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SERAP Asks CBN Gov To Account For Missing N100bn Dirty Notes, Others
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, “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.”
In a letter dated June 29, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.
The organisation said these allegations by the Auditor-General suggest grave violations of public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.
SERAP also asked Cardoso to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”
SERAP urged the CBN boss “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”
It also asked him “to refer these grave violations of the Nigerian Constitution 1999 (as amended), the CBN Act and the country’s national and international anti-corruption obligations to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”
The letter read in part, “We would be grateful if the recommended measures are taken within seven 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.
“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.
“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 ‘dirty and bad notes’, and other large sums 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 ‘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 the 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 an 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 an incompetent contractor,’ and wants the ‘job completed without further delay.”
SERAP said these 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 to uphold the principles of transparency and accountability.
It added, “The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion 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.
“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 asserted that these alleged violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.
According to the organisation, the apex bank ought to be committed to transparency and accountability in its operations.
It added, “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 a 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 handed 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.
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.
“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.”
Mobile Network Operators have ruled out negotiations with the Nigeria Labour Congress (NLC) over the recent 50 per cent tariff increase, insisting that no reduction will be made despite union protests.
The stance was articulated at a forum held over the weekend in Lagos, where representatives from major operators—including MTN Nigeria, Airtel Nigeria, and 9mobile—addressed concerns surrounding the adjustment approved by the Nigerian Communications Commission on January 20, 2025.
The NLC has rejected the tariff hike and is demanding a reduction to five per cent, threatening a nationwide protest on Tuesday, February 4, if its demands are not met.
Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, argued that the approved increase is vital to sustaining telecom operations amid escalating costs.
“This increase is a lifeline that enables us to survive,” Adebayo said.
“Anything lower would be like giving someone who needs 100 litres of oxygen only a fraction—barely enough to keep them alive but insufficient for long-term survival,” he stressed.
MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, emphasised that individual operators do not engage directly with the NLC.
“We have not been talking to the NLC because our industry association, ALTON, handles such engagements. They have already communicated the rationale behind the tariff adjustment, which is essential for the sustainability of telecom services,” he explained.
Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, echoed this sentiment, adding that any discussions with the NLC are managed by relevant government agencies and ALTON.
The NCC defended the 50 per cent tariff increase, citing rising operational costs driven by inflation, foreign exchange fluctuations, and higher energy expenses.
In its statement, the Nigerian Communications Commission said the adjustment is in line with its mandate under the Nigerian Communications Act, 2003, to ensure the financial sustainability of the telecom sector.
Meanwhile, the NLC has condemned the hike as “insensitive and unjustifiable,” arguing that it would impose an extra burden on Nigerian consumers.
The union’s president, Joe Ajaero, reiterated the demand for a significant reduction.
The Nigerian Immigration Service is set to introduce a contactless passport application system in Europe, with the United Kingdom serving as the coordinating centre.
The initiative, scheduled for unveiling on February 7, will allow Nigerians in the diaspora to renew their passports online without visiting physical offices.
The Comptroller General of the NIS, Kemi Nandap, made the announcement during a courtesy visit to the Chairman/CEO of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, in Abuja, yesterday.
Nandap, in a statement signed by the NiDCOM spokesperson, Abdur-Rahman Balogun, explained that the initiative aims to simplify the passport renewal process for Nigerians abroad, saving time and reducing travel costs.
However, she clarified that the system is only for passport renewals and does not apply to first-time applicants or minors.
Nandap emphasised that Nigerians living abroad can initiate the renewal process up to a year before their passport’s expiration.
“This initiative set for launch on 7th of February 2025 will enable Nigerians in the Diaspora to apply for and renew their passports online from the comfort of their homes,” she was quoted saying.
She commended NiDCOM for its role in creating awareness about programs that benefit Nigerians in the diaspora.
The Comptroller General also highlighted President Bola Tinubu’s directive to ease passport processing for Nigerians abroad.
She revealed that the Minister of Interior, Olubunmi Tunji-Ojo, has approved a new passport processing facility in New York to address backlogs, with plans to open additional offices in the U.S. and other countries.
Dabiri-Erewa welcomed the development, describing it as a significant step towards more efficient and secure passport processing for Nigerians overseas.
She affirmed NiDCOM’s commitment to supporting and monitoring the initiative.
“The launch of the contactless passport application solution in Europe is a significant step towards efficient, secure, and convenient travel document management for Nigerians in the diaspora.
“NiDCOM will continue to support, monitor and collaborate with the NIS to ensure the success of this initiative” the NiDCOM boss was quoted saying.
