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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.”
Rivers State Governor, Sir Siminalayi Fubara, has demanded quick and full resolution to the challenges arising from the gas leakage that occurred in Bille, Degema Local Government Area of the State.
The governor has also pledged to upgrade the Primary Healthcare Centre (PHC) in Bille with a view to addressing the health challenges confronting the community.
Fubara made the pledge on Wednesday at the Government House, Port Harcourt during an enlarged meeting of key stakeholders, comprising representatives of the Federal Government, the state government and leaders of the community.
The meeting was held to review the situation in the community and explore available opportunities to save the people from the adverse impacts of environmental pollution.
Addressing the journalists at the end of the meeting, the governor acknowledged the determination of the Federal Government and its agencies to get to the root cause of the problem in Bille and ensure that it is resolved permanently.
“The meeting is in respect of the situation in Bille. You’re aware that there is a case of gas leakage somewhere in Bille and the people have been making some requests that the government should come to their rescue to resolve the situation.
“As a state, we have gone to see the situation in the community, not alone but in conjunction with the industry operators and officials of the Federal Ministry of Petroleum Resources. What we are doing today is an enlarged meeting where all the parties are sitting together to look at the cause of the issue and the most possible way to get the problem resolved,” he said.
Fubara described the outcome of the meeting as successful, stressing that more action would be taken in the next couple of weeks to ensure that the issue is fully resolved.
The Minister of State, Petroleum Resources (Gas), Hon Ekperikpe Ekpo, who led the Federal Government’s delegation to the meeting, expressed appreciation to the governor for his warm hospitality and efforts to address the challenge in Bille community.
Ekpo explained that contrary to the perception in certain quarters, the Federal Government has not been silent over the “gas seepage” but has been working tirelessly towards finding a sustainable solution.
The minister explained that as soon as the incident was reported, the Federal Government deployed experts to the area to understudy the cause of the problem.
According to him, it was difficult at first to understand the cause of the problem since there were no oil or gas infrastructure within the vicinity of the incident, hence the need to conduct a more detailed investigation.
“The investigation is still going but we decided to do a follow-up visit to the area to talk to the people of Bille Community that we need collaboration on their part so that we would be able to arrive at a lasting solution.
“The safety of the people is paramount. We can understand their anxiety, the worry and the danger that this thing poses within the area, but the Federal Government is committed to finding a lasting solution to the problem. The primary responsibility of government is to take care of the welfare and security of the people and that is exactly why we are here to go and see things for ourselves,” he said.
The Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, also explained that as the regulatory agency at the centre of the issue, no effort will be spared in the task of resolving the issue.
Eyesan pledged that the NUPRC and operators in the industry were prepared to address the requests of the impacted people in terms of the provision of potable water and fire trucks to the community.
The Public Relations Officer, Council of Chiefs, Bille Kingdom, Chief Rena Dappa, had during the meeting, presented the challenges facing the community and pleaded for government’s support to save the lives and livelihoods of the people.
President Bola Tinubu has announced the launch of a training programme for 5,000 young Nigerians as meter installers and technicians under the Presidential Metering Initiative.
The President stated that the scheme is aimed at creating jobs, closing the country’s metering gap and improving electricity supply.
The President disclosed this in a statement on his verified X handle yesterday, describing the initiative, tagged “The Power Force,” as part of his administration’s Renewed Hope Agenda to expand employment opportunities for young people.
According to Tinubu, the programme will equip participants with practical technical skills and connect them to employment opportunities in Nigeria’s power sector.
“Through the Presidential Metering Initiative (PMI), which I established to close Nigeria’s metering gap, end estimated billing, protect consumers and strengthen the electricity market, we are opening a new pathway for 5,000 young Nigerians to be trained as meter installers and technicians under The Power Force. This programme is about jobs, skills and dignity,” he said.
Tinubu said the training would be open to eligible Nigerians who have completed their secondary school education, with a dedicated quota reserved for members of the National Youth Service Corps.
He noted that expanding electricity metering was critical to improving service delivery and promoting transparency in the power sector.
“When homes and businesses are properly metered, Nigerians can pay for what they actually use. When electricity distribution companies collect revenues more transparently and fairly, they are better able to reduce losses, maintain infrastructure, expand connections and invest in better service.
“This is how we build a power sector that is fairer to consumers, stronger for investors and better able to deliver reliable electricity to the Nigerian people,” the President said.
Tinubu said he had directed the Presidential Metering Initiative to work with the Federal Ministry of Youth Development, the National Power Training Institute of Nigeria, and other relevant stakeholders to commence the programme within the next 30 days.
He encouraged qualified young Nigerians to apply, saying the initiative would provide them with marketable skills while supporting efforts to eliminate estimated billing and improve electricity access nationwide.
“I encourage eligible young Nigerians to apply. Join The Power Force. Learn a skill. Earn with dignity. Help us end estimated billing and be part of the work to light up Nigeria,” he added.
The Federal Government has announced that the third evacuation flight for Nigerians voluntarily returning from South Africa will arrive Lagos today having departed Johannesburg at midnight yesterday with 271 returnees on board.
The Ministry of Foreign Affairs disclosed this in a statement issued yesterday by its spokesperson, Mr Kimiebi Imomotimi Ebienfa.
According to the ministry, the Air Peace-operated flight is expected to arrive at the Murtala Muhammed International Airport, Lagos, at about 5:30 a.m. on Friday, July 3, 2026.
It said the evacuation is part of the Federal Government’s ongoing efforts to facilitate the voluntary return of Nigerians from South Africa.
“The third evacuation flight operated by Air Peace will depart Johannesburg today by 12 midnight with 271 returnees. The estimated time of arrival in Lagos is 5:30 a.m. on Friday, July 3, 2026,” the statement read.
The latest batch of returnees follows earlier evacuation flights that brought hundreds of Nigerians back to the country under the Federal Government’s voluntary repatriation programme.