The Socio-Economic Rights and Accountability Project (SERAP) has issued a stern demand for transparency from the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, concerning the whereabouts of over N100 billion in ‘dirty and bad notes’ and other significant sums awaiting examination across various CBN branches.
In a letter dated June 29, 2024, signed by Deputy Director Kolawole Oluwadare, SERAP cited revelations from the latest Auditor-General of the Federation’s annual report.
These allegations, according to SERAP, point to serious breaches of public trust, constitutional provisions, the CBN Act, and both national and international anti-corruption obligations.
Among its demands, SERAP called on Governor Cardoso to account for the N7.2 billion earmarked for the construction of the CBN Dutse branch in 2010 and the N4.8 billion allocated for the renovation of the CBN Abeokuta branch in 2009.
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SERAP further urged the publication of the names of contractors who received these funds but failed to complete the projects.
Additionally, SERAP pressed for explanations regarding the allegedly missing outstanding loans of N1.2 billion granted to the Enugu State Government in 2015 and N1.9 billion to the Anambra State Government between 2015 and 2016.
The organization emphasized the need for full recovery and remittance of these public funds to the treasury.
Highlighting specific concerns from the Auditor-General’s report, SERAP pointed out that funds budgeted for the Dutse and Abeokuta projects had not been fully accounted for, raising suspicions of mismanagement or diversion.
The organization stressed the importance of adhering to financial regulations and procurement laws, noting that failure to do so undermines public trust and the CBN’s accountability.
SERAP underscored that these actions are essential to restore public confidence in the CBN’s integrity and urged Governor Cardoso to refer these issues to appropriate anti-corruption agencies for investigation and potential prosecution.
The organization concluded by urging prompt action within seven days, warning of legal recourse should the CBN fail to comply with its demands.
