Abuja, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), demanding a full account of an alleged N3 trillion in missing or diverted public funds, including over N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.
Okay News reports that the suit, marked FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja. SERAP announced the legal action in a statement on Sunday, stating it followed “grave allegations” contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025. The organisation is seeking an order of mandamus to compel the apex bank to disclose the whereabouts of the funds and provide detailed explanations of how they were spent.
According to SERAP, the Auditor-General’s report alleged that in 2022, the CBN failed to remit over N1.44 trillion of the Federal Government’s portion of operating surplus into the Consolidated Revenue Fund. The report also claimed the bank failed to recover over N629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme, a scheme designed to support farmers. Additionally, over N784 billion in 32 unpaid and overdue loans disbursed between 2018 and May 2022 remained unrecovered.
The organisation argued that the findings suggest serious breaches of constitutional provisions, the CBN Act, and anti-corruption standards. It stated that the alleged diversion of public funds reflects a broader failure of accountability within the central bank and undermines public confidence. SERAP maintained that citizens have a fundamental right to know how public funds are managed, adding that transparency is essential to rebuilding trust in institutions.
 has filed a lawsuit against the Central Bank of Nigeria (CBN), demanding a full account of an alleged N3 trillion in missing or diverted public funds, including over N629 billion reportedly paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.){kind=link}