The Socio-Economic Rights and Accountability Project (SERAP) has given a seven-day ultimatum to the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to account for over N100 billion ‘dirty and bad notes’ and other public funds awaiting examination’ which are kept in various branches of the apex bank.

SERAP stated that the allegations are recorded in the newest yearly report published recently by the Auditor-General of the Federation.

SERAP also urged Cardoso to account for 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 back in 2009.

According to SERAP, Cardoso should also publish the names of the contractors who took the money but failed to finish the projects.

In a letter released on Saturday, June 29, 2024, and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.

“We would be grateful if the recommended measures are taken within 7 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.

“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.”