BREAKING: CBN dragged to court over "grave violations", real reason emerges

• SERAP said it has dragged the CBN to court over allegedly missing N100 billion dirty notes
• SERAP disclosed this in a statement on Sunday, July 28, by its deputy director, Kolawole Oluwadare
• According to the NGO, the case was filed recently in suit number at the federal high court, Lagos

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering Nigeria's governance.

Opebi, Ikeja - The Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) over the alleged failure to explain the whereabouts of the over N100 billion ‘dirty and bad notes'.

In a statement made available to Legit.ng on Sunday morning, July 28, SERAP said it is taking legal action against the CBN because of the N12 billion meant for CBN offices in Abeokuta, Ogun state, and Dutse in Jigawa.

SERAP has filed a lawsuit against the CBN for failing to “account for and explain the whereabouts of over N100 billion in ‘dirty and bad notes’” kept in branches of the bank. Photo credit: Bloomberg
Source: Getty Images

CBN not complying with its Act - SERAP

Another reason why the civil society organisation is suing the CBN is the N3 billion outstanding loans granted to Anambra and Enugu states.

Legit.ng understands that the suit, with number FHC/L/MSC/441/2024, was filed last week at the federal high court in Lagos.

According to SERAP:

“These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and anti-corruption standards.”

Meanwhile, no date has been fixed for the hearing of the suit.

The 3 allegations of SERAP against CBN

• Failure to explain the whereabouts of the over N100 billion ‘dirty and bad notes’
• N12 billion meant for CBN offices in Abeokuta and Dutse
• The N3 billion outstanding loans granted to Anambra and Enugu states

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CBN boss, Cardoso unveils plans

Earlier, Legit.ng reported that the CBN governor, Olayemi Cardoso, described his job as the second most difficult in the world.

The CBN boss addressed the Nigerian economy's challenges and the efforts taken so far to stabilise the naira.

Source: Legit.ng