Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain the whereabouts of over N100 billion bad notes and other large sums of cash awaiting examination, which are kept in various branches of CBN.

SERAP said the allegations were documented in the latest yearly report recently published by the Auditor-General of the Federation. The body also urged him to explain the whereabouts of the N7.2 billion budgeted for the construction of 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.

Other monies being sought include outstanding loan of N1.2 billion granted the Enugu state government in 2015 and the outstanding loan of N1.9 billion granted the Anambra State Government between 2015 and 2016.

It asked Cardoso to fully recover and remit the alleged missing public funds to the treasury and refer the violations of the 1999 Constitution, the CBN Act and others to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.

In the letter issued at the weekend by its Deputy Director, Kolawole Oluwadare, SERAP said the grim allegations by the Auditor-General suggested grave violations of public trust, the provisions of the Constitution, the CBN Act, and national and international anticorruption obligations.

According to the body, these grave violations seriously undermined the ability of CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.

The CBN, it said, ought to be committed to transparency and accountability in its operations.

SERAP noted that by 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, as well as the full recovery of any missing public fund would serve the public interest and end the impunity of perpetrators.

“According to the recently published 2020 audited report by the AGF, the 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,” it stated.

It quoted Section 35(2) of the Public Procurement Act 2007, which provides that, ‘once a mobilisation 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.

SERAP, therefore, gave a seven-day ultimatum to the CBN governor to account for the missing dirty notes and threatened to take all appropriate legal actions to compel the governor and the CBN to comply with their request in the public interest.

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