The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Central Bank of Nigeria, accusing the institution of failing to account for over N100 billion in “dirty and bad notes.”
In a statement released on Sunday, SERAP revealed that the case, labeled Suit Number FHC/L/MSC/441/2024, has been submitted to the Federal High Court in Lagos.
The organization is requesting the court to mandate the CBN to provide a detailed account of the N100 billion in contaminated notes held by various CBN branches since 2017.
SERAP is calling for the CBN to clarify the status of a N1.2 billion loan granted to Enugu State in 2015 and a N1.9 billion loan to Anambra State between 2015 and 2016.
The lawsuit also seeks explanations for N7.2 billion allocated for the construction of the CBN Dutse branch in 2010 and N4.8 billion for renovating the CBN Abeokuta branch in 2009. SERAP is demanding the publication of the contractors who received these funds.
SERAP’s legal representatives, Kolawole Oluwadare and Mrs. Adelanke Aremo, emphasize that Nigerians have a right to know the whereabouts of public funds.
They argue that transparency and accountability in the management of these funds are essential for upholding public trust and ensuring justice.
SERAP asserts that these allegations reflect significant breaches of public trust and legal standards, including the Nigerian Constitution, the CBN Act, and international anti-corruption commitments. They argue that these violations point to a broader issue of accountability within the CBN.
Nigeria’s obligations under the UN Convention against Corruption, particularly Articles 5 and 9, further necessitate proper management of public resources.
The court has not yet scheduled a hearing date for the lawsuit. SERAP, a prominent public interest advocacy group, will continue to push for judicial intervention in cases of alleged government misconduct. The CBN’s legal team is expected to respond to the suit in due course.
