SERAP Sues CBN Over Missing N100bn Dirty Naira Notes

The Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against the Central Bank of Nigeria (CBN) over its alleged failure to account for missing N100 billion dirty and sour notes.

SERAP disclosed this in a statement on Sunday by its deputy director, Kolawole Oluwadare.

According to the group, the case was filed last week in suit number FHC/L/MSC/441/2024 at the Federal High Court, Lagos.

It stated that the suit is to direct and compel the CBN to explain the whereabouts of the over N100 billion [N100,672,999,000.00] dirty and nasty notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.

Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition, the suit by SERAP’s lawyers, Kolawole Oluwadare and Mrs Adelanke Aremo, reads in part.

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, SERAP argued that “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.”

As of the time of filing this report, the apex bank has yet to officially react to the claim by SERAP, indicating that the issue is ongoing and that the initial plan to destroy the sour notes may have been halted.

Meanwhile, it will be recalled in June, SERAP issued a 7-day ultimatum for CBN to account for the alleged missing N100 billion notes, which, with time, it did not adhere to.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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