BREAKING: CBN Governor Olayemi Cardoso Given 7 Days to Explain Missing N3 Trillion Public Funds

• The Socio-Economic Rights and Accountability Project (SERAP) has issued a 7-day ultimatum to CBN Governor Olayemi Cardoso to account for over N3 trillion allegedly missing, diverted, or unremitted—figures exposed in the newly published 2022 report of the Auditor-General of the Federation.

The Socio-Economic Rights and Accountability Project (SERAP) has given Olayemi Cardoso, Governor of the Central Bank of Nigeria, seven days to publicly explain the whereabouts of N3 trillion in missing or diverted public funds highlighted in the 2022 Annual Report released by the Auditor-General of the Federation.

According to SERAP, the damning allegations were revealed in the Auditor-General’s latest report published on September 9, 2025, documenting widespread financial irregularities within the CBN.

SERAP’s letter, dated November 15, 2025, and signed by deputy director Kolawole Oluwadare, demanded that Cardoso identify all officials responsible for the missing funds and hand them over to the ICPC and the EFCC for investigation and prosecution.

SERAP also urged the CBN governor to ensure full recovery and immediate return of all missing public funds to the national treasury.

The organisation described the findings as a violation of public trust and a breach of the 1999 Constitution, the CBN Act, and globally recognised anti-corruption standards.

“These violations reflect a failure of CBN accountability and have eroded public confidence in the bank’s ability to fulfil its statutory functions,” SERAP stated.

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Key Findings from the Auditor-General’s Report

1. Failure to Remit Over N1.4 Trillion to the Federation

The Auditor-General reported that the CBN failed to remit N1,445,593,400,000.00, representing the Federal Government’s share of operating surplus for 2022, into the Consolidated Revenue Fund (CRF).
He warned the money may have been diverted.

2. N629 Billion Paid to Unknown Beneficiaries

The CBN could not account for N629,040,000,000.00 disbursed under the Anchor Borrowers’ Programme.
The identities of beneficiaries were reportedly “unknown,” and no recovery efforts have been made.
The Auditor-General fears the diversion contributed to Nigeria’s worsening food security challenges.

3. Failure to Recover N784 Billion in Overdue Loans

Over N784,410,108,864.47 in loans and interventions disbursed between 2018 and May 2022 remain unrecovered.
No evidence showed efforts to recover the overdue amounts.

4. Questionable Spending of N125 Billion

The CBN spent N125,374,000,000.00 on unexplained “intervention activities” relating to security and government operations.
The Auditor-General noted the expenditures lacked National Assembly approval and supporting documentation.

5. Unjustifiable N1.7 Billion Spent on NIS Vehicles

The bank spent N1,792,769,160.00 to procure 43 operational vehicles for the Nigeria Immigration Service (NIS).
However, the NIS could not provide proof that the vehicles were delivered.
No procurement records or payment documentation were provided.

6. Contract Irregularities Worth Over N189 Billion

The CBN awarded 43 contracts totaling N189,50,066,756.73.
Contractors delayed execution, sought period extensions, and requested price variations—leading to an additional N9,270,849,691.61 in irregular payments.
No procurement files or payment vouchers were available.

7. Katsina Branch Failed to Recover N90 Million COVID-19 Loans

The Katsina branch did not recover N90,163,610.00 in loans issued to 33 SMEs during the 2020 COVID-19 intervention programme.