The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria over its alleged failure to account for N3 trillion in public funds.
In a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, SERAP said the suit was filed last week at the Federal High Court in Abuja.
The case, marked FHC/ABJ/CS/250/2026, is asking the court to compel the apex bank to explain the whereabouts of the funds and provide detailed information on how the money was spent.
According to SERAP, the lawsuit followed serious allegations contained in the latest annual report of the Auditor-General of the Federation, which was published on September 9, 2025.
The civic group claimed that the report raised concerns about missing or diverted funds under the management of the Central Bank, including over N629 billion allegedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
One of the key issues in the lawsuit is the Anchor Borrowers’ Programme, a scheme introduced by the Central Bank in 2015 to support small-scale farmers across Nigeria. The programme was designed to provide loans and inputs to farmers to boost food production, reduce imports and strengthen the agricultural sector.
Over the years, billions of naira were disbursed under the programme. While the scheme was praised in its early stages for supporting rice and maize farmers, it has also faced criticism over loan recovery and transparency.
SERAP alleged that more than N629 billion was paid to beneficiaries whose identities are not clearly known or documented. The group argued that such payments raise serious concerns about transparency and accountability.
In its statement, SERAP said, “We’ve sued the Central Bank of Nigeria over failure to account for and explain the whereabouts of the missing or diverted N3 trillion of public funds, including the over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.”
The organisation added that Nigerians have a constitutional right to know how public funds are managed. It said the alleged failure to properly account for the money amounts to a breach of public trust.
SERAP also argued that the alleged violations contravene the 1999 Constitution of Nigeria (as amended), the CBN Act and established anti-corruption standards.
The group is asking the court to issue an order of mandamus directing the Central Bank to account for the funds and provide a full explanation of how they were spent.
Legal experts say an order of mandamus is a court directive compelling a public institution to perform a duty required by law.
The lawsuit has added to ongoing debates about transparency and financial management in public institutions.
The Central Bank of Nigeria plays a key role in managing the country’s monetary policy, regulating banks and supporting economic growth. Because of its central role in the economy, calls for accountability at the institution often attract wide public attention.
In recent years, Nigeria has faced economic challenges, including high inflation, currency fluctuations and rising public debt. Many Nigerians have expressed concerns about how public funds are spent and managed.
SERAP said that granting the reliefs sought in the suit would advance the rights of Nigerians to restitution and compensation where necessary. It also said it would help prevent similar issues in the future.
“These grave allegations by the Auditor-General suggest grave violations of the public trust,” the organisation stated. “They 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.”
As of the time of filing this report, the Central Bank had not publicly responded to the lawsuit.
For many Nigerians, the case highlights the importance of transparency in the management of public resources. Civil society groups have long argued that clear reporting and open records are necessary to build trust between the government and the people.
The Federal High Court in Abuja is expected to fix a date for hearing in the coming weeks.