The Socio-Economic Rights and Accountability Project (SERAP) has issued an ultimatum to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, demanding an explanation for over N100 billion in “dirty and bad notes” and other significant sums of cash reportedly awaiting examination at various CBN branches.
In a letter released on Saturday, signed by SERAP Deputy Director Kolawole Oluwadare, the organization called on Cardoso to address these concerns within seven days. The allegations are detailed in the latest annual report by the Auditor-General of the Federation.
“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,” the letter stated.
SERAP also urged the CBN Governor to explain the fate of N7.2 billion allocated for the construction of the CBN Dutse branch in 2010 and N4.8 billion for the renovation of the CBN Abeokuta branch in 2009. They further requested the disclosure of the contractors involved in these projects who have not completed their work.
“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,” Oluwadare warned.
According to the 2020 audited report by the Auditor-General of the Federation, since 2017, the CBN has been holding N100,672,999,000 in dirty notes and other cash awaiting examination across its branches.
