SERAP Takes Legal Action Against Nigeria’s Central Bank For Unaccounted N100 Billion And Other Funds…CONTINUE READING...CLICK HERE TO CONTINUE READING.>>
The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN), demanding clarification on several financial discrepancies…….. CONTINUE READING
Thank you for reading this post, don't forget to subscribe!In a suit filed at the Federal High Court in Lagos under case number FHC/L/MSC/441/2024, SERAP is urging the court to compel the CBN to account for over N100 billion in “dirty and bad notes” and other significant sums awaiting examination in its branches.
SERAP also seeks an explanation regarding N7.2 billion allocated for constructing the CBN’s Dutse branch in 2010 and N4.8 billion for renovating the Abeokuta branch in 2009, as well as the names of the contractors involved.
Additionally, the group is demanding clarity on a missing N1.2 billion loan granted to Enugu State in 2015 and N1.9 billion loan to Anambra State between 2015 and 2016.
The lawsuit argues that disclosing the whereabouts of these funds, identifying responsible parties, and ensuring their return would serve the public interest and address systemic corruption.
The Auditor-General’s 2020 report raised concerns about the mismanagement of these funds, suggesting potential diversion and incompetence in handling contracts. The report also noted that the construction and renovation projects were not completed as scheduled.
No hearing date has yet been set for the case.
