The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria over its alleged failure to account for N3 trillion in public funds, including more than N629 billion paid to “unknown beneficiaries” under the Anchor Borrowers’ Programme.

The lawsuit, according to a statement signed by SERAP Deputy Director, Kolawole Oluwadare, yesterday, follows allegations detailed in the latest annual report by the Auditor-General of the Federation, published on September 9, 2025.

Filed last week at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus to direct and compel the CBN to account for and explain the whereabouts of the missing or diverted N3 trillion, including detailed reports of how the funds were spent.”

The suit, number FHC/ABJ/CS/250/2026, filed on behalf of SERAP by lawyers Oluwakemi Agunbiade and Valentina Adegoke, read in part: “According to the Auditor-General, the CBN in 2022 failed to remit over N1 trillion [N1,445,593,400,000.00] of ‘the Federal Government’s portion of operating surplus’ into the Consolidated Revenue Fund (CRF) account.

“The Auditor-General fears that the money may have been ‘diverted.’ He wants the money recovered and remitted to the treasury.

“The CBN also failed to recover over N629 billion [N629,040,000,000.00] paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme, a programme ‘meant to support farmers to ensure sustainable food production in the country.’

“But ‘the numbers of beneficiaries who collected the money are unknown.’ The CBN has also failed to ‘recover the money.’ The Auditor-General fears ‘the money may have been diverted’, which could have ‘contributed to the difficulty in sustaining food security in the nation.”

SERAP further alleged questionable expenditures by the CBN, including N125 billion on intervention activities allegedly lacking National Assembly approval, N1.79 billion spent to buy 43 vehicles for the Nigeria Immigration Service (NIS) without procurement records, and over N189 billion awarded in contracts with irregular variations of over N9 billion.

Additionally, the Katsina branch of the CBN reportedly failed to recover over N90 million in outstanding loans to small and medium enterprises disbursed during the COVID-19 pandemic.

The organisation cited Paragraph 3112(ii) of the Financial Regulations 2009, which mandates surcharges and criminal referral for officers who fail to account for government revenue, and Section 51 of the Fiscal Responsibility Act, which empowers citizens to enforce compliance through the Federal High Court.

It argued that “these grim allegations by the Auditor-General suggest grave violations of public trust, the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”

The group added that “these violations reflect a broader failure of CBN accountability and are linked to the institution’s persistent non-compliance with its Act and the principles of transparency and accountability.”

SERAP said the lack of transparency has undermined the bank’s ability to discharge its statutory functions and eroded public trust.

“Nigerians have the right to know the whereabouts of the missing or diverted funds. Granting the reliefs sought would advance the right to restitution, compensation, and guarantee non-repetition,” it stated.

The suit highlighted that Section 15(5) of the Constitution obliges public institutions to eliminate corrupt practices and abuse of power, while Section 13 mandates the CBN to uphold the provisions of Chapter 2 of the Constitution.

No hearing date has been fixed for the suit.

Adamawa State Government has concluded arrangements to receive President Bola Tinubu for a one-day official visit to the State today.

The State Commissioner for Information and Strategy, Mr James Iliya, who disclosed this in Yola, yesterday, said the visit was a clear validation of the developmental strides recorded under the administration of Gov. Ahmadu Fintiri.

He said that Tinubu’s visit would mark the inauguration of several infrastructural projects executed by the Fintiri-led administration.

Iliya added that the visit reflected national recognition of the state government’s commitment to improving the living standards of citizens through strategic investments across critical sectors.

He listed some of the projects to be inaugurated, including the newly constructed underpass at the former Bekaji Roundabout, the expanded Bank Road in Yola, and a model school in Yola North Local Government Area.

The commissioner explained that the model school represented one of the 21 newly built model schools across the state.

“The president is also expected to perform the groundbreaking ceremony for a new NYSC permanent orientation camp in Malkohi, and commission the ultra-modern High Court Complex.

“He will also unveil the automated gate at Government House and inaugurate the newly constructed Governor’s Office complex.

“These projects span key sectors including education, infrastructure, justice administration, governance, security, healthcare, and human capital development,” he said.

Iliya called on the residents of Adamawa to remain law-abiding and conduct themselves peacefully during the president’s visit.

He urged citizens, irrespective of political affiliations, to turn out en masse to warmly welcome Tinubu and demonstrate the state’s hospitality and unity.

The Tide learnt that the Adamawa State Police Command had beefed up security ahead of the president’s visit.

A statement issued to newsmen by the command said it had deployed its manpower and operational assets across the state following a strategic meeting with security commanders.

The Commissioner of Police, Morris Dankombo, ordered the deployment of operational assets, including the Police Mobile Force, Counter-Terrorism Unit, Surveillance Squad, and Crowd/Traffic Control Unit, among others.

The teams are expected to carry out covert surveillance operations throughout the State.

The National Assembly has announced that both the Senate and the House of Representatives will reconvene plenary sessions tomorrow.

The Clerk to the National Assembly, Mr. Kamoru Ogunlana, made the announcement in a statement, yesterday.

The statement urged lawmakers to take note and adjust their schedules to enable attendance, as crucial decisions are expected to be taken during the sessions.

“I am directed to inform all Distinguished Senators and Honourable Members of the National Assembly that the Senate and House of Representatives shall reconvene Plenary session at 11:00am on Tuesday, 17th February, 2026 respectively.

Consequently, all Distinguished Senators and Honourable Members are kindly requested to take note and reschedule their engagements accordingly to enable them attend the session, as very crucial decisions shall be taken by each Chamber during the session,” the statement read.

The National Assembly did not disclose the specific matters to be deliberated.

Lawmakers had earlier suspended plenary to allow more time for the defence of the 2026 budget proposals by Ministries, Departments, and Agencies (MDAs).

The House of Representatives had earlier announced that it would reconvene on Tuesday for an emergency sitting to consider matters arising from the Electoral Act Amendment Bill, following the release of the 2027 general election timetable by the Independent National Electoral Commission (INEC).

A statement released last Friday night by the House spokesman, Mr. Akin Rotimi, said the decision was conveyed to lawmakers in an internal memorandum issued by the Office of the Speaker.

The timetable had led to debate over portions that reportedly clash with the Ramadan period, expected to fall between February 7 and 8, 2027.

Following INEC’s release, several Nigerians, including senators, raised concerns about the potential conflict with Ramadan.

Tomorrow’s session may consider adjustments to the electoral timetable to ensure that the fasting period does not interfere with scheduled activities.