The contactless passport application system was first introduced in Canada, where it received positive feedback from Nigerians.
Stakeholders in Ogoniland, Rivers State, including the Movement for the Survival of the Ogoni People (MOSOP), and traditional rulers, have lauded President Bola Tinubu for signing the bill establishing the University of Environment and Technology, Tai, in Ogoni.
The President signed the bill at a ceremony at the State House, Abuja, on Monday, in the presence of key officials, including the senator representing Ogoniland, Mpigi Barinada; National Security Adviser, Nuhu Ribadu; Minister of Education, Dr. Tunji Alausa; and Chief of Staff, Femi Gbajabiamila.
Speaking after signing the bill, Tinubu acknowledged the historical challenges faced by the Ogoni people.
“Ogoni has been at the forefront of our development and agitation and has suffered environmental degradation… To bring knowledge into that environment, in that area, to me, is the most significant thing from the Ministry of Education,” he said.
The approval followed a recent meeting between Tinubu and Ogoni leaders at the State House, during which the President also expressed his intention to resume oil exploration activities in the region.
He directed Ribadu to lead negotiations with all stakeholders.
Reacting to the development, the Paramount Ruler of Bagha Kingdom in the Khana Local Government Area, Suanu Baridam, who was part of the Ogoni delegation that met with the President, welcomed the move but emphasised the need for immediate funding.
“One of the items on the table during our meeting with the President was the signing of the bill into law. Now that it has been done, the next step is the release of funds for the university to commence operations. It is a significant step in the right direction, and for the first time, a President has made a promise to the Ogoni people and fulfilled it,” he said.
A MOSOP leader, Fegalo Nsuke, praised Tinubu, stating that his name would be remembered in Ogoni history.
“This is something we expected long ago. It will contribute to the development of Ogoni, but we still expect more from the President. The Ogoni people are critical stakeholders in Nigeria’s economy, and while we appreciate this gesture, we urge the President to do even more.
“In Ogoni history, he (Tinubu) has written his name in gold. The people will always appreciate this action and never forget what he has done,” Nsuke said.
However, activist and Team Lead at the People’s Advancement Centre, Celestine Akpobari, cautioned against linking the university’s approval to the immediate resumption of oil exploration in Ogoniland.
“President Tinubu has shown courage by taking this step where others hesitated. However, the university’s approval should be seen as the beginning of restitution for the years of oil extraction and environmental damage suffered by the Ogoni people.
“The government should not assume that establishing a university—a facility other ethnic groups have without any sacrifices—justifies opening up the oil wells. Over 2,000 innocent people were killed, and livelihoods were destroyed. The university is merely the start of restitution, not a bargaining chip for oil extraction,” he said.
Meanwhile, oil-bearing communities in Gokana Local Government Area of Rivers State have threatened mass action over their alleged exclusion from negotiations on oil resumption in Ogoniland.
The affected communities—Mogho, K-Dere, B-Dere, Bera, Bodo, Kpor, and Gbe—stated that while they were not opposed to oil production resumption, they rejected being sidelined in discussions.
A communiqué issued after a meeting on Saturday, signed by traditional rulers from the affected areas, expressed concern that those most impacted by oil exploration had not been consulted.
The signatories included the Paramount Ruler of Mogho, Stephen Kpea; Paramount Ruler of B-Dere, Kadilo Sooh; Acting Paramount Ruler of K-Dere, Chief Isaac Gbeetee; Paramount Ruler of Bodo, John Berebon; Paramount Ruler of Kpor, Avalobari Ntaoh; Paramount Ruler of Gbe, Friday Dimkpa Gia; and Paramount Ruler of Bera, Magus Dekor.
While expressing cautious optimism about the Federal Government’s move, they warned that farmers and fishermen—who had previously suffered from oil pollution—must be part of negotiations.
“As stakeholders, farmers and fishermen must have a leading role in further discussions on oil resumption. We will not allow a process that ignores or sidelines the real landlords of these lands,” the statement read.
The communities further threatened to make their lands inaccessible if they continued to be excluded.
“We note with interest the Federal Government’s call for a negotiated return of oil operations in Ogoni after over three decades of closure. However, as highly impacted communities, we will vehemently oppose any process that sidelines us.
“As a gateway to the Bonny Export Terminal, any negotiation that does not actively involve us will be rejected,” the communiqué stated.
With the signing of the university bill and renewed discussions on oil exploration, Ogoni remains at a critical juncture. The Federal Government now faces the challenge of balancing developmental commitments with historical grievances as the region seeks justice and progress.