The Socio-Economic Rights and Accountability Project (SERAP) has asked Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to clarify the whereabouts of over N100 billion in worn-out and dirty banknotes and other significant amounts of money awaiting inspection in different CBN branches.
A letter by the organisation’s Deputy Director, Kolawole Oluwadare over the weekend, cited concerns raised in the latest annual report by the Auditor-General of the Federation, Shaakaa Kanyitor Chira.
“According to the recently published 2020 audited report by the AGF, the CBN has since 2017 been keeping over N100 billion ‘dirty and bad notes’, and other large sums 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,” it read in part.
SERAP urged Cardoso to also account for N7.2 billion earmarked for the construction of the CBN Dutse branch in 2010, and N4.8 billion allocated for renovating the CBN Abeokuta branch in 2009.
They demanded transparency regarding the contractors involved in these projects who allegedly received funds but did not complete the work.
SERAP also drew attention to outstanding loans: N1.2 billion to the Enugu State Government in 2015 and N1.9 billion to the Anambra State Government between 2015 and 2016, which they insist should be fully recovered and returned to the national treasury.
The organisation stressed that these allegations suggest serious breaches of public trust, constitutional provisions, the CBN Act, and national and international anti-corruption obligations. They called for appropriate legal actions against those responsible and the recovery of misappropriated public funds.
SERAP issued a seven-day ultimatum for Cardoso to provide explanations, adding that legal action will be taken if the CBN fails to comply.
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities,” the letter also read.