The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Central Bank of Nigeria, seeking a detailed explanation over an alleged N3 trillion in missing or diverted public funds.

The suit also demands accountability for N629 billion reportedly disbursed to “unknown beneficiaries” under the Anchor Borrowers’ Programme.

In a statement issued on Sunday, SERAP said the legal action was prompted by what it described as “grave allegations” contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.

According to the group, the suit — marked FHC/ABJ/CS/250/2026, was filed last week at the Federal High Court in Abuja, seeking an order of mandamus to compel the Central Bank of Nigeria to disclose the whereabouts of the funds and provide detailed explanations of how they were spent.

Socio-Economic Rights and Accountability Project argued that the findings in the report by the Auditor-General of the Federation point to serious breaches of constitutional provisions, the CBN Act, and established anti-corruption standards.

The group said the alleged diversion of funds points to a wider breakdown of accountability within the CBN and erodes public confidence in the management of national resources.

“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.

It noted that granting the court orders it is seeking would help ensure restitution and compensation where appropriate, while also preventing a recurrence of such alleged abuses.

“Nigerians have the right to know the whereabouts of the missing or diverted public funds,” SERAP said.

This is not the first time the Socio-Economic Rights and Accountability Project has taken the Central Bank of Nigeria to court.

Last year, the civil society group also filed a lawsuit against the apex bank, “over the failure to disclose the details of any direct payments to the 774 local government councils in Nigeria including the amounts sent to each council.”