The Socio-Economic Rights and Accountability Project (SERAP) has called on the Central Bank of Nigeria (CBN) to account for over ₦100 billion in ‘dirty and bad notes’ and other large sums of cash stored in various branches of the apex bank. The demand was made public through a statement issued on Sunday.
SERAP criticized the CBN for its lack of transparency regarding the location of these funds. The group’s deputy director, Kolawole Oluwadare, announced that SERAP has approached the Federal High Court in Lagos, seeking an order to compel the CBN to disclose the whereabouts of over ₦100 billion in notes that have been kept in various branches since 2017.
“SERAP also requests the court to direct the CBN to account for the ₦7.2 billion allocated for the construction of the CBN Dutse branch building in 2010 and the ₦4.8 billion meant for the renovation of the CBN Abeokuta branch in 2009. Furthermore, SERAP demands the publication of the names of contractors who received these funds,” the statement read.
Additionally, SERAP seeks a court order for the CBN to clarify the status of an outstanding loan of ₦1.2 billion granted to the Enugu State government in 2015 and another loan of ₦1.9 billion given to the Anambra State government between 2015 and 2016.
In its suit, SERAP argues that providing transparency on the whereabouts of these public funds, naming those suspected to be responsible, and ensuring they are held accountable would serve the public interest and help end the impunity of perpetrators.
The suit, filed on behalf of SERAP by lawyers Kolawole Oluwadare and Adelanke Aremo, states: “Nigerians have the right to know the status of public funds. Granting the reliefs sought would promote the right of Nigerians to restitution, compensation, and guarantee of non-repetition.”
The statement highlights Paragraph 708 of the Financial Regulations 2009, which stipulates that payments should not be made for services not yet performed or goods not yet supplied. It also references Section 35(2) of the Public Procurement Act 2007, which mandates that no further payments be made to a supplier or contractor without an interim performance certificate once a mobilization fee has been paid.
