The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) at the Federal High Court in Lagos, seeking an explanation for the disappearance of over N100 billion in “dirty and bad notes” and other large sums of cash kept in various branches of the bank since 2017.
According to SERAP, the CBN has failed to account for the missing funds, which includes N7.2 billion budgeted for the construction of the Dutse branch building in 2010 and N4.8 billion to renovate the Abeokuta CBN branch in 2009. The organization is also seeking answers on the whereabouts of N1.2 billion and N1.9 billion loan grants to Enugu and Anambra states, respectively, in 2015 and 2016.
SERAP’s lawyers argued that the alleged missing funds are a grave violation of public trust and contravene provisions of the Nigerian Constitution, CBN Act, and international anti-corruption obligations. They contend that the CBN’s failure to account for the funds has undermined public trust and confidence in the institution.
The organization is seeking a court order directing the CBN to explain the whereabouts of the missing funds, publish the names of those responsible, and ensure their prosecution. SERAP also wants the CBN to recover any missing public funds and take steps to prevent future occurrences.
In its suit, SERAP cited various financial regulations and laws, including Paragraph 708 of the Financial Regulations 2009, Section 35(2) of the Public Procurement Act 2007, and Section 16(6) of the Public Procurement Act. The organization also referenced Nigeria’s commitment under the UN Convention against Corruption to ensure accountability in the management of public resources.
The Auditor-General’s report has raised concerns that the “dirty and bad notes” may have been diverted and re-injected into the economy. The report also highlighted cases of poor project execution, including delays in completing projects such as the construction of Dutse branch building and renovation of Abeokuta branch.
The hearing date for the suit has not been fixed yet.
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