In order to obtain a thorough explanation on an alleged N3 trillion in missing or misappropriated public cash, the Socio-Economic Rights and Accountability Project has launched a lawsuit against the Central Bank of Nigeria.

Accountability for N629 billion purportedly given to "unknown beneficiaries" under the Anchor Borrowers' Program is also demanded in the lawsuit.

SERAP said in a statement released on Sunday that the legal action was brought about by "severe allegations" in the most recent annual report of the Federation's Auditor-General, which was released on September 9, 2025.

The organization claims that the lawsuit, filed last week at the Federal High Court in Abuja under the case number FHC/ABJ/CS/250/2026, sought a mandamus judgement compelling the Central Bank of Nigeria to reveal the location of the funds and offer thorough justifications for their expenditures.

The Socio-Economic Rights and Accountability Project contended that the Auditor-General of the Federation's report revealed grave violations of the CBN Act, the Constitution, and accepted anti-corruption norms.

According to the group, the purported money diversion undermines public trust in the CBN's management of national resources and indicates a larger breakdown in accountability.

“These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the CBN Act, and anticorruption standards,” the statement said.

The Socio-Economic Rights and Accountability Project added that the situation underscores the Central Bank of Nigeria’s alleged failure to fully comply with its governing laws and uphold principles of transparency and accountability.

The group maintained that citizens have a fundamental right to know how public funds are managed and to demand accountability for any misuse.

In addition to preventing a repetition of such alleged abuses, it stated that granting the court orders it is requesting would help secure restitution and compensation when appropriate.

"The whereabouts of the missing or diverted public funds should be known to Nigerians," SERAP stated.

The Central Bank of Nigeria has previously been sued by the Socio-Economic Rights and Accountability Project.

Due to the national bank's "failure to disclose the details of any direct payments to the 774 local government councils in Nigeria, including the amounts sent to each council," the civil society group also sued the bank last year.