SERAP sues CBN over alleged mismanagement of N100bn in “dirty” notes

• Published On: 28 July 2024 at 14:04

The Socio-Economic Rights and Accountability Project has sued the Central Bank of Nigeria, accusing it of failing to account for more than N100 billion in "dirty and bad notes."

SERAP announced on Sunday that the case, Suit Number FHC/L/MSC/441/2024, had been filed with the Federal High Court in Lagos.

The organisation is demanding that the court order the CBN to disclose a thorough accounting of the N100 billion in tainted notes held by various CBN branches since 2017.

SERAP is requesting that the CBN clarify the status of a N1.2 billion loan made to Enugu State in 2015 and a N1.9 billion credit to Anambra State between 2015 and 2016.

The complaint also requests explanations for N7.2 billion allocated for the construction of the CBN Dutse branch in 2010 and N4.8 billion for the renovation of the CBN Abeokuta branch in 2009. SERAP is requesting that the contractors who received these payments be publicly identified.

SERAP's legal representatives, Kolawole Oluwadare and Mrs. Adelanke Aremo, emphasise that Nigerians have the right to know where public funds are.

They say that transparency and accountability in the handling of these monies are critical to maintaining public trust and achieving justice.

According to SERAP, these charges constitute substantial breaches of public trust and legal standards, including the Nigerian Constitution, the CBN Act, and international anti-corruption agreements. They contend that these transgressions highlight a larger issue of accountability inside the CBN.

Nigeria's obligations under the UN Convention Against Corruption, particularly Articles 5 and 9, require proper management of public resources.

The court has yet to set a hearing date for the lawsuit. SERAP, a prominent public-interest advocacy group, will continue to advocate for court involvement in cases of alleged government corruption. The CBN's legal team is likely to react to the suit in due time.