……Demands disclosure of alleged Buhari-linked payment
…Seeks Details Of N1.63tn Intervention, Anchor Loans
…Wants Beneficiaries, Recoveries, Suspected Wrongdoers Named
Daud Olatunji
The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria and its Governor, Olayemi Cardoso, seven days to account for $6.23m allegedly spent as election funding and more than N1.63tn in other public funds flagged in the 2023 report of the Auditor-General of the Federation.
SERAP, in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare, demanded that the apex bank disclose details of the transactions, identify beneficiaries and explain what steps had been taken to recover funds found to have been improperly disbursed or lost.
The organisation warned that failure by the CBN and Cardoso to provide the requested information within seven days would trigger what it described as “appropriate legal action.”
The demands followed findings contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, covering transactions and activities between January and December 2023.
The funds under scrutiny include N1.252tn in unrecovered CBN intervention loans to state governments, N116.18bn in loans to distressed and liquidated banks, N262.86bn disbursed under the Anchor Borrowers’ Programme and $6.23m linked to an alleged election-funding request purportedly made in the name of former President Muhammadu Buhari.
…Buhari-linked $6.23m
On the controversial dollar transaction, SERAP said the Auditor-General reported that the CBN’s internal audit indicated that $6.23m was spent following a purported request for election funding by Buhari.
However, the organisation said the CBN failed to make available its internal investigation report on the transaction to the Auditor-General’s audit team for scrutiny and confirmation.
SERAP consequently demanded that Cardoso and the CBN publish the internal investigation report, disclose the circumstances surrounding the payment and explain measures taken to recover the funds.
It also requested the identification of individuals or entities responsible if the investigation establishes that wrongdoing occurred.
The demand has further intensified scrutiny of the controversial transaction, which had earlier featured in questions raised by former Special Investigator of the CBN, Jim Obazee.
Obazee, in July 2026, reportedly raised questions about the withdrawal during proceedings in the corruption trial involving former CBN Governor, Godwin Emefiele.
SERAP said the latest Auditor-General’s findings made it necessary for the CBN to provide Nigerians with a transparent account of the transaction and the status of the funds.
….N1.25tn state intervention loans
Beyond the dollar transaction, the organisation demanded a comprehensive account of N1.252tn in intervention loans granted to various state governments.
SERAP asked the apex bank to disclose the identities of the beneficiaries, amounts disbursed to each beneficiary and the outstanding balances.
