The organisation wants the court to order the apex bank to provide details of how the money was used, who benefited from the transactions and what steps have been taken to investigate the reported irregularities and recover outstanding amounts.
The lawsuit, filed on Friday, followed the publication of Volume II of the Auditor-General’s 2023 annual report on August 7, 2026. The case is marked FHC/ABJ/CS/2450/2026.
Beyond the $6.23m payment, the report highlighted ₦1.25tn in intervention loans to state governments, ₦116.18bn in loans connected to distressed and liquidated banks, and ₦262.86bn disbursed under the Anchor Borrowers’ Programme.
SERAP’s legal team, comprising Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu, is seeking an order of mandamus to compel the CBN to disclose the details and status of the transactions, including repayment records and recovery efforts.
The group also wants the bank to release the findings of its internal investigation into the alleged election-funding fraud, identify those who approved and released the money, and explain whether any officials have faced disciplinary action.
Its court application also seeks information about seven boxes of currency notes awaiting examination, abandoned and unusable vehicles at the CBN’s Lagos branch, and a bullion van at its Abeokuta branch.
SERAP said the issues identified in the audit report raised questions about the protection of public funds and the bank’s responsibility to account for its financial dealings.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy,” SERAP said.
The organisation argued that the audit findings could point to breaches of Nigeria’s Constitution, the CBN Act and anti-corruption laws, as well as obligations under the United Nations Convention against Corruption.
It added that the CBN’s independence did not place it beyond financial scrutiny or exempt it from explaining transactions linked to credible allegations of fraud.
“The CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost,” the suit stated.
On the election-related payment, SERAP cited the Auditor-General’s report, which said the CBN failed to investigate an alleged fraud involving $6.23m at its Abuja branch.
The report indicated that the bank’s internal audit linked the expenditure to an election-funding request purportedly made by former President Muhammadu Buhari. However, the Auditor-General reportedly said the CBN failed to submit its investigation report for verification, leaving concerns about the possibility of fraudulent payments.
The audit recommended that the money be recovered and returned to the treasury.
The report also questioned the recovery of ₦1.25tn in loans extended to state governments, warning that the funds might have been used for private purposes. It called for the money to be recovered.
In another finding, the Auditor-General reportedly faulted the CBN for failing to recover ₦116.18bn associated with distressed and liquidated banks and for not presenting the required financial statements and records of recoveries and outstanding debts.
The Anchor Borrowers’ Programme, which was introduced to support farmers and improve food production, also came under scrutiny over ₦262.86bn in disbursements.
According to the audit report, the CBN did not provide the names of beneficiaries or an evaluation of the programme’s results. It also raised concerns that some programme anchors had retained funds that might have been diverted for private purposes.
SERAP said addressing the issues would help establish responsibility, improve transparency and ensure that public funds found to have been improperly spent were recovered.
The court has yet to announce a hearing date for the suit.