A prominent civic accountability group has issued a seven-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, demanding a full public explanation over the alleged disappearance or diversion of N3 trillion flagged in the 2022 Annual Report of the Auditor-General of the Federation.
The group warned that failure by the CBN governor to provide a satisfactory account of the funds would trigger legal action aimed at compelling compliance and safeguarding public interest.
According to the statement, the Auditor-General’s findings point to what it described as “grave breaches of public trust,” potentially contravening the 1999 Constitution (as amended), the CBN Act, and established anti-corruption and financial accountability standards.
The organisation noted that the allegations highlight deeper concerns about structural lapses in the apex bank’s governance practices.
“These grim revelations are not just about numbers on a page; they represent a systemic failure to uphold transparency,” the group said. “The CBN must come clean and provide a detailed explanation on the whereabouts of the missing N3 trillion.”
Stakeholders React
Reactions have begun to pour in from across the economic and governance landscape following the ultimatum.
An Abuja-based economist, Dr. Sola Adedeji, described the situation as “a serious credibility test for the Cardoso-led CBN.”
“The Auditor-General’s findings cannot be taken lightly. At a time when Nigeria is grappling with inflation and foreign exchange instability, such an allegation directly undermines public confidence in the country’s financial institutions,” he said.
Similarly, civil society advocate and transparency campaigner, Hauwa Abdullahi, said the ultimatum reflects rising public impatience with opaque financial systems.
“For years, Nigerians have complained about the lack of clarity in the CBN’s operations. This N3 trillion query should not be ignored. The CBN must treat this as an opportunity to rebuild public trust,” she noted.
In the National Assembly, a member of the House Committee on Public Accounts, who asked not to be named because the House has not issued an official position, described the allegation as “deeply troubling.”
“If the audit report is accurate, it raises questions that go beyond the CBN leadership. We expect the governor to appear before the appropriate committees once invited,” the lawmaker said.
Awaiting Response
As at press time, the Central Bank of Nigeria had yet to issue any official response to the ultimatum or to the Auditor-General’s audit queries. Anxiety within financial circles continues to grow as stakeholders await the apex bank’s position.
