The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to account for over N100 billion in ‘dirty and bad notes’ and other large sums of cash reportedly kept in various branches of the apex bank.
The allegations, documented in a recent annual report by the Auditor-General of the Federation, also include unexplained expenditures such as the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and N4.8 billion for the renovation of the CBN Abeokuta branch in 2009.
In a letter released on Saturday, signed by SERAP Deputy Director Kolawole Oluwadare, the organization demands an explanation for the whereabouts of these funds and the names of contractors who failed to complete the projects despite receiving payments.
“These grim 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,” the letter states.
SERAP has warned that if the CBN does not take the recommended measures within seven days of receipt or publication of the letter, it will pursue all appropriate legal actions to compel compliance in the public interest.
According to the 2020 audited report by the Auditor-General, the CBN has been holding over N100 billion in ‘dirty and bad notes’ and other large sums of cash since 2017, awaiting examination in various branches.
