SERAP has issued a 7-day ultimatum to CBN Governor Olayemi Cardoso over shocking audit revelations of missing N3 trillion. Find out the allegations and why the CBN is under fire. Click to read full story.
The Socio-Economic Rights and Accountability Project (SERAP) has slammed the Central Bank of Nigeria (CBN) with a 7-day ultimatum, demanding a full explanation for the mysterious disappearance or diversion of N3 trillion in public funds, uncovered in the 2022 Auditor-General’s report newly released on September 9, 2025.
In a strongly worded letter dated November 15, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation accused the CBN under Governor Olayemi Cardoso of being unable to account for massive public funds spread across unremitted surpluses, loans to unknown beneficiaries, failed loan recoveries, unauthorised security spending, and shady contract variations.
SERAP is demanding that Cardoso must not only explain the whereabouts of the N3 trillion, but also identify all officials involved, and immediately hand them over to ICPC and EFCC for investigation and prosecution.
How the Alleged N3 Trillion Disappeared
According to the damning audit findings, the CBN in 2022:
- Failed to remit over N1.4 trillion into the Consolidated Revenue Fund
The Auditor-General fears the funds were diverted, insisting they must be recovered and returned to the treasury.
- Could not account for N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme
The report notes that no list of beneficiaries exists, raising concerns that the funds may have been siphoned—a situation that may have worsened Nigeria’s ongoing food security crisis.
- Failed to recover N784 billion in overdue loans and interventions
No evidence exists that the bank made efforts to recover the huge debts between 2018 and May 2022.
- Spent N125 billion on “questionable intervention activities”
The expenditure reportedly has no National Assembly approval and no supporting documents—a major breach of the CBN Act.
- Spent N1.79 billion on operational vehicles for Nigeria Immigration Service
The NIS allegedly has no proof of receiving the vehicles, and no procurement documents were provided.
- Awarded 43 contracts worth N189 billion with multiple irregularities
The CBN reportedly paid N9.27 billion in irregular contract variations without any procurement documents, raising fears the funds may have been diverted while the projects remain abandoned.
- Failed to recover N90 million COVID-19 loans to SMEs in Katsina branch
Auditor-General fears the funds were either mismanaged or diverted.
SERAP warned that if the CBN fails to act within 7 days, it will proceed with legal actions to compel accountability, citing constitutional provisions demanding transparency within public institutions.
The group stressed that Nigerians have the right to know how public funds were spent and that accountability is necessary to restore public trust in the nation’s apex bank.
Listen to top Radio Stations in Abia State CLICK HERE
Support Afnews Independent Journalism
At Afnews, we are dedicated to providing accurate, insightful, and timely news coverage. Our commitment to journalistic integrity ensures that you receive trustworthy information, unfiltered and unbiased. To maintain our independence and continue delivering quality content, we rely on the support of our readers.
If you value the work we do, please consider making a contribution. Your support enables us to keep bringing you the stories that matter.
Donate today and help us keep independent journalism alive. Thank you for your support!
