The Socio-Economic Rights and Accountability Project (SERAP) has called on the Central Bank of Nigeria (CBN) to explain the whereabouts of over ₦100 billion in ‘dirty and bad notes’ and other large sums of cash held in various branches of the bank. In a statement released on Sunday, SERAP criticized the CBN for its lack of transparency regarding these funds.
Kolawole Oluwadare, SERAP’s deputy director, stated that the organization has filed a lawsuit at the Federal High Court in Lagos, seeking an order to compel the CBN to account for the missing funds. SERAP also demands explanations for the unaccounted ₦7.2 billion allocated for the construction of the CBN Dutse branch in 2010 and the ₦4.8 billion meant for the renovation of the CBN Abeokuta branch in 2009, along with the publication of the names of the contractors who received these payments.
Additionally, SERAP wants the CBN to account for a missing outstanding loan of ₦1.2 billion granted to the Enugu State government in 2015 and a ₦1.9 billion loan given to the Anambra State government between 2015 and 2016.
SERAP argues that transparency and accountability in the handling of public funds are in the public interest and essential to ending impunity. The organization insists that Nigerians have the right to know the status of these funds and that ensuring justice and recovery of any missing funds is necessary for restitution and non-repetition of such issues. The suit, filed by SERAP’s lawyers Kolawole Oluwadare and Adelanke Aremo, cites financial regulations and procurement laws to support their demands for transparency and accountability.
News Editor