The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) over allegations of financial mismanagement and failure to account for significant public funds. The lawsuit, filed last week at the Federal High Court in Lagos, demands transparency regarding over N100 billion reportedly held in various CBN branches.
In the suit numbered FHC/L/MSC/441/2024, SERAP seeks a court order compelling the CBN to account for the N100 billion of 'dirty and bad notes' and other large sums of cash awaiting examination. The organization also requests that the court directs the CBN to explain the whereabouts of N7.2 billion allocated for the construction of the CBN Dutse branch in 2010, and N4.8 billion set aside for the renovation of the Abeokuta branch in 2009.
Additionally, SERAP is pressing the CBN to clarify the status of outstanding loans amounting to N1.2 billion granted to the Enugu State government in 2015 and N1.9 billion provided to the Anambra State government between 2015 and 2016.
The suit argues that these allegations reflect severe breaches of public trust and financial regulations, citing concerns from the Auditor-General of the Federation about potential diversion of funds intended for public projects. SERAP emphasizes that resolving these issues is crucial for upholding the principles of accountability and transparency within public institutions.
SERAP’s legal representatives, Kolawole Oluwadare and Mrs. Adelanke Aremo, argue that addressing these issues will advance Nigerians' right to restitution and ensure non-recurrence of such issues. The organization contends that compliance with financial regulations and anti-corruption standards is essential for maintaining public confidence in the CBN.
The lawsuit underscores Nigeria’s commitments under international anti-corruption conventions and the need for strict adherence to constitutional and regulatory provisions. No date has been set for the hearing of the case.
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