Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Global Push By Terrorists, Jihadists Affecting Nigeria -CDS Musa

    May 17, 2025

    Akwa-Ibom People Have Endorsed Tinubu, Eno For Second Term – Akpabio

    May 17, 2025

    Groups Demand Defence Minister’s Sack Over Insecurity In The North

    May 17, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Global Push By Terrorists, Jihadists Affecting Nigeria -CDS Musa
    • Akwa-Ibom People Have Endorsed Tinubu, Eno For Second Term – Akpabio
    • Groups Demand Defence Minister’s Sack Over Insecurity In The North
    • Finland Arraigns Simon Ekpa For Inciting Terrorism
    • Chris Brown Remanded In Prison Custody In UK Over 2023 Assault
    • Three Die, Police Vehicle Razed As Gunmen Attack In Anambra
    • Mary Njoku Questions Relevance Of JAMB, Wants It Scrapped
    • PFA Seeks Regulation Change After Awoniyi’s Injury
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Saturday, May 17
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » SERAP Sues CBN Over Missing N100 Billion, Unaccounted Loans
    5 Mins ReadJuly 28, 2024

    SERAP Sues CBN Over Missing N100 Billion, Unaccounted Loans

    By Festus AdeloyeJuly 28, 2024No Comments5 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”

    In the suit number FHC/L/MSC/441/2024 filed last week at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.”

    SERAP is also asking the court to “direct and compel the CBN to explain the whereabouts of the N7.2bn meant for the construction of the CBN Dutse branch building in 2010 and the N4.8bn meant for the renovation of the CBN Abeokuta branch in 2009 and to publish the names of contractors who collected the money.”

    SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2bn granted to the Enugu State government in 2015 and the outstanding loan of N1.9bn granted to the Anambra state government between 2015 and 2016.”

    In the suit, SERAP is arguing that, “Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

    SERAP is also arguing that, “These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”

    According to SERAP, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and anti-corruption standards.”

    SERAP is arguing that, “These allegations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

    The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Mrs Adelanke Aremo, read in part: “Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”

    “Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’”

    “Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.”

    “Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.’”

    “SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.”

    “Paragraph 3112(ii) of the Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).’”

    “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.”

    “The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”

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

    The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘be diverted and re-injected into the economy.’”

    “The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.”

    “The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”

    “The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.”

    “There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”

    “The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion [N1,994,383,561.64] granted to the Anambra state government between 2015 and 2016.”

    “The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.” No date has been fixed for the hearing of the suit.

    Author

    • Festus Adeloye
      Festus Adeloye

      View all posts
    CBN SERAP
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Festus Adeloye

    Related Posts

    Business

    Court Dismisses Suit By Multichoice Against FCCPC On Price Increase

    May 8, 2025
    Business

    Cartel Doing All They Can To Frustrate My Refinery – Dangote

    May 6, 2025
    Banking & Finance

    Nigeria Not Worse Off Today Than 1960, Presidency Replies Adesina

    May 5, 2025
    Business

    Nigeria Well Positioned To Survive Despite Inflation, Declining Growth – Edun

    April 28, 2025
    Business

    Don’t Overburden Poor Nigerians With Energy Reforms, IMF Tells FG

    April 24, 2025
    Business

    Tax Reform Bill Will Curb Poverty, Empower Ordinary Nigerians – Oyedele

    April 17, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Global Push By Terrorists, Jihadists Affecting Nigeria -CDS Musa

    May 17, 2025

    Akwa-Ibom People Have Endorsed Tinubu, Eno For Second Term – Akpabio

    May 17, 2025

    Groups Demand Defence Minister’s Sack Over Insecurity In The North

    May 17, 2025

    Finland Arraigns Simon Ekpa For Inciting Terrorism

    May 17, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.