The Socio-Economic Rights and Accountability Project (SERAP) has taken the Central Bank of Nigeria (CBN) to court over its alleged failure to account for the whereabouts of over N100 billion in “dirty and bad notes” and other large sums of cash awaiting examination in various CBN branches since 2017.
In the suit filed at the Federal High Court, Lagos, SERAP is seeking a court order to compel the CBN to explain the whereabouts of the missing funds and publish the names of contractors who collected money for projects that were not completed.
According to SERAP, “Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
SERAP is also asking the court to direct the CBN to explain the whereabouts of N7.2 billion meant for the construction of the CBN Dutse branch building in 2010 and N4.8 billion meant for the renovation of the CBN Abeokuta branch in 2009.
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The Auditor-General of the Federation had raised concerns that the projects may have been awarded to incompetent contractors.
SERAP’s Deputy Director, Kolawole Oluwadare, stated, “Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation, and guarantee of non-repetition.”
