SERAP Gives CBN 7 Days To Explain Missing N100bn Dirty Notes

The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong ultimatum to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), demanding a full account of over N100 billion in 'dirty and bad notes' and other significant sums of cash reportedly held in various CBN branches. These funds, according to SERAP, have been flagged in the latest annual report by the Auditor-General of the Federation.

SERAP has also raised concerns about N7.2 billion allocated in 2010 for the construction of the CBN Dutse branch and N4.8 billion allocated in 2009 for the renovation of the CBN Abeokuta branch. The organization demands transparency regarding these funds, including the publication of the names of contractors who allegedly collected the money but failed to complete the projects.

In a letter dated Saturday and signed by SERAP's deputy director Kolawole Oluwadare, the organization highlights the serious nature of these allegations, stating: "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.ÔÇØ

The letter further states: "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.ÔÇØ

According to the Auditor-General's recently published 2020 audited report, since 2017, the CBN has been holding over N100 billion [N100,672,999,000.00] in 'dirty and bad notes' and other large sums of cash awaiting examination in various branches. This has raised concerns about the management and transparency of the apex bank's financial operations.

The revelations and subsequent demands by SERAP come at a crucial time when public trust in financial institutions is vital. The organization's insistence on accountability and transparency underscores the importance of adhering to the principles of good governance and anti-corruption measures.

As the 7-day ultimatum approaches, all eyes will be on the CBN and Governor Olayemi Cardoso to see if they will address these serious allegations and provide the necessary clarifications to the Nigerian public.

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