SERAP gives CBN 7 days to account for missing N100bn

Socio-Economic Rights and Accountability Project, (SERAP), has called on Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, 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 apex bank.

SERAP said the allegations are documented in the latest annual report published recently by the Auditor-General of the Federation.

The organisation also urged Cardoso to explain the whereabouts of 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, and to publish the names of the contractors who collected the money and failed to complete the projects.

In a letter released 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,” the letter reads 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”.