The Central Bank of Nigeria, through its legal team led by Chief Joe-Kyari Gadzama, SAN, on Wednesday, October 21, 2026, argued a preliminary objection to an application filed by the Incorporated Trustees of the Socio-Economic Rights and Accountability Project before the Federal High Court in Abuja over approximately ₦2.995 trillion identified in connection with the Auditor-General of the Federation’s 2022 Annual Audit Report.
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The matter came up before Justice B. F. M. Nyako of the Federal High Court, Abuja.
SERAP, represented by Andrew Nwankwo, Esq., is seeking an extension of time to file its application for leave for judicial review, leave to apply for judicial review, and an order of mandamus compelling the CBN to account for and disclose information relating to the sum of ₦2,995,571,291,326.10, among other reliefs.
The organisation’s application is premised on information contained in the Auditor-General of the Federation’s 2022 Annual Audit Report concerning the funds.
Opposing the application, Gadzama, SAN, appearing with Ademola O. Adeleye, Esq.; Sarah Jeta Atumga, Esq.; Hajara M. S. Sorondinki, Esq.; Jasper Koikoibo, Esq.; Jiro Obiuwevbi Ominimini, Esq.; and Ayodeji Boyode, Esq., adopted and argued the CBN’s preliminary objection.
The Bank urged the court to strike out or dismiss the action for want of jurisdiction.
The CBN argued that SERAP’s request amounted to a general demand for accountability rather than a valid request under the Freedom of Information Act, 2011.
It also contended that the underlying demand letter was addressed to the Governor of the Central Bank of Nigeria rather than to the CBN itself.
The Bank further argued that the action was statute-barred, maintaining that it was commenced outside the applicable time limits prescribed by Section 20 of the Freedom of Information Act, 2011, Order 34 Rule 4 of the Federal High Court (Civil Procedure) Rules, 2019, and Section 2(a) of the Public Officers Protection Act.
SERAP, however, filed a counter-affidavit and written address opposing the preliminary objection.
In further support of its objection, the CBN raised issues concerning the constitutional oversight responsibilities of the National Assembly in relation to the Auditor-General of the Federation’s Annual Audit Report.
The Bank argued that both the Auditor-General of the Federation and the National Assembly were necessary parties to the proceedings because of their respective roles in the preparation, consideration and scrutiny of the audit report upon which SERAP’s application is based.
The CBN also challenged SERAP’s explanation for the delay in commencing the judicial review proceedings.
It maintained that the application was filed outside the applicable statutory period and urged the court to refuse the request for an extension of time as well as the other reliefs sought.
The proceedings therefore centred on whether SERAP’s request falls within the scope of the Freedom of Information Act, whether the action was instituted within time, and whether the court has jurisdiction to entertain the application in view of the procedural objections raised by the CBN.
After hearing arguments from the parties, Justice Nyako adjourned the matter to November 20, 2026, for ruling on the CBN’s preliminary objection.
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