SERAP Demands Accountability from CBN for Missing N100 Billion and Other Funds

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Transparency and Accountability: SERAP's Call to Action


The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) to account for over N100 billion in "dirty and bad notes" and other public funds. This demand was directed at CBN Governor Mr. Olayemi Cardoso, urging him to provide detailed explanations and take necessary actions to address these financial discrepancies.


Key Financial Discrepancies: Missing Funds and Uncompleted Projects


According to the latest annual report by the Auditor-General of the Federation, SERAP highlighted several key areas of concern:


1. N100 Billion in Dirty and Bad Notes: The report indicates that since 2017, the CBN has been storing over N100 billion in "dirty and bad notes" across various branches. There are fears that these notes, initially meant for destruction, may have been diverted back into the economy.


2. Uncompleted Construction Projects: SERAP called attention to two major construction projects with significant budget allocations but no completion:

   - CBN Dutse Branch: In 2010, N7.2 billion was budgeted for constructing the CBN Dutse branch, with a completion target of November 2012. However, the project remains incomplete.

   - CBN Abeokuta Branch: Similarly, N4.8 billion was allocated in 2009 for renovating the CBN Abeokuta branch, which was supposed to be finished by 2012. To date, no significant renovation work has been completed.


3. Outstanding State Loans: SERAP urged the CBN to account for an outstanding loan of N1.2 billion granted to the Enugu state government in 2015 and N1.9 billion granted to the Anambra state government between 2015 and 2016. These funds have not been accounted for and need to be recovered and remitted to the treasury.


SERAP emphasized that these issues represent severe violations of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations. The organization urged Governor Cardoso to refer these matters to appropriate anticorruption agencies for thorough investigation and prosecution, and to recover the public funds involved.


In a letter dated June 29, 2024, and signed by SERAP deputy director Kolawole Oluwadare, the organization stressed the importance of transparency and accountability. They demanded that the CBN take the recommended measures within seven days of receiving the letter. Failure to comply would result in SERAP pursuing legal actions to compel the CBN to fulfill its obligations.


These revelations by the Auditor-General underscore the urgent need for reforms within the CBN to ensure compliance with financial regulations and uphold the principles of transparency and accountability. The public trust in the CBN and its operations depends on swift and decisive action to address these discrepancies.


SERAP's call to the CBN is a critical step towards ensuring financial accountability in Nigeria. By highlighting these significant issues and demanding immediate action, SERAP aims to promote transparency and restore public confidence in the country's financial institutions. The next steps taken by the CBN will be crucial in determining the future of financial governance in Nigeria 

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