News

SERAP Sues Tinubu ‘Over Failure To Probe Missing $3.4 Billion IMF Loan’

Published

2 years ago

March 3, 2024

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”

SERAP noted that the allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.

In the suit number FHC/ABJ/CS/269/2024 filed last Friday at the Federal High Court, Abuja, SERAP is asking the court “to direct and compel President Tinubu to probe the allegations that $3.4 billion loan obtained by Nigeria from the IMF to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”

SERAP is also seeking: “an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”

SERAP is also seeking: “an order of mandamus to direct and compel President Tinubu to ensure the full recovery of the missing $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”

In the suit, SERAP is arguing that: “Investigating these grave allegations, bringing suspected perpetrators to justice and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.”

SERAP is also arguing that, “The findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”

According to SERAP, “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 back both the loan and accrued interests.”

SERAP is arguing that, “Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.”

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Granting the reliefs sought would end the impunity of perpetrators and ensure justice for victims of corruption.”

“Granting the reliefs sought would facilitate the effective implementation of the recommendations by the Auditor-General in the 2020 annual report that the missing $3.4 billion IMF loan be fully recovered and remitted to the public treasury and those responsible be ‘sanctioned and handed over to anticorruption agencies’.”

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

“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 respond to the COVID-19 pandemic is missing, diverted or unaccounted for.”

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

“The Auditor-General has recommended that the money should be fully 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 has also recommended 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 SERAP’s information, Nigeria has signed an agreement to spread the repayment of the IMF loan/interests 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.”

“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.”

“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.”

“The Nigerian 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.”

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

“Under Section 16(1) of the Constitution, the Nigerian 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 the Nigerian 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 the Nigerian 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 the Nigerian 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.”

Joined in the suit as Respondent is Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.

No date has been fixed for the hearing of the suit.

News

Otuaro Tasks Media On Objective Reportage

Published

49 minutes ago

December 18, 2025

Editor

The Administrator, Presidential Amnesty Programme (PAP) Dr. Dennis Otuaro has charged media practitioners particularly members of the Ijaw Publishers’ Forum to promote ethical journalism through their reportage.

He gave the charge in Warri on Wednesday during the 2nd Annual Ijaw Media Conference organised by the Ijaw Publishers’ Forum (IPF).

Represented by Princewill Binebai, spokesman, Ijaw Youth Council (IYC) Worldwide, Otuaro while stating that the Niger Delta stories have been told in such a way that is quite different from what is obtainable in the real sense, said this, IPF must do everything possible to correct.

The administrator added: “I am happy that Ijaw journalists have boldly come out together to champion the Ijaw struggle in a very dynamic perspective”.

“The Ijaw story was misrepresented over the years, but IPF’s emergence had corrected this error and the story is gradually changing for better.”

Otuaro, however, challenged Ijaw media practitioners to be objective, truthful, accurate and fearless in their reportage to correct many years anomalies of the Ijaw struggle.

He admonished members of IPF to see themselves as brothers and love one another in the discharge of their activities to achieve a common goal.

News

Police Confirm Edo Tanker Explosion, say No Casualty

Published

56 minutes ago

December 18, 2025

Editor

The Edo State Police Command has confirmed tanker explosions that rocked Auchi, the administrative headquarters of Etsako West Local Government Area of the state.

The Command’s Police Publice Relations Officer, Eno Ikoedem, who confirmed the incident via the phone, said the explosion occurred at about 6:30 p.m. following the fall of a fuel tanker along the road.

Ikoedem said the incident occurred on Wednesday evening at about 6:30 p.m. following the fall of a fuel tanker along the road.

She explained that spilled fuel seeped into underground tunnels, which later ignited and caused three explosions in different parts of the Auchi community.

According to her, officers from the Auchi Divisional Police Headquarters and the Area Command were mobilised to the affected areas and successfully cordoned them off to prevent loss of lives.

She added: “No casualty was recorded. Our men on ground were able to cordoned the affected areas.”

It was gathered that three separate explosions rocked the town simultaneously in different parts, which led to properties worth millions of naira destroyed.

