Socio-Economic Rights and Accountability Project has sued the Central Bank of Nigeria for failing to account for over N100 billion in ‘dirty and bad notes’ stored in various CBN branches.
The lawsuit by SERAP also addresses other substantial sums of cash that are awaiting examination.
SERAP’s Deputy Director, Kolawole Oluwadare disclosed this in a statement released on Sunday.
The lawsuit, filed under suit number FHC/L/MSC/441/2024, is praying the Federal High Court in Lagos State to compel the CBN to explain the whereabouts of the over N100 billion in question, which has been held since 2017.
SERAP also requested the court to compel the CBN to disclose the status of N7.2 billion allocated for the construction of the CBN Dutse branch in 2010, and N4.8 billion designated for the renovation of the CBN Abeokuta branch in 2009.
The organisation also demanded that the names of contractors who received these funds be published.
SERAP, in its statement, stressed the importance of transparency and accountability, stating that explaining the missing public funds, naming those responsible, and ensuring justice would serve the public interest and end the impunity of those involved.
It argued that these allegations, reported by the Auditor-General of the Federation, indicate severe breaches of public trust and violations of the Nigerian Constitution, the CBN Act, and anti-corruption laws.
SERAP further argued that the CBN’s accountability issues are tied to its persistent failure to adhere to its governing Act and anti-corruption standards, undermining the bank’s ability to fulfill its statutory duties and eroding public trust.
The lawsuit is seeking to enforce the right of Nigerians to transparency regarding public funds, and to ensure restitution, compensation, and measures to prevent recurrence of such issues.
SERAP in its suit, made reference to Financial Regulations 2009 and the Public Procurement Act 2007 to underline the legal requirements for accountability in the use of public funds.
