Banking
SERAP Sues CBN Over Alleged Missing N3trn
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) for failing to account for N3 trillion in public funds, alleged to be missing or diverted.
The lawsuit followed the grave allegations contained in the latest annual report by the Auditor-General of the Federation, published on September 9, 2025. It includes over N629 billion paid to ‘unknown beneficiaries’ as part of the Anchor Borrowers’ Programme.
In the suit number FHC/ABJ/CS/250/2026 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 of public funds, including detailed reports of how exactly the funds were spent.”
In the suit, SERAP argued that, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, and anticorruption standards.”
SERAP is arguing that, “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 to uphold the principles of transparency and accountability.”
According to SERAP, “These violations 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.”
SERAP is also arguing that, “Nigerians have the right to know the whereabouts of the missing or diverted public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
The suit filed on behalf of SERAP by its lawyers: Ms Oluwakemi Agunbiade and Ms 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,’” it said.
SERAP noted that the Auditor-General raised serious concerns over financial management at the apex bank, citing unaccounted intervention funds and unrecovered loans running into hundreds of billions of naira.
The report noted that the number of beneficiaries who collected certain disbursed funds remains unknown and that efforts to recover the money have been inadequate. Over N784.4 billion in unpaid and overdue loans issued between 2018 and May 2022 remain outstanding, with fears that diversion of funds may have worsened food security challenges. The Auditor-General has called for full recovery and remittance of the funds to the treasury.
The report also questions over N125.37 billion spent by the CBN in 2022 on intervention activities allegedly linked to national security, federal and state government engagements, and financial sector capacity building. According to the Auditor-General, there was no documentary evidence to support the expenditure, nor proof of approval by the National Assembly. He warned that the spending may not align with Section 2 of the CBN Act and could have been diverted, again urging that the funds be recovered and paid into the treasury.
Further scrutiny revealed that the CBN “unjustifiably” spent N1.79 billion on 43 operational vehicles for the Nigeria Immigration Service, despite no clear connection to the Bank’s statutory mandate and no evidence of delivery or procurement documentation. Additionally, 43 contracts worth over N189.5 billion allegedly suffered deliberate delays, leading to irregular contract variations of over N9.27 billion without proper records. The Katsina branch of the CBN also failed to recover over N90 million in COVID-19 intervention loans to SMEs.
In each case, SERAP noted that the Auditor-General expressed concern that the funds may have been diverted or mismanaged and demanded recovery and remittance to the treasury.
By Modupe Gbadeyanka
Two suspects have been brought before Justice Frida Nkemakonam Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on an eight-count charge bordering on the unlawful supply of access credentials to the database of a commercial bank in Nigeria, FCMB.
The defendants, Mr Gideon Bakpa Aghogho and Mr Oscar Ebere Chukwuebuka, were arraigned on Wednesday, August 19, 2026, by the Economic and Financial Crimes Commission (EFCC) alongside one Scott, who is currently at large.
According to the EFCC, the alleged offences are contrary to Sections 27 and 28(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024.
Mr Aghogho was said to have between April and May 2025 in Lagos, knowingly and without authority, disclosed access credentials, including the bank’s server IP and domain credentials, to gain access to FCMB’s database in exchange for $15,000.
“That you, Gideon Bakpa Aghogho, Oscar Ebere Chukwuebuka, along with an individual identified as Scott (at large), conspired unlawfully between July 24 and 26, 2026, in Lagos, within the jurisdiction of this court, by supplying for use the access code of Gideon Bakpa Aghogho to the FCMB system using the local Administrative Credential (ITSD), which is capable of allowing access to the FCMB Virtual Center Platform, with the intention of committing an offence, and you thereby committed an offence contrary to Sections 27 and 28(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024, and punishable under Section 28(2) of the same Act,” one of the charges read.
After the charges were read, the first defendant pleaded not guilty, while the second defendant pleaded guilty.
Following the first defendant’s plea, prosecution counsel, Ms Bilkisu Buhari, asked the court for a date to commence trial and prayed that he be remanded in a correctional facility.
In respect of the second defendant, the prosecution sought to review the facts of the case against him following his guilty plea.
Justice Ogazi subsequently adjourned the matter until August 27, 2026, for a review of the facts and other proceedings, and ordered that the defendants be remanded in a correctional centre.
