SERAP Demands CBN Account for Missing N100bn Dirty Notes, Other Public Funds Within 7 Days

The Socio-Economic Rights and Accountability Project (SERAP) has called on Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), to account for and explain the whereabouts of over N100 billion in “dirty and bad notes” and other large sums of cash awaiting examination, which are reportedly kept in various branches of the apex bank.

According to SERAP, these allegations are documented in the latest annual report recently published by the Auditor-General of the Federation. The organization also urged Cardoso to clarify the status of N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of contractors who collected the money but failed to complete the projects.

In a letter released on Saturday and signed by SERAP Deputy Director Kolawole Oluwadare, the organization stated, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.”

SERAP further added, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”

According to the recently published 2020 audited report by the Auditor-General of the Federation, the Central Bank of Nigeria has been holding over N100 billion (N100,672,999,000.00) in “dirty and bad notes” and other large sums of cash awaiting examination in various branches of the CBN since 2017.