Account for N3tn or Face Legal Action, SERAP Tells CBN!

Account for N3tn or Face Legal Action, SERAP Tells CBN!

Reported by Marian Opeyemi Fasesan | Sele Media Africa

The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, demanding a full explanation and disclosure of the alleged N3 trillion in missing or diverted public funds referenced in the 2022 Auditor-General’s annual report.

In a public statement released on Sunday, SERAP urged the CBN to immediately publish detailed accounts of the funds in question, failing which the group vowed to pursue legal action.

“The Nigerian people have a right to know how their money is spent. The CBN must explain these discrepancies or face litigation in the public interest,” said SERAP Deputy Director Kolawole Oluwadare.

Key Details:

• The Auditor-General’s report allegedly cited unaccounted expenditures and irregularities in the handling of over N3tn.
• SERAP’s demand includes full transparency on allocations, beneficiaries, and financial records tied to the missing funds.
• The group argues that public accountability is central to constitutional governance and economic recovery.

Why It Matters:

The case could become one of the biggest public finance accountability battles in recent years.

• It reflects growing pressure on the CBN under Cardoso’s leadership to clean up Nigeria’s financial system.
• Transparency in public finance is vital for investor confidence and national credibility.

What to Watch:

• CBN’s official response or possible release of audit clarifications.
• Legal proceedings if the CBN fails to meet the seven-day deadline.
• Broader implications for public financial oversight in Nigeria.

Citations:

1. Premium Times – “SERAP Demands CBN Account for N3 Trillion” (Nov. 2025)
2. Channels TV – “SERAP Threatens Legal Action Over Missing Public Funds”
3. Auditor-General of the Federation Report (2022) – Public Summary

About The Author

Marian Opeyemi Fasesan

editor

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Editor-in-Chief of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

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