News

Probe Missing, Unaccounted $3.4bn IMF Loan, SERAP Tells Tinubu

Published

2 years ago

February 4, 2024

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu “to direct the Attorney-General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing, diverted or unaccounted for.”

The 2020 annual audited report published last week by the Auditor-General of the Federation documents revealed damning revelations including that there was no document to show the movement and spending of the IMF loan.

SERAP also urged him to ensure that, “anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing IMF loan should be fully recovered and returned to the public treasury.”

In the letter dated 3 February 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.”

SERAP said, “Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians—they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay both the loan and accrued interests.”

According to SERAP, “Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing IMF loan would have serious resource allocation and exacerbate the country’s debt burden.”

The letter, read in part: “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”

“The Auditor-General recommends that the money be fully recovered and remitted to the public treasury and those suspected to be involved ‘sanctioned and handed over to anticorruption agencies’.”

“The allegations of corruption in the spending of IMF loan documented by the Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”

“The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations including under the UN Convention against Corruption.”

“According to the 2020 annual audited report by the Auditor-General of the Federation published last week, the US$3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) to finance the budget and manage the health crisis stemming from the outbreak of COVID-19 pandemic may have been missing, diverted or unaccounted for.”

“According to the Auditor-General, no information or document was provided to justify the movement and spending of Fund.”

“The Auditor-General wants the money recovered and remitted to the public treasury and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.”

“The Auditor-General also recommends that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations’.”

“According to reports, Nigeria is expected to spread the payment of the IMF loan from 2023 to 2027. The first instalment, due in 2023, is worth $497.17 million. The second instalment, due in 2024, will be worth $1.76 billion. The third instalment, due in 2025, will be worth $865.27 million.”

“The final two instalments, due in 2026 and 2027, will each be worth $33.99 million. These instalments will only be interest payments.”

“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing IMF would serve the public interest and end the impunity of perpetrators.”

“Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes. It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.”

“SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.”

“SERAP notes that your government has a sacred duty to ensure that the country’s loans including those obtained from the IMF are transparently and accountably used solely for the purposes for which the loans are obtained, and for the effective development of public goods and services as well as the general public interests.”

“This implies providing strong leadership in the efforts to curb public sector corruption, and to refer to appropriate anticorruption agencies any allegations of corruption in which any officials and agencies of government may be involved or complicit.”

“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices and abuse of power’ in the country.”

“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”

“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”

“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on your government to ensure proper management of public affairs and public funds including loans obtained by the country, and to promote sound and transparent administration of public affairs.”

“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate your government to effectively prevent and investigate allegations of corruption and mismanagement of public funds including loans obtained by the country.”

“Specifically, article 26 of the UN convention requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.”

“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”

News

Okpebholo Fires EDOGIS Managing Director

Published

2 minutes ago

November 27, 2025

Editor

Managing Director of the Edo State Geographic Information Service (EDOGIS), Dr. Tony Ikpasajah has been sacked.

Ikpasajah was reportedly sacked over issues relating to revocation of a 13, 545 hectares of land belonging to Presco Plc in Ologbo, Ikpoba-Okha Local Government Area of the state.

Government sources said the Governor was embarrassed that he was not properly briefed about the issues.

The source, who confirmed the sack, said Ikpasajah has been issued an official letter relieving him of his appointment.

On Wednesday, Edo State Government, in an advertorial invoked sections Sections 28 and 38 of the Constitution to revoke the Presco land.

Barely 24 hours later, Secretary to the Edo State Government, Musa Ikhilor, said Ikpasajah acted unilaterally, without authorisation, and in complete disregard for established procedures and the actual number of hectares intended for excision from PRESCO PLC’s total landholding.

The statement said a formal administrative review has been initiated to address the unauthorised actions of the former EDOGIS Managing Director and to strengthen internal controls to prevent future breaches.

News

Edo Govt, PDP Biker Over PRESCO’s Statutory Right Of Occupancy

Published

8 minutes ago

November 27, 2025

Editor

The Edo State Government and the main opposition—Peoples Democratic Party (PDP) on Thursday engaged in verbal war over PRESCO PLC’s Statutory Right of Occupancy, a parcel of land Governor Monday Okpebholo purported revoked and later reversed within 24 hours.

In an advertorial (public notice) published by two national dailies on Wednesday, 26th November, 2025, and signed by Governor Okpebholo with the titled: ‘Revocation of Statutory Rights of Occupancy Pursuant to Sections 28 and 38,’ the Edo State Government announced the revocation of a parcel of land belonging PRESCO PLC in Ologbo, Ikpoba-Okha Local Government Area of the state.

But in a swift backtrack on Thursday, 27th November, 2025, the Edo State Government in another advertorial published by the same national dailies, and signed by Umar Ikhilor, Secretary to the State Government with the title: ‘Disclaimer on Public Notice Purportedly Revoking Statutory Rights of Occupancy of PRESCO PLC,’ the state government distanced itself from the public notice (advertorial).

