SERAP Demands CBN Account for N3 Trillion in Missing Public Funds

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 N3 trillion in unaccounted public funds. The organisation described the alleged mismanagement as a serious breach of public trust and financial regulations.

SERAP claims that large sums of government revenue were either not remitted to the treasury or were spent without proper documentation, including billions disbursed under programmes meant to support farmers and national development projects.

The group highlighted that funds intended for the Consolidated Revenue Fund and intervention loans were either unaccounted for or paid to unknown beneficiaries, raising concerns over potential diversion and financial mismanagement.

Additionally, SERAP flagged questionable expenditures on operational vehicles and contracts awarded by the CBN, noting these lacked supporting documents or proper approval, which could indicate misuse of public resources.

The organisation called on the CBN to identify officials responsible for the missing funds and ensure their prosecution by anti-corruption agencies, while also recovering and returning all unaccounted monies to the treasury.

SERAP warned that failure to comply within seven days would trigger legal action to compel the bank to provide full transparency, stressing that Nigerians have a constitutional right to know how public funds are managed.

The demands emphasize the need for strict accountability in public financial management and urge the CBN to restore public confidence in its operations.