Connect with us

News

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

Published

on

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.

Advertisement

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.”

Advertisement

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.”

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

Advertisement

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.”

Advertisement

“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.”

Advertisement

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

READ ALSO: SERAP Drags Wike, Others To Court Over Missing LG Funds

“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.”

Advertisement

“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.”

Advertisement

“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.”

Advertisement

READ ALSO: SERAP Sues Akpabio, Abbas Over ‘Failure To Clarify Details Of N344.85bn NASS Budget’

“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.’”

Advertisement

“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.”

Advertisement

“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.

Advertisement

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

Advertisement

News

JUST IN: Ex-Ondo SDP Governorship Candidate Dies

Published

on

The candidate of the Social Democratic Party in the November 16, 2024, Ondo State governorship election, Bamidele Akingboye, is dead.

His death was confirmed on Wednesday in a statement by his aide, Oyeniyi Iwakun.

Advertisement

According to the statement, Akingboye died earlier on Wednesday at his residence in Victoria Garden City, Lagos.

The statement read, “Known for his unwavering integrity, humility, and generosity, Akingboye left an indelible mark as a successful businessman and a mentor to many across Nigeria and beyond.

READ ALSO: JUST IN: Oldest Missionary To Nigeria, Ruth Elton, Is Dead

Advertisement

“He is survived by his wives, children, grandchildren, and siblings. The family has requested privacy during this period of grief, adding that burial arrangements and further details will be communicated in due course.”

Akingboye contested the November 2024 governorship election but lost to the incumbent governor and candidate of the All Progressives Congress, Lucky Aiyedatiwa.

After the poll, Akingboye and the SDP rejected the result, alleging widespread irregularities.

Advertisement

READ ALSO:JUST IN: Oldest Missionary To Nigeria, Ruth Elton, Is Dead

The party claimed its agents were harassed and chased away from polling units, while voters were intimidated.

Akingboye himself insisted that the exercise was marred by malpractices and urged the Independent National Electoral Commission to cancel the election.

Advertisement

Continue Reading

News

VIDEO: Police Arrest Syndicate Hypnotising Victims Under Guise Of Seeking Directions In Delta

Published

on

The Delta State Police Command has arrested seven suspects specialised in defrauding victims under the guise of seeking directions.

Advertisement

The command’s spokesperson, SP Edafe Bright, disclosed this in a post on X.com on Tuesday, explaining how the syndicate approaches their victims, hypnotises them and cart away with their money and valuables.

He wrote, “Have you ever come across people who pretend like they are looking for direction? Have you ever met a victim who they lured and ended up taking all their money, phones and jewellery? Watch till the end to find out their strategy, and please share for others to learn.”

READ ALSO:Three Suspects Arrested In Police Crackdown On Delta Kidnappers

Advertisement

In the accompanying video, Edafe added, “We’ve been hearing of this syndicate that usually acts in the guise of looking for direction and eventually manages to hypnotise their victims, lure them, collect their money, phones and even their jewellery. It is no longer a fairy tale because today we have about seven suspects who are very good at that, but the hands of the law have finally caught up with them.”

One of the suspects in the video described the act as a “419 business” that requires three persons called Cashama, Jejeti and Citama, respectively.

The suspect went ahead to explain the strategy they use in defrauding their suspects and the role of the three members in the scheme.

Advertisement

READ ALSO:Super Falcons Coach Madugu Nominated For 2025 Ballon d’Or Award

Another suspect added that the gang has netted about N2.7 million through this tactic from five victims.

One of the victims, identified as Fullness, recounted his experience, stating that he was approached by a man who seemed lost and was ignored by other people. He took pity on the man and agreed to help.

Advertisement

He noted that upon entering their vehicle, he lost all sense of awareness and was later defrauded of ₦2.5 million in cash, a phone worth ₦1.6 million, and another phone valued at ₦400,000.

Another victim, identified as Daniel, also explained how the gang collected jewellery and gadgets worth over N7 million from him.

Watch the video below:

Advertisement

https://x.com/MobilePunch/status/1963169979609551162?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1963169979609551162%7Ctwgr%5Ea8a95bacc0b76a0da87621d733811182f7c60d86%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fpunchng.com%2Fvideo-police-arrest-syndicate-hypnotising-victims-under-guise-of-seeking-directions-in-delta%2F

Advertisement
Continue Reading

News

OPINION: 200k – The Shameful Prize For Academic Excellence

Published

on

By Israel Adebiyi 

Education remains the most powerful tool for personal and national transformation. It is through the cultivation of knowledge, literacy, and skills that societies evolve from dependence to independence, from poverty to prosperity, and from stagnation to innovation. Nations that truly understand this reality invest heavily in their young intellectuals, not only by providing opportunities but also by celebrating and rewarding excellence in ways that inspire others to aim higher.

