Court proceedings

Chief Joe-Kyari Gadzama, SAN, argues CBN’s Objection to SERAP’s ₦2.9 Trillion Audit Disclosure Application

The Central Bank of Nigeria (CBN), through its legal team led by legal juggernaut, Chief Joe-Kyari Gadzama, SAN, on Wednesday, 21st October, 2026, argued its preliminary objection to an application by the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP) before the Federal High Court, Abuja, seeking leave to institute judicial review proceedings over approximately ₦2,995,571,291,326.10 trillion reportedly unaccounted for in the Auditor-General of the Federation’s 2022 Annual Audit Report.

The matter came up for hearing before Honourable Justice B. F. M. Nyako at Court 3 of the Federal High Court, Abuja.

SERAP, represented by its counsel, Andrew Nwankwo, Esq., sought 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 identified in connection with the audit report, among other reliefs.

Leading the CBN’s defence, Chief Gadzama - 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 advanced the Bank’s preliminary objection, urging the Court to strike out or dismiss the action for want of jurisdiction. The objection is anchored on the grounds that SERAP’s request constitutes a general demand for accountability rather than a valid application under the Freedom of Information Act, 2011; the underlying demand letter was misdirected to the Governor of the Central Bank of Nigeria rather than the CBN itself; and the action is statute-barred, having been brought outside the mandatory timeframes 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 filed a counter-affidavit and written address in opposition to the preliminary objection.

In further advancing its position, the CBN raised questions concerning the constitutional oversight responsibilities of the National Assembly in relation to the Auditor-General of the Federation’s Annual Audit Report. The Bank contended that the Auditor-General of the Federation and the National Assembly were necessary parties to the proceedings, given their respective roles in the preparation, consideration and scrutiny of the report forming the basis of SERAP’s application.

The CBN also challenged the adequacy of SERAP’s explanation for the delay in commencing the judicial review proceedings. It maintained that the application was brought outside the applicable statutory time limits and urged the Court to decline the extension of time and the other reliefs sought by SERAP.

The proceedings centred on whether SERAP’s request and subsequent application was properly within the scope of the Freedom of Information Act and whether the Court could entertain the application in view of the jurisdictional and procedural objections raised by the CBN.

Following the hearing, the Court adjourned the matter to Friday, 20th November, 2026 for ruling on the preliminary objection.