Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct, Lateef Fagbemi (SAN), attorney general of the federation and minister of Justice; Olatunji Rilwan Disu, inspector-general of Police, and relevant anti-corruption agencies to investigate allegations that more than ₦6.79 billion in public funds were missing, diverted or misapplied within the Nigeria Police Force and the Federal Ministry of Police Affairs.

The allegations are contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.

In a letter dated August 1, 2026, and signed by Kolawole Oluwadare, deputy director, SERAP,  the organisation urged the government to ensure that anyone implicated in the report is prosecuted and that all missing public funds, firearms and ammunition are recovered.

“Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”

SERAP described the Auditor-General’s findings as a serious breach of public trust.

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“The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”

The organisation also expressed concern over allegations involving missing firearms, unauthorised use and release of police exhibits, and poor storage of weapons.

“The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”

According to SERAP, the alleged diversion of funds meant for policing and the reported irregularities have weakened the operational effectiveness of the Nigeria Police Force.

“The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”

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The organisation said the Auditor-General’s report documented several alleged financial irregularities, including payments for projects that were never executed, abandoned contracts, inflated contract costs, irregular procurement, unretired cash advances, unsettled insurance claims and payments for services allegedly not rendered.

“The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”

“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”SERAP further cited allegations of missing firearms and ammunition, failures to properly account for recovered weapons and exhibits, and insecure storage of firearms.

“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”

The organisation gave the Federal Government seven days to act on its demands, warning that it would pursue legal action if no response is received.

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“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 consider appropriate legal action to compel your government to comply with our request in the public interest.”

SERAP also argued that the allegations, if left unaddressed, would violate constitutional provisions requiring the government to combat corruption and safeguard the welfare and security of Nigerians.

Among the specific findings cited from the Auditor-General’s report were allegations of payments for abandoned and unexecuted police projects worth hundreds of millions of naira, inflated contract values, unretired cash advances, irregular procurement processes, unsettled insurance claims exceeding ₦681 million, over ₦1 billion in uncleared insurance policy liabilities, missing firearms and ammunition, unauthorised release of police exhibits, and contracts allegedly awarded without due diligence by the Federal Ministry of Police Affairs.

Federal Capital Territory High Court has ordered Stanbic IBTC Bank Limited to pay N15 million in damages to two former customers after finding that the bank unlawfully retained and processed their personal information after they had terminated their banking relationship.

In a judgment delivered on July 29, Justice Kayode Agunloye also directed the bank to erase all personal data belonging to the claimants that it is not legally required to retain and restrained it from further processing or using such information without lawful authority or the customers’ consent.

The court held that the bank breached the Nigeria Data Protection Act (NDPA) 2023, the claimants’ constitutional right to privacy under Section 37 of the 1999 Constitution (as amended), and provisions of the Federal Competition and Consumer Protection Act (FCCPA).

The suit, marked CV/2190/25, was filed by David Ogundipe and Salami Tolulope Ibrahim, who argued that Stanbic IBTC continued to process their personal data for marketing purposes even after they had closed their corporate account with the bank.

According to the claimants, the account was shut following unresolved issues with the bank.

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Despite the closure, they alleged that Stanbic IBTC continued sending promotional emails and text messages to their personal and corporate email addresses as well as their telephone numbers.

The customers said their solicitors later wrote to the bank demanding that all marketing communications cease and that their personal data should no longer be processed for promotional purposes.

Although the bank reportedly acknowledged the request and assured them that the messages would stop, the unsolicited communications allegedly continued, prompting them to seek judicial intervention.

In his ruling, Justice Agunloye held that once the banking relationship had ended and the customers had withdrawn their consent, the bank no longer had any lawful basis to process their personal data for marketing activities.

The judge ruled that the continued use of the claimants’ information amounted to an infringement of their constitutional right to privacy and constituted an unfair trade practice under the FCCPA.

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The court consequently ordered Stanbic IBTC to delete all personal information relating to the claimants that it is not legally required to retain and to cease every form of data processing except where permitted by law or regulatory obligations.

Justice Agunloye also granted a perpetual injunction restraining the bank, its officers and agents from retaining, processing, transmitting or using the claimants’ personal data for marketing, promotional or any other unauthorised purpose.

While the claimants sought N250 million as damages, the court awarded N15 million as general damages, describing the amount as adequate compensation for the persistent unsolicited communications, the bank’s failure to honour requests for data erasure and the violation of the customers’ privacy rights.

The bank was further ordered to pay N500,000 as the cost of the suit, while the claim for N7 million as litigation expenses was dismissed for lack of sufficient proof.

Justice Agunloye directed that all monetary awards would attract 10 per cent post-judgment interest annually until fully settled.

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However, the court declined to order the complete deletion of every record relating to the claimants, holding that banks remain under statutory obligations to retain certain customer records in compliance with financial regulations and anti-money laundering laws.

Reacting to the verdict, counsel to the claimants, O.E. Oluwadamisi of Earnest Attorneys LP, described the decision as a landmark judgment for data protection in Nigeria.

He said the ruling reinforces the mandatory nature of compliance with the Nigeria Data Protection Act and makes it clear that organisations cannot continue processing customers’ personal information after consent has been withdrawn unless authorised by law.

One of the successful claimants, David Ogundipe, welcomed the judgment, saying it represented a victory not only for the litigants but also for millions of Nigerians whose personal information is held by corporate organisations.

He expressed hope that the ruling would encourage institutions across the country to strengthen compliance with data protection laws and place greater respect on customers’ privacy rights.

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The number of Bank Verification Numbers (BVNs) on the Nigerian banking industry’s fraud watchlist reached 13,117, according to the Central Bank of Nigeria (CBN).

This is coming as banks strengthen efforts to detect and prevent financial crimes.

According to the CBN’s 2025 Annual Report and Statement of Accounts, the number of BVNs on the banking industry’s fraud watchlist increased from 9,476 in 2024 to 13,117 in 2025. This represents a 38.4 per cent increase.

The apex bank explained that commercial banks, including Access Bank, Zenith Bank, United Bank for Africa (UBA), and other financial institutions, added 3,641 new BVNs to the watchlist during the year.

The report said the increase reflects stronger fraud monitoring, improved compliance, better risk management, and enhanced systems for detecting suspicious transactions.

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It added that the higher number does not necessarily mean fraud has increased, but shows banks are becoming more active in identifying and blocking suspicious activities.

The report also revealed that consumer lending declined for the first time since 2019.

Outstanding consumer credit dropped by 19.89 per cent, falling from N4.72 trillion in 2024 to N3.78 trillion in 2025.

The CBN attributed the decline to high interest rates, which made borrowing more expensive for many Nigerians.

Personal loans recorded the biggest drop, falling to N1.85 trillion.

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However, retail loans rose by 63.77 per cent to N1.94 trillion, making them the largest category of consumer credit for the first time in several years.