The Auditor-General’s report, published on September 9, 2025, raised several red flags regarding unremitted revenues, questionable disbursements, and potential diversion of public funds under the CBN’s oversight.
In a letter signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation urged the CBN governor to identify officials responsible for the discrepancies and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.
SERAP also demanded the immediate recovery and return of all missing funds to the national treasury.
The group described the findings in the Auditor-General’s report as a “grave violation of public trust,” stressing that the alleged breaches contravene the Nigerian Constitution, the CBN Act, and international anti-corruption standards.
“These violations reflect a broader failure of the Central Bank to uphold the principles of transparency and accountability,” the letter stated, noting that the institution’s inability to comply with its own regulatory framework had eroded public trust.
According to SERAP, the Auditor-General’s report shows that in 2022, the CBN failed to remit more than N1 trillion of the Federal Government’s share of its operating surplus into the Consolidated Revenue Fund (CRF), with fears that the funds may have been diverted.
The report also revealed that over N629 billion disbursed under the Anchor Borrowers’ Programme (ABP) was paid to “unknown beneficiaries,” with no record of repayment or details of the recipients. SERAP noted that this could have deepened food insecurity nationwide.
Citing paragraph 708 of the Financial Regulations 2009, the group reminded the CBN that no payments should be made for services not executed or goods not supplied.
SERAP warned that it would pursue legal action if its recommended steps were not taken within seven days of receiving its letter.
