Missing $6.2m Buhari election fund: SERAP issues fresh ultimatum to CBN

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The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria, CBN, a seven-day deadline to explain the whereabouts of $6.23 million linked to election funding and more than N1.63 trillion in other public funds.

SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.

The organisation said the funds were identified in the 2023 report of the Auditor-General, which was published on August 7, 2026.

According to SERAP, the money includes N1.25 trillion in intervention loans issued to state governments but not recovered; N116.18 billion in loans granted to distressed and liquidated banks; N262.86 billion distributed through the Anchor Borrowers Programme; and $6.23 million linked to an alleged election funding request made by former President Muhammadu Buhari.

SERAP asked CBN Governor Olayemi Cardoso and the apex bank to explain what happened to the N1.25 trillion in intervention loans disbursed to state governments and the N116.18 billion in loans provided to distressed banks.

The organisation also demanded that the CBN disclose the identities of those who received the funds and provide details of measures being taken to recover the money.

On the N262.86 billion allocated through the Anchor Borrowers Programme, SERAP requested comprehensive information on the beneficiaries, the amounts received by each beneficiary, how the funds were utilised and the measures being adopted by the CBN to recover any outstanding amounts.

Regarding the $6.23 million allegedly connected to election funding, SERAP asked Cardoso and the CBN to explain how the money was spent following the alleged request by former President Buhari.

The organisation further demanded the publication of the findings of any internal investigation into the matter, including the identities of those responsible and the steps being taken to recover the funds.

“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.

“The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” parts of the letter read.

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