By Aduragbemi Omiyale
A seminar to bring together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector will be held on Tuesday, August 25, 2026.
The event is the brainchild of Zenith Bank Plc. It is themed Unlocking Value and Harnessing Growth in Non-Oil Export.
Speakers will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.
Expected at the forum are the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene; the chief executive of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.
A statement from the lender disclosed that the International Trade Seminar on Non-Oil Export will have two panel discussions designed to offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.
The first panel will feature the chief executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service (NCS), Mr Adewale Adeniyi; the Director of the Trade and Exchange Department of the Central Bank of Nigeria (CBN), Ms Aderinola Shonekan; the chief executive of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and her counterpart at the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.
The second panel will have the chief executive of Starlink Global & Ideal Limited, Mr Adeniji Adeyemi; an executive director at Dangote Group, Mr Sada Ladan-Baki; the Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Mr Mobolaji Salako; the chief executive of RMM Global, Mr Ramzi Taher; and the chief executive of Lelook Nigeria Limited, Mrs Chinwe Ezenwa.
For those unable to be at the venue of the programme, they can participate virtually via Zoom, YouTube, Instagram, Facebook, X, and TikTok,
By Aduragbemi Omiyale
The sum of N427.96 million has been disbursed to more than 1,000 enrollees as surplus by Noor Takaful Insurance Limited and Noor Health Limited.
The payment of surplus is a demonstration of gratitude, accountability, reflection, and celebration of promises made and kept.
At the 2024 Surplus Distribution and Claims Celebration Ceremony in Lagos on Tuesday, August 11, 2026, a total of 22 participants were given surplus payments by Noor Takaful, while 2 enrollees received surplus payments from Noor Health.
Some of the participants that received surplus payments included Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities, and Taxaide Logistics.
At the event themed Promise Kept: Celebrating Takaful’s Commitment to Shared Reward, the chairman of Noor Takaful Insurance Limited, Ambassador Shuaibu Ahmed, explained that the company has proven over the years that surplus distribution is not a theoretical concept but a model that works in practice, as evidenced by its consistent payments to participants. He acknowledged that there is growing acceptance of Takaful, as it is increasingly recognised as a credible and established alternative to conventional insurance.
“At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative. We say this because Takaful is built around values that are fundamental to how financial protection should work: equity, fairness, mutual responsibility, transparency, and shared benefit,” he said.
Also speaking at the event, the Vice Chairman of Noor Takaful Insurance Limited, Mr Aminu Tukur, stated that the 2024 surplus distribution was based on the performance of the participants’ risk pool after claims and other obligations had been settled.
Mr Tukur disclosed that the company had grown from a humble beginning of about 60 participants at its inception to approximately 4,000, noting that the company will continue to collaborate with regulators and other stakeholders to promote Takaful and deepen insurance awareness across Nigeria. He added that the company will mark 10 years of operations in 2027.
He explained further that since inception, the company has cumulatively paid N22 billion in claims to beneficiaries/participants, with General Takaful accounting for N7.4 billion and Family Takaful contributing N14.5 billion.
“Our role is to ensure proper management and administration of funds, which includes investments. Secondly, we have a responsibility to ensure that every genuine claim is paid on a timely and stress-free basis,” he stressed.
In his remarks, the chief executive of the National Insurance Commission (NAICOM), Mr Ayo Omosehin, who was represented by the Deputy Director, Insurance, Technical, NAICOM, Mr Usman Jankara, described the payment of surplus to participants as a practical demonstration of the values that define cooperation, shared responsibility, fairness, ethical conduct, and collective prosperity.
He stated that the distribution of surplus by Noor Takaful clearly demonstrates that participants are not merely purchasers of protection but contributors to a system built on cooperation and mutual benefit.
“This has sent a strong message that Takaful can create measurable value while remaining faithful to its ethical foundation,” he added.
Speaking on the recapitalisation exercise for insurance companies recently carried out by NAICOM, he stated that Takaful operators were exempted as they had undergone a similar exercise 4 years ago. According to him, there is no compelling need at the moment for recapitalisation of the Takaful segment of the insurance industry, as all the Takaful operators are well capitalised.
While commending the company for reaching the milestone and promoting participants’ education and engagement, he stressed that NAICOM would continue to support Takaful’s growth while ensuring proper regulatory oversight.
