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

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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.”

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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.”

READ ALSO: SERAP Sues NNPC Over Failure To Account For Nigeria’s Daily Oil Production, Revenues

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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’.”

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“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.”

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READ ALSO: SERAP Drags Akpabio, Oshiomhole, Others To Court, Wants Their Salaries, Pensions Stopped

“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.”

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“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.”

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“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.”

READ ALSO: SERAP, 20 Others Sue Akpabio, Abbas, Others For Increasing Own Budget By N147bn

“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.”

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“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.”

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“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.”

READ ALSO: Disclose How Much Oil Nigeria Produces, Exports Daily, SERAP Tells NNPC

“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.’”

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“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.”

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“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.”

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ASUU Declares Two-week Strike, Orders Members To Down Tools On Monday

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The Academic Staff Union of Universities (ASUU) has announced the commencement of a two-week ‘total strike’ and ordered its members to withdraw their services across the country, effective 12:01 a.m. on Monday.

ASUU President, Prof. Christopher Piwuna, disclosed this at a press conference in Abuja on Sunday.

The development comes after the two-week ultimatum issued to the Federal Government to address their long-standing demands expired.

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Prof. Piwuna expressed dismay that nothing significant had happened since it issued the two-week ultimatum. “Government has been asking for time with nothing concrete on the ground to resolve it,” he said.

READ ALSO:ASUU Directs Members To Begin Nationwide Strike Education

According to him, the decision to embark on the total strike was reached after several rounds of meetings with government representatives ended without any tangible commitment.

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He noted that the union had exhausted all avenues for dialogue and patience, emphasising that the strike action was the last resort to compel the government to fulfil its promises.

He further explained that the union had consistently shown restraint in order not to disrupt the academic calendar, but the government’s insensitivity had left them with no alternative.

“Consequently, all branches of ASUU are hereby directed to withdraw their services with effect from midnight (12:01 a.m.) on Monday, 13 October 2025. The warning strike shall be total and comprehensive as agreed at the last NEC meeting,” he said.

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READ ALSO:ASUU Directs Members To Begin Nationwide Strike Education

He also called on well-meaning Nigerians, civil society organisations, and the media to prevail on the Federal Government to address the lingering issues once and for all. The union warned that unless concrete steps are taken within the two-week period, it will not hesitate to extend the strike indefinitely. “This struggle is not just for university lecturers; it is for the soul of public education in Nigeria,” Prof. Piwuna declared.

The seven-point demands include: re-negotiation of the 2009 ASUU-FGN agreement; sustainable funding of universities; revitalisation of universities; victimisation of ASUU members in Lagos State University (LASU), KSU (now Prince Abubakar Audu University), and Federal University of Technology, Owerri (FUTO).

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Others are outstanding 25–35 per cent salary arrears; promotion arrears for over four years; as well as third-party deductions.

 

 

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Nigerian Engineers applaud Gov. Mohammed’s $5bn Investment Deals

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The Nigerian Society of Engineers (NSE), Bauchi state chapter has commended Gov. Bala Mohammed for organising the maiden international investment summit that recorded a 5 billion Dollars investment deal in the state.

It could be recalled that Prof. Murtala Sagagi, Chairman of the Summit Planning Committee, disclosed at the end of the summit that it recorded over 5 billion Dollars investment deals and 47 Memoranda of Understanding (MoUs) signed.

He said that the agreements signed covered agriculture, solid minerals, power, infrastructure, and ICT sectors, adding that one of the MoUs translated into a concrete investment deal worth 1 billion dollars, which would become operational before the end of 2025.

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Speaking with newsmen on Sunday, Engr. Abdulkarim Hassan, Chairman, NSE, Bauchi state chapter, congratulated the state government for organizing and the successful completion of the economic and investment summit.

