The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern ultimatum to the Central Bank of Nigeria (CBN) to provide a detailed account of various public funds, including N100 billion in ‘dirty’ and ‘bad’ notes, which remain unexamined across its branches. This demand comes in the wake of SERAP’s criticism of the CBN’s alleged financial mismanagement and failure to uphold transparency and accountability in its operations.
In a statement released on Sunday by Kolawole Oluwadare, Deputy Director of SERAP, the organization referenced the latest annual report by the Auditor-General of the Federation, highlighting serious concerns regarding financial irregularities within the CBN. Among the allegations, SERAP called for clarity on the whereabouts of N7.2 billion allocated for the construction of the CBN Dutse branch in 2010 and N4.8 billion earmarked for the renovation of the CBN Abeokuta branch in 2009. The organization further demanded transparency regarding loans totaling N1.2 billion and N1.9 billion extended to Enugu and Anambra state governments respectively between 2015 and 2016.
“These allegations by the Auditor-General’s report indicate significant breaches of public trust and contraventions of constitutional provisions, the CBN Act, and both national and international anti-corruption obligations,” the statement read.
SERAP emphasized that these alleged violations have severely compromised the CBN’s ability to fulfill its mandated roles effectively, eroding public trust in the institution. The organization stressed the importance of holding accountable those responsible for the mismanagement of public funds, urging the CBN to disclose the identities of contractors who received funds for incomplete projects and ensure their prosecution.
The Auditor-General’s report, cited by SERAP, revealed that since 2017, the CBN has held over N100 billion in ‘dirty’ and ‘bad’ notes awaiting destruction, raising concerns that some of these funds may have been diverted back into circulation instead.
In response to these revelations, SERAP called on the CBN Governor, Olayemi Cardoso, to promptly address these issues and take decisive steps to restore transparency and accountability within the institution. The organization reiterated that transparency and accountability are essential principles that must underpin the operations of the CBN to restore public confidence and ensure the effective management of Nigeria’s financial resources.
The CBN has yet to publicly respond to SERAP’s demands or the Auditor-General’s findings.
In light of these developments, stakeholders and the public await the CBN’s response as scrutiny over financial governance within the apex bank intensifies.
