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SERAP Asks CBN Gov To Account For Missing N100bn Dirty Notes, Others
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, “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 a letter dated June 29, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.
The organisation said these allegations by the Auditor-General suggest grave violations of public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.
SERAP also asked Cardoso to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”
SERAP urged the CBN boss “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”
It also asked him “to refer these grave violations of the Nigerian Constitution 1999 (as amended), the CBN Act and the country’s national and international anti-corruption obligations to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”
The letter read in part, “We would be grateful if the recommended measures are taken within seven 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.
“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.
“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 ‘dirty and bad notes’, and other large sums 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 ‘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 the 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 an 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 an incompetent contractor,’ and wants the ‘job completed without further delay.”
SERAP said these 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 to uphold the principles of transparency and accountability.
It added, “The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion 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.
“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 asserted that these alleged violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.
According to the organisation, the apex bank ought to be committed to transparency and accountability in its operations.
It added, “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 a 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 handed 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.
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.
“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.”
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Fubara Vows Full Support For Independent, Effective Judiciary
Rivers State Governor, Sir Siminalayi Fubara, has pledged necessary support to ensure the Judiciary operates as a truly independent and effective justice system. Governor Fubara gave the assurance while formally declaring open the 2025/2026 Legal Year at a special Court Session at the State High Court Complex in Port Harcourt, recently.
He expressed satisfaction not only with the event’s success but also with the Bar and Bench’s commitment to advancing the integrity of the judicial system.
The Governor said that the Rivers State Judiciary ranks among the best in Nigeria, adding that it features some of the brightest judicial minds who courageously interpret and apply the law with a high sense of justice.
He reminded the lawyers, that as ministers in the temple of justice, they are under oath to conduct themselves honestly in their practice of the law before the courts, to uphold the rule of law and advance the course of justice at all times.
“Similarly, every judge is under a judicial oath to provide equal justice to all persons according to law to the best of their knowledge and ability without fear, favour, or affection”, he said.
He stressed that the judicial oath is not composed of mere words but demands that judges act with moral courage to resist pressure, and ensure that both friends and foes have access to equal and impartial justice.
He, therefore, requested that all courts, inferior or superior, should perform their duties with courage, adjudicate and interpret the laws and cases in ways that promote substantial justice, democracy, and citizens’ fundamental rights.
The Governor, however, declared that the political crisis is now over, with all parties fully reconciled, and his administration back on its feet, affirming that he holds no grudges or ill feelings toward anyone.
He stated that the administration is now re-energised and has resumed the implementation of people-centric policies, programmes, and projects with greater determination to achieve the developmental milestones set to enhance the well-being of the people of Rivers State.Governor Fubara reiterated his commitment to work with the State House of Assembly, the Judiciary, and other stakeholders to recover lost ground, sustain peace and accelerate development of the state.
He also appreciated the Chief Judge for providing functional, effective leadership, exceptional courage, and an unwavering determination to ensure justice is served to all who seek the aid of the courts.
Speaking earlier during the thanksgiving service at the Corpus Christi Catholic Cathedral, Port Harcourt, Governor Fubara called on the Judiciary to remain steadfast as a “true temple of justice”, urging the courts not to let the innocent suffer unjustly. In his remarks, Chief Judge of Rivers State, Justice Simeon Amadi, highlighted the absence of a Committee on Prerogative of Mercy in the state, which, he said has contributed significantly to congestion in custodial centres. He noted that the non-reduction of sentences for inmates, including 493 male and 15 female death-row prisoners, is beyond the Chief Judge’s powers, and called for government intervention.
He thanked the Governor for the support given to the Judiciary so far, and solicited for more encouragement to reduce the pressures judicial officers face in the performance of their duties. Also speaking, Chairman, Nigerian Bar Association (NBA), Port Harcourt Branch, Mrs. Cordelia Eke, said the 2024–2025 legal year began with optimism but was soon overshadowed by political and institutional turbulence.
She noted that the state of emergency and suspension of key elected officials disrupted democratic governance and tested the resilience of the justice system. “The absence of an Attorney General caused serious delays in justice delivery, unprocessed legal applications, and financial losses,” Eke stated.According to her, the situation underscored the urgent need to fortify laws that protect institutions and ensure that the justice system continues to function even in difficult times.
Speaking on behalf of the Body of Senior Advocates of Nigeria (BOSAN), Chief Onueze Okocha (SAN), expressed concern over the battered image of the Judiciary, lamenting that many Nigerians have lost faith in the courts due to inconsistent judgments and prolonged case delays.He urged judges to resist personal interests that could influence their professional conduct, calling for renewed integrity and faster dispensation of justice.
Earlier in his homily during the thanksgiving service, Apostolic Administrator, Catholic Diocese of Port Harcourt, Right Reverend Patrick S. Eluke, urged members of the legal profession to uphold moral and spiritual integrity in their practice, reminding them of their “sacred duty” to ensure that justice reflects honesty, compassion, and fairness.
He cautioned against hypocrisy, rivalry, and unhealthy competition within the legal profession, stressing that true justice must protect the vulnerable and remain unswayed by material or political influence.
He further called on elected leaders to demonstrate patriotism and accountability to the people who entrusted them with power, noting that democracy and justice thrive only where integrity and fairness prevail.
The Governor read the First Reading from 2 Chronicles 19: 5-9; while the Chief Judge took the 2nd Reading from Psalm 100: 1-5. Highlights of the event were presentation of gifts to the Governor, his Deputy, Speaker, Rivers State House of Assembly, Rt Hon Martin Amaewhule, and the Chief Judge as well as prayers for the Government, the Judiciary, the State and the Country.