Advertisement

The Nigerian Constitution itself recognizes this truth. Section 18 of the 1999 Constitution (as amended) states unequivocally that “Government shall direct its policy towards ensuring that there are equal and adequate educational opportunities at all levels.” Furthermore, subsection 3 mandates that “Government shall strive to eradicate illiteracy” through free and compulsory education at all tiers. These provisions are not mere suggestions; they are guiding principles for national progress.

Beyond our national laws, Nigeria is signatory to several international treaties and conventions that place education at the heart of human rights. Article 26 of the Universal Declaration of Human Rights affirms education as a right for all. The International Covenant on Economic, Social and Cultural Rights (ICESCR) insists that primary education must be compulsory and free, while higher education must be equally accessible to all on the basis of merit. Similarly, the African Charter on Human and Peoples’ Rights calls on governments to promote education as a vehicle for collective dignity and empowerment.

But education in Nigeria is more than just policy and law. It is part of our cultural consciousness. Through songs, elders and teachers reminded us that knowledge is wealth, and learning is the ladder to dignity. Songs like Eko Dara Pupo (“Education is very good”) captured the timeless truth that education liberates a person from ignorance. Another popular tune, Bata Mi A Dun Ko Ko Ka (“My shoes will sound proudly”), symbolizes the celebration of educational achievement and the promise of a bright future. These melodies echo in classrooms and homes, serving as cultural testaments to the high value Nigerians place on knowledge.

Advertisement

MORE FROM THE AUTHOR:OPINION: Ezekwesili, The NBA, And The Mirror Of Truth

Yet, against this backdrop of constitutional guarantees, international obligations, and cultural reverence, one cannot help but question the nation’s priorities when brilliance is rewarded with a token. When 17-year-old Nafisa Abdullahi from Yobe State outshone over 20,000 students across 69 countries to emerge the world’s best in English Language Skills at the TeenEagle Global Finals in London, she did more than win a trophy; she placed Nigeria on the map of intellectual achievement. Her victory was a triumph of diligence, discipline, and the power of Nigerian intellect. But the nation’s response, a ₦200,000 reward, was a glaring contradiction to the weight of her accomplishment.

The ₦200,000 cheque presented to Nafisa Abdullahi was not a reward; it was an insult dressed as recognition. It was not a gesture to inspire a generation; it was a token that diminished the very essence of her victory. In a country where entertainers are showered with millions for fleeting performances, and football teams receive dollar rains for continental triumphs, how can the brightest young mind, who carried Nigeria’s flag to the pinnacle of global intellectual acclaim, be handed the equivalent of a week’s grocery bill in some households?

Advertisement

This disparity speaks to a deeper malaise in our national value system. We clap louder for goals than for genius, we celebrate speed on the pitch more than brilliance in the classroom, and in doing so, we broadcast a dangerous message: that intellect is cheap, and learning is secondary. But a nation that cannot properly reward education is a nation headed for doom.

Consider this: Nafisa hails from Yobe State, a region often in the news not for academic breakthroughs but for the tragic statistics of out-of-school children. UNICEF reports that Nigeria has over 20 million out-of-school children, many of them in the North-East, with Yobe carrying a heavy portion of that burden. Yet, from such a place of adversity, a flower bloomed, and rather than water it, the nation offered her crumbs. If ever there was a story that should have been used to ignite a revolution in education, it is Nafisa’s. Where was the Yobe State government with a grand civic reception to remind its children that brilliance is not only possible but celebrated? Silence and indifference prevailed instead.

MORE FROM THE AUTHOR:[OPINION] Game Of Thrones: Ooni, Alaafin And The Ridiculing oF Yoruba Heritage

Advertisement

This faulty reward system does not only dishonour one girl; it demoralises millions of students who labour in classrooms across Nigeria, dreaming that their diligence might someday earn them recognition. If what they see is that global brilliance earns a paltry ₦200,000, while entertainers and athletes are endlessly celebrated, what then do we expect the next generation to aspire to?

Nigeria must, therefore, rethink its value system. Rewarding intellectual achievement must not be an afterthought—it must be a national priority. A new framework is needed where students who bring glory to Nigeria through knowledge are celebrated with the same pomp and substance as sporting heroes. Scholarships, endowments, mentorship opportunities, and life-changing incentives should be the bare minimum. If we truly believe that education is “the most powerful weapon to change the world,” then we must treat those who wield it as national treasures, not as footnotes in ceremonial handshakes.

Nafisa’s triumph should have been a rallying point to declare to the world that Nigeria will no longer export only oil and athletes, but also intellect, innovation, and ideas. Instead, we reduced her victory to a headline and a token cheque. That is not just a missed opportunity; it is a national disgrace.

Advertisement

Until we build a system that dignifies education, we will continue to reap the fruits of misplaced priorities: corruption, mediocrity, and underdevelopment. The time has come to rewrite the reward system—not for Nafisa alone, but for every Nigerian child whose shoes, one day, should sound proudly, ko ko ka, on the global stage.

Advertisement
Continue Reading

Trending