The Central Bank of Nigeria (CBN) and its Governor, Olayemi Cardoso, are facing intense scrutiny over the disappearance of N1.44 trillion in public funds.
According to the 2022 audit report by the Auditor-General of the Federation, Over 1 trillion is missing or diverted.
The report was released on September 9, 2025.
In a statement by the Socio-Economic Rights and Accountability Project (SERAP), signed by its Deputy director, Kolawole Oluwadare, the CBN was given a seven-day ultimatum to account for the missing funds or face legal action.
“According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.
“These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability,” SERAP stated.
SERAP warned that if Cardoso and CBN fail to account for the missing fund, it would institute legal action.
It added that Cardoso and CBN should name those involved in the misappropriation of the funds to the country’s anti-graft agencies, such as the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, for prompt prosecution.
Meanwhile, the CBN is yet to speak on the matter as of filing the report.