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NLNG, NCDMB Unveil ICT Centre In P’Harcourt To Boost Tech Skills
The NLNG and the Nigerian Content Development and Monitoring Board have restated their shared commitment to human capital development and technological inclusion through the completion of two key capacity-building projects in Port Harcourt, Rivers State.
The events featured the commissioning of a remodelled and fully equipped ICT Centre at the Baptist High School, Port Harcourt, and the close-out ceremony of the Human Capital Development Basic Training Programme, a year-long initiative designed to enhance employability and industry skills among young Nigerians.
This was contained in a statement issued in Port Harcourt yesterday by the NLNG Manager, Corporate Communication and Public Affairs, Anne-Marie Palmer-Ikuku, and sent to newsmen.
The NCDMB Executive Secretary, Engr. Felix Ogbe described the ICT Centre as a “gateway to knowledge, innovation, and future opportunities.”
Represented by the General Manager, Institutional Strengthening, Mr Olugbenga Sheba, he noted that the project reflects both organisations’ shared vision to equip young Nigerians with digital skills and prepare them for a technology-driven world.
“The remodelled ICT Centre is more than a building. It is a statement of belief that students here can learn coding, design, and innovation that connects them with the world.
“It represents our confidence that when given the right tools, Nigerian students can become creators, innovators, and entrepreneurs,” he said.
Omatsola commended NLNG for its continued collaboration with the Board and its steadfast commitment to Nigerian Content goals.
He stressed that the partnership demonstrates what can be achieved through meaningful collaboration between government and corporate stakeholders, adding that such investments build a stronger and more prosperous Nigeria.
NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall, reaffirmed the company’s commitment to compliance with Nigerian Content regulations and to improving lives sustainably. She stated that the project aligns with NLNG’s vision of empowering communities through education and technology.
“The upgrade executed at Baptist High School, apart from complying with extant regulations under NCDMB’s guidance, is an investment that gives students a modern learning environment and provides teachers with better tools to deliver quality education.
“This aligns with our long-term commitment to human capital development,” she said.
The intervention at Baptist High School included the delivery of a 40-seater ICT Centre, a 20KVA solar and inverter system, renovated classrooms and administrative buildings, and the provision of digital smart boards and modern learning tools.
At the close-out ceremony of the HCD Basic Training Programme, 30 trainees received international certifications in Engineering, Marine Operations, Health, Safety and Environment (HSE), Entrepreneurship, and other vital skills for the oil and gas industry.
The ceremonies underscored the joint mission of NLNG and NCDMB to build local capacity, promote technological inclusion, and support Nigeria’s broader vision of sustainable development through education and skill acquisition.
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New INEC Chair Pledges Free, Fair, Credible Polls
The newly sworn-in Chairman of the Independent National Electoral Commission, Prof. Joash Amupitan, SAN, has vowed to restore credibility and public confidence in the country’s electoral system, declaring his appointment as a “divine” call to serve the nation.
Speaking shortly after his inauguration by the President at the State House yesterday, Amupitan declared that his mission was clear — to deliver free, fair, and credible elections while deepening democratic values across the nation.
During his first official meeting with the commission’s directors, he stressed that achieving INEC’s mandate would hinge on teamwork, discipline, and integrity within the institution.
“Our mandate is clear, and what is it? To deliver free, fair, and credible elections that reflect the will of the Nigerian people. To achieve this, we must work together as a team,” he stated.
Addressing INEC staff and directors, the don pledged to uphold the highest standards of transparency and accountability.
“As we mark the beginning of the new chapter, I want to assure you of my commitment to upholding the highest standard of integrity, transparency, and discipline in all our operations,” he said.
Turning his attention to the upcoming Anambra State governorship election, the INEC chairman described it as a defining moment for the commission.
“The upcoming Anambra state governorship election is not just another electoral exercise. It represents a pivot opportunity for us to demonstrate our commitment to free, fair, and credible elections,” he declared.
“The eyes of the nation are upon us, and it is our duty to rise to that occasion.
“Credibility in our election is paramount, and we must ensure that every voter feels confident that their vote will count. Because that is a constitutional task. And let’s restore back the confidence of every voter that whenever there is an election, their vote will count,” Amupitan added.
The don also made staff welfare a central part of his agenda, acknowledging that the commission’s workforce plays a vital role in ensuring credible elections.
“For me, staff welfare is going to be my priority. We are going to be expecting so much from you, so your welfare is going to be a priority.
“We’ll work assiduously and tirelessly to ensure that our working conditions are conducive and that our staff are equipped with the necessary resources to excel,” the INEC chairman assured.
The chairman, accompanied by his wife, children, and senior officials from the University of Jos, expressed gratitude to his academic colleagues who celebrated his appointment.
“I was told that the whole university got shut down out of excitement. One of theirs is now given this very heckling and important responsibility of heading this commission at this time,” he said.
Despite the weight of his new responsibilities, he said he was ready for the challenge.
“The places I’ve gone to, including some national commissioners, they were saying, I don’t envy you. But let me say that I am excited about the journey ahead.
“Together, let us uphold the values of democracy and work tirelessly for the credibility of our elections,” the don said.
He concluded his remarks on a reflective note, describing his appointment as part of a divine plan.
“Maybe if I had a choice, I would say I would not come here. But from all the indications, I could see that God is moving in this country, and my coming is divine.
“If God says go, who are you to say I’m not going? I’m here because I have a role to play to ensure that a new Nigeria is born. And of course, you know, INEC has a very, very important role to play in this quest.
“God bless you all, and God bless the Federal Republic of Nigeria,” he concluded.
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