READ ALSO:Bauchi Attorney-General Says GBV Is A Pressing Human Right Issue

According to him, the summit has also showcased Nigerian engineers’ professional prowess to the world as the newly constructed International Conference Centre (ICC) where the summit was held was built by a Nigerian construction company.

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He expressed confidence in the governor for engaging Nigerian engineers to do the job, saying “the feeling is mutual because if he didn’t have confidence in us, he would have engaged foreign engineers to do the work.

“We extend our profound
congratulations to the governor on the successful completion of the Bauchi
Investment Summit.

“This summit was not merely an event, it was a clear demonstration of his visionary leadership and unwavering commitment to transforming Bauchi State into a prime destination for investment.

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READ ALSO:Bauchi Attorney-General Says GBV Is A Pressing Human Right Issue

“The quality of delegates, the insightful discussions, and the tangible commitments secured during the summit have set a new benchmark for economic engagement in the North-East and other
regions in Nigeria.

“As professional engineers, we were particularly encouraged by the strong emphasis placed on infrastructure, industrialisation, and technological development, which are key pillars that will
drive sustainable growth,” he said.

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Hassan added that the success of the summit has laid a robust foundation for attracting the capital necessary to execute the ambitious infrastructural projects required for the state’s development.

He expressed the readiness of the NSE, Bauchi branch to partner with the state government by offering its professional expertise and technical support to ensure that the outcomes and MoUs from the summit translated into sustainable reality for the people of Bauchi State.

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OPINION: Oshiomhole In A Fight Between The Elephant And The Pit

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By Tony Erha

‘Okuo imose”, “no fight is attractive” – all fight is ugly, according to the Edo people. If a fight doesn’t pluck the teeth it would drip the noise of red blood. That is why pundits were apprehensive and had to caution Dangote Refinery and the Petrol and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to a sound reasoning, over the sack of 800 of its workers by Dangote, which was followed by a strike action that was later called-off. The fisticuff was intensified as the National Union of Petroleum and Gas Workers of Nigeria (NUPENG), joined the spat by supporting PENGASSAN.

Like the American freestyle wrestling, where partakers fight with anything they lay their hands upon, a melee, a-free-for-all in which no one seems to know the real opponents. The fallout of the Dangote and PENGASSAN fight has unsettled Nigerians. The Benins would say “ama re fi ekpa arie gb’ ihue”; “the fisticuffs hadn’t started when the nose bled blood”. For the hapless consumer public is still at the mercy of the raging feud after the settlement. Indeed, the grass suffered where two elephants fought dirty. Buyers of Dangote products are still groaning under a surge of cooking gas price, from about N1,000 to N3,200 per kg.

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Dangote Refinery’s kingpin, Aliko Dangote, who has huge investment monies flowing in his veins, vowed to a showdown with the PENGASSAN and NUPENG. Do not take my calmness for cowardice; Aliko seemed to have said, flinging his hat into the ring. “…There is no fight I have never won…” he boasted, whereas he actually won several and lost some, in the monopoly business with fellow competitors.

It was a rivalry fight between the Elephant and the Pit, when the Elephant arrogates to being the largest land animal; and the Pit boastful he is the hugest depth in the ground. The Pit threatens to swallow the Elephant and the Elephant determined to cover up the Pit. Finally on the encounter, the Pit that swallows the Elephant wouldn’t swallow more animals, nor will the Elephant live to swallow another pit.

MORE FROM THE AUTHOR:OPINION: ‘Ikhueki’, Benin Market Women Are At War!

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In wrestling and boxing of exchange of punches and slams, America’s loquacious president and all-time wrestling and boxing promoter, Donald Trump, is well-known. One of the memorable grim and tricky fights of the tempest Trump was when he dragged his fellow promoter from the ringside to the dais, and beckoned on others to instantly shave his head, to the wild delight of wrestling fans across the globe. Realising that he had truly missed out from his rasmatazz in promoting competitive boxing and wrestling, an intoxicating Trump had recently arranged for a cage-wrestling showdown to mark one of his official events in a US presidential venue. When a lion king thirsts for the blood and flesh of prey, as he no longer go hunting, he claws to his own tongue to a consolatory leak of his own blood to quench his lust for blood.

