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JUST IN: SERAP Sues CBN Over Missing N100bn Dirty Notes, Other Public Funds
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”
This was revealed in a statement on Sunday by its Deputy Director, Kolawole Oluwadare.
In the suit number FHC/L/MSC/441/2024 filed last week at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.”
The 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.”
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According to the statement, the SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2bn granted to the Enugu State government in 2015 and the outstanding loan of N1.9bn granted to the Anambra state government between 2015 and 2016.”
In the suit, the SERAP is arguing 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.”
The SERAP is also arguing that, “These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”
According to the 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.”
The SERAP is arguing that, “These allegations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”
The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Adelanke Aremo, read in part, “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.
“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’”
“Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.
“Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.’
“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the constitution.
“Paragraph 3112(ii) of the Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).’
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.
“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘be diverted and re-injected into the economy.’
“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.
“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’
“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.
“There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’
“The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion [N1,294,453,887.83] granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion [N1,994,383,561.64] granted to the Anambra state government between 2015 and 2016.
“The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.”
No date has been fixed for the hearing of the suit.
A massive rescue operation by the Borno State Emergency Management Agency (SEMA) has saved 719 people stranded by floods in Maiduguri and Jere, bringing hope to affected communities.
SEMA Director-General, Mohammed Barkindo confirmed that the agency’s divers and emergency responders worked tirelessly to reach victims trapped in flooded areas, using makeshift facilities to facilitate the rescue.
Notably, all 719 rescued individuals opted to stay with relatives or in private residences, declining temporary camp accommodations.
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SEMA has ensured their safety by documenting contact information for ongoing support.
He said, “SEMA went with divers and rescued 719 people trapped in trees and upstairs, taking them to their chosen locations. The rescue operations started yesterday and continued up to this time today.
“We documented their contacts to check on their well-being since they were taken to private residences, where they insisted on living with their relatives.
“Virtually all those we rescued, especially along Lagos Street, said they preferred to stay with their relatives, while the rest also suggested better options. None of the 719 was taken to the camp.”
President Bola Tinubu has reaffirmed his administration’s commitment to restoring confidence in Nigeria’s economy through initiatives aimed at reducing inflation, stabilizing the foreign exchange market, and enhancing fiscal management.
Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja on Tuesday, Tinubu, represented by Vice President Kashim Shettima, praised the conference’s theme, “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” as timely and essential.
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Tinubu acknowledged that the conference was convened during a period of significant challenges, including high inflation, rising living costs, unemployment, infrastructure deficits, and the impacts of global economic changes.
Despite these challenges, he pointed out that they also offer opportunities for growth and development.
The President noted that his administration has undertaken bold yet difficult reforms to address the macroeconomic issues facing the country.
He said, “Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services. The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system.
Tinubu also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
He added “We are committed to upgrading Nigeria’s infrastructure to support economic growth. We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access.”
The media aide to Labour Party presidential candidate, Valentine Obienyem, has denied reports of Obi’s arrest by the Department of State Services (DSS).
In a statement released on Tuesday, Obienyem described the reports as “entirely false and baseless”.
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He explained that the rumour emerged on Saturday but was promptly refuted.
Obienyem further clarified that Obi was not in Anambra State at the time of the alleged incident, dismissing claims that he was arrested alongside his wife, Margaret.
The media aide urged the public to disregard the false reports and remain vigilant against misinformation. He assured that official communications regarding Obi will be released through proper channels.
Obienyem said, “As of Saturday, Mr. Obi was in Rwanda attending to important engagements. He has since returned to Nigeria and is currently in Edo State, where he is actively involved in party and national matters. There was no DSS operation at his residence, and no arrest was made.
“As the situation develops, Mr. Obi continues to focus on his commitment to the nation, while his team remains steadfast in providing accurate updates on his activities.” It added
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