SERAP sues CBN over failure to ‘account for missing N100bn dirty notes, other public funds’

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”

In the suit number FHC/L/MSC/441/2024 filed last week at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.”

SERAP is also asking the court to “direct and compel the CBN to explain the whereabouts of the N7.2bn meant for the construction of the CBN Dutse branch building in 2010 and the N4.8bn meant for the renovation of the CBN Abeokuta branch in 2009 and to publish the names of contractors who collected the money.”

SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2bn granted to the Enugu State government in 2015 and the outstanding loan of N1.9bn granted to the Anambra state government between 2015 and 2016.”

In the suit, SERAP is arguing that, “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 arguing that, “These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”

According to SERAP, “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 anti-corruption standards.”

SERAP argues: “These allegations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Mrs Adelanke Aremo, read in part: “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.”