A resident who does not want his name in print said via the telephone that the blasts occurred along Igbei Road, Igbo Shade, and along the Auchi–Okene Road, close to Winners Junction.

The resident, who alleged the explosions appeared to have been coordinated, called for a thorough investigation into the incident to prevent future occurrences.

Calls put across to Mr. Monday Edogiawere, Chairman, Red Cross, Edo State, were not picked.

News

IPF Hosts Media Conference, Seeks Protection For N’Delta Environment

Published

1 hour ago

December 18, 2025

Editor

The Ijaw Publishers’ Forum (IPF) on Wednesday , December 17, 2025 held its annual media conference in Warri, Delta State, where the media practitioners sought protection of the Niger Delta’s natural resources and environment for future generations.

In his welcome address at the conference themed: ‘Safeguarding the Niger Delta Natural Resources for Future Generations,’ IPF President, Comrade Austin Ozobo, while emphasising the importance of protecting the Niger Delta’ environment and resources, highlighted the devastating impact of oil theft, environmental pollution, exploitation by oil companies, federal government and deforestation on the region.

He called on oil exploration companies to prioritize the well-being of the people and the environment.

Comrade Austin also provided a brief history of the IPF, which was formed in October 2023 to promote the Ijaw struggle and its identity.

He noted that the IPF has made significant strides in telling the Ijaw story and advocating for the rights of the Ijaw nation.

Ozobo, who noted that the conference was aimed at addressing the challenges facing the Niger Delta region and find solutions to safeguard its natural resources for future generations, said: “We must stop oil theft, environmental pollution which has destroyed fishing and farming activities or occupation in our region. We must equally stop deforestation and waste of other forest and aquatic resources. Our resources are our future. Our environment is our wealth. Pollution does not just affect our environment but it shortens our life span. Stealing our crude or sabotaging it, is as well as stealing our common wealth, invariably creating poverty, unemployment and lack of opportunities in our region. This message largely affects our oil exploration companies. The IOC and indigenous oil companies management should stop exploitation and deliberate environmental pollution if our well-being should be prioritized”.

“We have proactively told the Ijaw story in all dimensions, we have propagated and seamlessly advocated for the struggle of the Ijaw nation. We have actively defended the Ijaw nation from willful blackmails, people who are hellbent to hand twist, incite government, its military against Ijaw nation to jeopardise Ijaw identity. This is not to entertain you but well-meaning leaders, stakeholders and youths could attest to it”.

“There is no gainsaying that IPF has balanced the equilibrium, the Ijaw nation is now more significant in the media industry than ever, there is now a checks and balances between those who bastardise our collective image or identity in the name of telling our story. We have corrected many such narratives and we will continue to put a stop to it. I can assure you that the rate at which the foreign papers battered our identity have reduced to the barest minimum since we took charge and made Ijaw significant in the media industry”

“The Yoruba has their media houses, Hausa has its own, Igbo has, Itsekiri has, Urhobo has, so the commitments and efforts made by brilliant Ijaw sons and daughters to strengthen Ijaw presence in the media industry should be encouraged by all well-meaning Ijaw leaders and critical stakeholders. Our mission and visions are to defend, advocate, propagate Ijaw/Niger Delta self-determination struggle and build dependable media houses for the Ijaw nation in no distance time. So that when all papers and broadcasting stations will show patriotism to their origins, political Godfathers and hand twisted governments in the unforeseen dark days, Ijaw nation will not be left in the rain and sun to be battered”.

The conference was attended by prominent guests, including High Chief Dennis Otuaro, Administrator of the Presidential Amnesty Programme, and RT. Hon. Emomotimi Guwor, Speaker of the Delta State House of Assembly, Chief Lawuru Promise, Amb. Godknows Igali, Pandef National leader, Chief Oyakemeagbegha Izinebi, INC publicity Secretary, Chief Wellington Bobo, Chief Emmanuel Amgbaduba former commissioner of oil and gas, Delta State, Chief Udens Eradiri, IYC spokesman Princewill Binebai, Ijaw women Rights’ Protection Forum IWRPF, Ijaw women in politics, for peace and Culture, Ayakoromo ladies, President Amnesty students leadership and others.