Adams Aliu Oshiomhole, Nigeria’s former labour leader and ex-governor of Edo State, was dragged into the fight with his comment that PEGASSAN erred declaring a strike action without a second thought for the majority poor, who were bound to suffer the strike’s consequences. PENGASSAN and NUPENG thereby saw Oshiomhole as entering the fight arena as in ‘Enter the Dragon’, an epic film in which Chuck Norris; a famous kickboxer sorted it out with Bruce Lee, the late iconic martial artiste. It was somewhat absurd for NUPENG to point menacingly at Oshiomhole, declaring him a ‘persona non grata’ and placed a ban on him from all NUPENG’s activities, whereas the oil union was only one amongst the over 41 affiliate unions that constituted his command of the Nigerian Labour Congress (NLC), with him as its two term president.

Now, Oshiomhole seems better placed having resumed his pro-people stand, with his current valuable contributions to it in the Senate’s chamber. But NUPENG is irritated that one of their own could attempt to stop the mongoose from killing the snakes that had all along been killed for gains and superiority sakes. Do the organised labour trust Oshiomhole, vice versa? It’s likened to the crusading music of the late musician Joseph Osayomore; “Who know man naim dey kill man” (one’s enemy is his friend). Although Oshiomhole left active labour activism about two decades ago, he’s probably the same ‘adamant Adams’ who knows the strength and pitfalls of regimental unionism, where men in khaki are soldier ants.

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Why will NUPENG, led by William Akporeha, its president, be so unfair banning their former leader from speaking in their public fora, knowing that speaking in the function of the organized labour was the most effective pills he takes to get well?

MORE FROM THE AUTHOR:OPINION: Endless Season Of Guns, Terror And Uncertainties

Oshiomhole may not be a ringside promoter to Dangote and his mercantile, in the fight-to-finish with the PENGASSAN and NUPENG warlords, as he was accused of, nor for a ravaging workers union, than for a weary public that is a usual butt of undue strikes by insensitive workers’ and endless monopoly by businesses. A suspicious PENGASSAN and NUPENG, even though are rightly condemned for anti-people stand, by their inept strike, might have made a valid point that leaders, whose words sometimes (if not often) conflict with the good examples they preach, set the bad example for others to follow.

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In a game of survival, like the odd one currently faced by the Super Eagles, in their bid to qualify for the world cup, a Gernot Roy, Nigeria’s former coach, who was booted out, and now leading the national team of the Republic of Benin, would open Nigeria’s football secrets to his newest side, as NUPENG also think their leaders are to Dangote. And is an irony that Gernot Roy is a decider of the fate of Nigeria, in the Super Eagles final match with the Benin team for the world cup carnival.

Like Trump, Oshiomhole is ‘very slippery’ as he has in common a showmanship, raw courage and the resilience of a marathoner. Oshiomhole is ‘a giant’ who’s physical and determined. Sufuyan Ojeifo, a prolific writer and journalist, once called him ‘dynamite that comes in pieces’; while I add ‘dynamite that turns a mass into pieces’. For a man who trains so rigorously, and does drills which most young men can hardly do, I was terrified when Oshiomhole, unlike a pugilist promoter in a prematch talk-show, angrily warned Reuben Abati, the Arise TV presenter, that he would punch him to puff-puff’ (swollen pie), with a black-eye and calluses, for slandering him.

If the fight between the Dangote petroleum outfit and the oil unions was in the interest of the public, and not for their selfish interests, all wouldn’t be bothered. Union workers usually orchestrate strike actions, only when it comes to their welfare, whilst staple oil derivative products are still beyond reach , notwithstanding that Nigeria is one of the leading oil producing countries of the world, that are starved of its products.

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