SERAP, in a letter dated September 26, 2026, and signed by its Deputy Director, Kolawole Oluwadare, threatened to take appropriate legal action if the CBN fails to provide the requested explanations and documentation within the stipulated period.
The organisation said the allegations were contained in Volume II of the Auditor-General’s 2023 Annual Report, published on August 7, 2026, with the findings variously covering transactions and activities between January and December 2023.
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The funds cited by SERAP include ₦1.252 trillion in CBN intervention loans reportedly granted to various state governments; ₦116.18 billion in loans to distressed and liquidated banks; ₦262.86 billion under the Anchor Borrowers’ Programme; and $6.23 million allegedly spent following a purported request for election funding attributed to former President Muhammadu Buhari.
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 has given the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank){kind=link}