Socio-Economic Rights and Accountability Project (SERAP) has urged Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to provide explanations regarding the whereabouts of significant sums of money held in various CBN branches. According to SERAP, the latest annual report from the Auditor-General of the Federation highlights concerns over the handling of funds by the CBN.
In particular, SERAP has pointed out that over N100 billion in ‘dirty and bad notes’ along with other large sums of cash are currently awaiting examination across multiple branches of the CBN. These allegations are detailed in the Auditor-General’s report, raising serious questions about financial accountability within the apex bank.
Additionally, SERAP has called for clarity on the allocation of funds designated for specific construction and renovation projects at CBN branches. Specifically, they question the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion allocated for the renovation of the CBN Abeokuta branch in 2009. SERAP has further demanded transparency regarding the contractors involved in these projects, emphasizing the need for accountability in public spending.
In a statement issued by SERAP’s deputy director Kolawole Oluwadare, the organization expressed deep concern over what they describe as potential breaches of public trust and legal obligations. Oluwadare emphasized that these issues not only raise constitutional concerns but also violate the provisions of the CBN Act and Nigeria’s anti-corruption frameworks, as well as international standards.
The letter addressed to Governor Cardoso highlights SERAP’s expectation that corrective actions will be promptly taken. It stipulates a deadline of 7 days from receipt or publication of the letter for the CBN to respond and take appropriate measures. Failure to comply, SERAP warns, may lead to legal action being pursued to ensure accountability and transparency in the public interest.
According to the 2020 audited report by the Auditor-General of the Federation, the CBN has held over N100 billion in ‘dirty and bad notes’ since 2017, awaiting examination along with other significant sums of cash across its branches. This revelation underscores SERAP’s concerns and strengthens their call for Governor Cardoso and the CBN to address these issues promptly and transparently.
