The Central Bank of Nigeria (CBN) is under mounting pressure to explain the whereabouts of N1.44 trillion in public funds flagged as unremitted or missing in the latest federal audit.
The controversy follows the release of the Auditor-General of the Federation’s 2022 report on September 9, 2025. The document details significant financial discrepancies, including the CBN’s alleged failure to transfer more than N1 trillion in government share of its operating surplus into the Consolidated Revenue Fund (CRF).
The revelation has prompted swift reaction from the Socio-Economic Rights and Accountability Project (SERAP), which accused the apex bank of eroding public trust through what it described as persistent lapses in transparency.
In a statement signed by its Deputy Director, Kolawole Oluwadare, SERAP called on CBN Governor Olayemi Cardoso to provide a full accounting of the missing funds and to address what the group said reflects long-running institutional non-compliance.
“These violations, as outlined by the Auditor-General, raise serious concerns about the CBN’s adherence to its statutory obligations and its commitment to transparency,” SERAP said.
The organisation further warned that it would pursue legal action should Cardoso and the bank fail to offer a satisfactory explanation. SERAP also urged the CBN to disclose all individuals implicated in the alleged misappropriation and refer them to the EFCC and ICPC for investigation and prosecution.
The CBN has yet to issue a public response regarding the allegations as of press time.