The Socio-Economic Rights and Accountability Project (SERAP), a Nigerian civil society organization, has taken legal action against the Central Bank of Nigeria (CBN) over allegations that it has failed to account for $6.23 million in election funds and over N1.63 trillion in other public resources. According to reports from Punch Newspapers and Vanguard News, SERAP filed the lawsuit at the Federal High Court in Abuja, the nation’s capital. The suit, which follows grim allegations documented in the Auditor-General’s report, accuses the CBN of diversion or mismanagement of the funds. The election funds in question were allocated for the 2023 general elections, which took place earlier this year. The exact nature of the diversion or mismanagement is unclear, as the CBN has not issued a statement regarding the matter. This is not the first time that SERAP has taken legal action against the CBN. In 2022, the organization successfully sued the bank over its failure to ensure that commercial banks comply with anti-corruption laws. The lawsuit comes as Nigeria grapples with a persistent issue of corruption in its public institutions, including the CBN. The matter is likely to receive significant attention from Nigerian media and the public, as accountability and transparency are key issues for many Nigerians.
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