We Are Giving You 7 Days To Account For ₦100 Billion Bad Notes, Other Public Funds – SERAP To Cardoso

The Socio-Economic Rights and Accountability Project, (SERAP) has given a 7 days ultimatum to the Governor of the Central Bank of Nigeria, (CBN), Olayemi Cardoso to account for over ₦100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the apex bank.

The group claimed that the allegations are documented in the latest annual report published recently by the Auditor-General of the Federation.

Speaking via a letter released on Saturday and signed by SERAP deputy director Kolawole Oluwadare, the organisation also urged the CBN governor to explain the whereabouts of the ₦7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the ₦4.8 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.

They insisted that the allegations suggest heavy violations of the Nigerian constitution and must be addressed.

The letter reads in part, “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.”

According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the CBN has since 2017 been keeping over ₦100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.