Press Release
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over missing N100 billion dirty notes.
The lawsuit is “over the failure 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.”
SERAP is also asking the court to “direct and compel the CBN to explain the whereabouts of the N7.2bn meant for the construction of the CBN Dutse branch building in 2010 and the N4.8bn meant for the renovation of the CBN Abeokuta branch in 2009 and to publish the names of contractors who collected the money.”
In the suit numbered FHC/L/MSC/441/2024 filed last week at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.”
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SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2bn granted to the Enugu State government in 2015 and the outstanding loan of N1.9bn granted to the Anambra state government between 2015 and 2016.”
In the suit, SERAP argues thus: “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.
“These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.
“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 anti-corruption standards.”
The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Mrs Adelanke Aremo, read in part: “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 [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum 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 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 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 incompetent contractor,’ and wants the ‘job completed without further delay.’
“The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion [N1,994,383,561.64] 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.”
No date has been fixed for the hearing of the suit.
