP is therefore asking the CBN to publish the findings of its internal investigation, explain how the money was spent, identify those responsible where wrongdoing is established and disclose steps being taken to recover the funds.
The allegation remains an issue raised through the audit findings and SERAP's demand; it does not by itself establish that any individual named in connection with the request committed an offence.
SERAP Calls for Forensic Reconciliation
SERAP also called for an independent forensic reconciliation of the amounts identified in the Auditor-General's report.
The organisation wants relevant oversight and law-enforcement bodies to be involved where necessary and has called for the preservation of records relating to the transactions and investigations.
It further urged the CBN to refer any suspected criminal conduct to appropriate authorities, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
SERAP: CBN Must Account for Public Funds
SERAP said accountability by public institutions, including the CBN, is an important part of Nigeria's constitutional democracy.
The organisation said the scale of the issues identified in the Auditor-General's report raised questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.
The group maintained that the CBN's institutional independence does not remove its obligations to comply with applicable audit and financial accountability requirements.
SERAP has therefore given the CBN and Cardoso seven days to provide the requested explanations, warning that it may pursue legal action if the demands are not satisfactorily addressed.
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