Ikhilor, who said the publication did not “emanate from the Executive Governor of Edo State nor from any authorised organ of the state government, added: “The government has verified that the immediate past Managing Director of Edo State Geographic Information Service (EDOGIS), acted unilaterally, without authorisation, and in complete disregard for established procedures and the actual numbers of hectares intended for excision from PRESCO PLC’s landholding.” As at when the first public notice was published, The EDOGIS MD was still an appointee of Governor Okpebholo.

Reacting to the development in a statement, State Publicity Secretary of the PDP, Daniel Osa-Ogbegie, described the revocation and counter-revocation, as shameful.

The State Publicity Secretary who said “Edo people are witnessing a government that does not know what it signs,” stressed “it does not understand what it announces, and cannot defend what it authorises.”

He added: “This, apparently, is not governance.It is a circus. A dangerous circus.”

Osa-Ogbegie, while noting that “PRESCO PLC is not just a company; it is the single largest agro-industrial investment in Edo State, a 34-year pillar employing thousands directly and indirectly,” said: “Edo people deserve honest answers. Instead, they got a contradictory drama that exposes the hollowness of this administration.”

Reacting to PDP’s statement, the state Commissioner for Information and Strategy, Prince Kassim Afegbua, who described the PDP as crying than the bereaved.

Afegbua, while stating that “the release by the Secretary to the Edo State Government that captured the essential details of the Government’s position should suffice, especially the Constitutional dimensions,” however admitted that there was an initial mix-up.

He said: “There were initial mix-up on the issue under discourse, but the explanation by the Secretary to the State Governor, gave a constitutional rationale for the position taken by government concerning land in oil minerals areas and one had thought, that was self-explanatory to any reasonable and rational mind, but because comedians must always trivialise scenarios, the PDP will never disappoint in their vainglory.”

News

Edo: Foundation Puts Smile On Less Privileged Faces, Gives 100 Free Medical Surgery

Published

3 hours ago

November 27, 2025

Editor

Not less than a hundred less privileged patients on Wednesday in Benin benefited from a free medical surgery carried out by Dr. Paddy Emmanuel Foundation.

The surgical operations were carried out on ailments ranging from Fibroids, Hernia, Liponia breast lump and others.

Speaking, the founder and Edo State Commissioner for Education, Dr. Paddy Iyamu, said since the commencement of the free medical outreach in 2014, over 3000 persons have benefited in Edo and Delta.

Paddy, who said the programme was driven purely by compassion and not political motives, added: “Life is all about what you can give back to the people because you came with nothing and you go back with nothing. I have been giving back to society in the past 10 years to impact the people”, he said.

He stressed that many of the beneficiaries could not have afforded the cost of treatment on their own.

“This gesture is outside politics. We started as far back as 2014 and we have been doing it every year. Some persons who come for treatment tell you they have not had food to eat, not to talk of getting money, which sometimes runs into millions, to give to the doctor.

“The experience in the last 10 years has been fulfilling and impactful. I am happy to see burdens lifted off people.

“Life is vanity and when you are gone, you will be remembered for what you have done. I hope to continue till Jesus calls me.”

Director General of the foundation, Mr. Zion Oshiobugie, explained that while the first nine editions of the medical outreach were held in Delta State, the 10th edition marks the first time Edo residents were benefitting from the initiative.

Oshiobugie noted that the annual programme is fully funded by the founder, Dr. Paddy Iyamu, who dedicates his birthday every year to providing life-changing healthcare for indigent citizens.

According to him, “What he does is to mark his birthday on the 30th of November every year with the free surgeries which have benefitted 3,000 persons. He wants humanity to benefit from his birthday instead of just partying.

“So this programme, which takes place for one week every year, is borne out of love for humanity, which is in line with the motto of our foundation, ” Touching Lives”

“Every year, we partner with our surgeon, Dr. Benjamin Olowojebutu, who brings his team from Lagos. He has been one of our partners and he is a respected member of the Nigeria Medical Association.”

Partners and team lead of the medical personnel from Lagos, Dr. Benjamin Olowojebutu, expressed his commitment to the outreach, disclosing his personal calling to give back after surviving a ghastly motor accident years ago.

“I am here with 24 members of my team from Lagos. We perform fibroid surgeries which have allowed women to have their own children. We also perform hernia, lipoma, breast lump and other surgeries.

“Last week, we got a text that one of the women we operated on in 2020 now has three kids. That means this intervention is creating relief for our people.

“The focus is on the less privileged because when you do this, you give it to God. Each year we come back, people give testimonies of the good things that have happened to them.”

A 19-year-old Nelson Ehigie who benefited from the free medical operation, thanked the foundation for the free surgery.

“I’m very grateful to Dr. Paddy Foundation. My parents couldn’t afford the cost so we had to come here for the surgery. God bless Dr. Iyamu,” he said.