Falana disclosed that a CBN governor gave out $7bn to 14 banks in 2006 while another $5bn was given out in 2011.
Speaking at a dinner at the University of Ibadan, Falana said he will apply for an order of Mandamus to compel the EFCC to probe and prosecute the banks over loans they were allegedly granted by former governors of the Central Bank of Nigeria (CBN).
According to him, the loans were given between 2006 and 2011.
At the event which was organised by the executives of the Senior Staff Club of the University of Ibadan in honour of members recently appointed by the Federal Government, Falana said Nigerians need to know if the huge funds have been paid back into the treasury.
He said the EFCC is yet to act on his initial petition over the matter.
"We cannot be claiming to be broke when money given out as loans or deposits are not accounted for. The EFCC must probe, recover the funds and prosecute anybody found culpable," Fanalan said.
The senior lawyer disclosed that a former CBN governor gave out $7 billion to 14 banks in 2006 while $5 billion was also given to some banks by another CBN governor in 2011.
He said another N2.5 trillion was also given out by the same governor to those he described as economic saboteurs.