CBN Dragged to Court Over Missing ₦3 Trillion Paid to Unknown Beneficiaries

The Central Bank of Nigeria has been taken to court over allegations of missing public funds running into trillions of naira.

This case focuses on money reportedly paid to unknown beneficiaries under government intervention programmes.

The Socio-Economic Rights and Accountability Project, SERAP, filed the suit against the Central Bank of Nigeria over what it described as failure to explain the whereabouts of ₦3 trillion in public funds.

Filed at the Federal High Court in Abuja, the lawsuit followed claims contained in the latest report of the Auditor-General of the Federation, released on September 9, 2025.

SERAP is asking the court to issue “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 its court filing, SERAP said the allegations raised serious concerns about how public money was handled.
It argued that the situation pointed to breaches of the Constitution, the CBN Act, and established anti-corruption rules.

The group said the matter goes beyond one programme.
It claimed the controversy reflects a wider failure of accountability and transparency within the apex bank.

According to SERAP, Nigerians are entitled to know how public funds are used.
It stated that citizens have the right to restitution and compensation where public money is lost or diverted.

The suit also referenced provisions of the Constitution that require public institutions to fight corruption and abuse of power.
SERAP said these legal obligations apply fully to the CBN.

The court documents cited findings from the Auditor-General’s report.
One of them showed that the CBN failed to remit over ₦1 trillion in operating surplus to the Consolidated Revenue Fund in 2022.

The Auditor-General warned that the money might have been diverted and asked that it be recovered and paid into the treasury.

Another key issue involved ₦629 billion paid under the Anchor Borrowers’ Programme.
The programme was created to support farmers and boost food production.

However, the report said the identities of the beneficiaries were unknown and the funds were not recovered.

The Auditor-General cautioned that this failure may have worsened the country’s food security challenges.

The report also raised alarm over ₦784 billion in unpaid loans and interventions issued between 2018 and May 2022.
It stated that there was no proof that enough effort had been made to recover the money.

In addition, over ₦125 billion was reportedly spent on intervention activities linked to national security and financial sector support.
The Auditor-General questioned the spending because there was no approval from the National Assembly and no documents to justify it.

Another finding involved ₦1.7 billion used to purchase vehicles for the Nigeria Immigration Service.

The Auditor-General said the purchase had no connection with the objectives of the CBN and lacked proper records.
He warned that the funds might have been diverted.

The report further noted irregular contract payments of over ₦9 billion arising from delayed projects and price variations.
There were no proper procurement or payment documents to support the transactions.

Outstanding loans of more than ₦90 million given to small and medium enterprises in Katsina State during the COVID-19 period were also flagged.
The Auditor-General said the money might have been mismanaged or diverted.

SERAP’s lawyers argued that Nigerian laws allow any citizen or group to approach the court to enforce accountability in public finance matters.

They said the Freedom of Information Act and the Constitution guarantee public access to information on government spending.

Nevertheless, No hearing date has been fixed for the case as at the time of filing this report.

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