SERAP Demands Accountability from CBN Over Alleged Diversion of $6.23 Million and ₦1.63 Trillion

The Socio-Economic Rights and Accountability Project (SERAP) has formally requested the Central Bank of Nigeria (CBN) to account for an alleged diversion of $6.23 million and ₦1.63 trillion. This call for accountability comes amidst growing concerns over financial transparency and the management of public funds in Nigeria.

SERAP has specifically urged the CBN to provide detailed information on the ₦262.86 billion disbursed under the Anchor Borrowers’ Programme, an initiative designed to support agricultural development and food security in the country. The organization is demanding clarity on the names and number of beneficiaries, as well as the identities of the 'Anchors' involved in the programme.

In a statement issued by SERAP, the organization underscored the importance of transparency in public financial management, particularly in the context of Nigeria's ongoing economic challenges. “The people of Nigeria have a right to know how public funds are managed and whether they are being used for their intended purposes,” the statement read.

“The CBN must ensure that all funds allocated under various government initiatives are accounted for, and that beneficiaries are clearly identified to prevent any potential mismanagement or fraud,” SERAP added.

The CBN has not yet responded to these allegations or the request for information. As the conversation around financial accountability continues, SERAP's efforts highlight a growing demand among Nigerians for greater transparency and responsible governance from financial institutions.