According to reports, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the apex bank are facing intense scrutiny over the disappearance of N1.44 trillion in public funds.
The figure, highlighted in the 2022 audit report by the Auditor-General of the Federation released on September 9, 2025, reveals that over N1.44 trillion is either missing or diverted.
The Socio-Economic Rights and Accountability Project (SERAP) demanded accountability from Cardoso over the weekend. In a statement signed by Deputy Director Kolawole Oluwadare, SERAP said:
“According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion of the Federal Government’s portion of its operating surplus into the Consolidated Revenue Fund (CRF) account. These violations reflect a broader failure of CBN accountability and its persistent neglect of transparency and governance principles.”
SERAP warned that failure to explain the missing funds could trigger legal action. The group also called on Cardoso and the CBN to identify those involved in the alleged misappropriation and refer them to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) for prosecution.
As of press time, The News Chronicle observed that the CBN has not commented on the allegations.
