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SERAP Sues Tinubu ‘Over Failure To Probe Missing $3.4 Billion IMF Loan’
Published
1 year agoon
By
Editor
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.”
READ ALSO: Probe Missing, Unaccounted $3.4bn IMF Loan, SERAP Tells Tinubu
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.”
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.”
“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.”
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.’”
“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.
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News
Uproar As Senate Okays Non-indigene As Rivers Electoral Commission Chairman
Published
14 hours agoon
June 25, 2025By
Editor
There was an uproar in the Senate on Wednesday following the approval of a non- indigene, Dr. Michael Odey as the Chairman, Rivers State Independent Electoral Commission, RSIEC.
The confirmation of Odey, who hails from Cross River State, alongside other members of the Commission followed the consideration of the report of the Ad- Hoc Committee on Oversight of Emergency Rule in Rivers State presented by its chairman, Senator Opeyemi Bamidele (APC Ekiti Central).
The development sparked as a few senators objected the appointment of a non-indigene to head a sensitive position as that of a state electoral commission.
Those confirmed as members of the RSIEC are Mr. Lezaasi Lenee Torbira, Prof. Author Nwafor, Prof. Godfrey Woke Mbgudiogha, Prof. Joyce Akaninwor, Dr. Olive A. Bruce and Prof. Chidi Halliday.
READ ALSO:Nigerian Senate Passes 2025 Budget For Rivers State
Objecting to Odey’s confirmation, Senator Abdul Ningi (PDP Bauchi Central) said bad precedent should not be set by allowing a non-indigene to head the electoral commission of a state.
He said: “I objected as observed because if it is allowed and becomes the norm, it will not be well for the country.
“I do not see the necessity of having someone from another state to chair an electoral body.”
Also kicking against the approval, former Senate Leader, Senator Ali Ndume, (APC Borno South), said it is wrong to scout for a non-indigene for such sensitive position when there are over one thousand indigenes who are qualified.
READ ALSO:Senate Sets Up Committee To Oversee Rivers Administrator
Referring to a comment by the Deputy Senate President, Jibrin Barau, the Minority Leader, Senator Abba Moro (PDP, Benue South), said politics was infused into the matter.
“It is here that politics is brought into this matter. Nobody is objecting to the personality but to a question of morality this appointment has raised.
“I am not a lawyer and not talking law, we are talking about ethics. This is unethical. We should not intrude politics into what we do here,” Moro said.
But the Chief Whip of the Senate, Senator Tahir Monguno (APC, Borno North), argued that Odey’s appointment is constitutional and that there is nothing wrong im the confirmation by the Red Chamber.
READ ALSO:May Day Shocker: NLC Cancels Celebrations In Rivers, Edo States
He said: “The constitution is the ground norm and inasmuch as there is no provision in the constitution that is against appointing a non-indigene, the confirmation is then in order.
“Any Nigerian is free to take up appointment in any state. I can be a governor in Benue State. We are talking about constitution, not morality.”
The Senate Leader, Senator Opeyemi Bamidele while appreciating concerns raised, however, appealed that it is a matter that should not be politicized, saying “The matter does not call for grandstanding.”
He argued that Odey is both eligible and qualified as a PhD holder.
READ ALSO:Rivers Women Walk Out On Ibas’ Wife, Chant ‘We Want Fubara’
Bamidele disclosed that the committee had also raised similar concern during the screening exercise where he called on Odey to provide constitutional evidence of his eligibility.
He said the Odey is eligible and qualified, adding that having the six other members from Rivers State, picking a non-indigene as chairman would create room for transparency and neutrality.
In his remarks, the Deputy Senate President, Barau, who presided over the session, insisted that anybody can work anywhere in Nigeria.
Barau cited an example of an indigene of Edo State who is the Head of Service in Abia State.
READ ALSO:[BREAKING] Rivers: Pro-Fubara Supporters Protest, Demand Gov’s Reinstatement
He said the objection “is purely politics because it is coming from APC”.
In the same development, the Senate also confirmed the appointment of members of the Rivers State Civil Service Commission and Local Government Service Commission nominated by President Bola Tinubu.
The Civil Service Commission consists of five members, including its Chairman, Dr Livinus Bariki, and Ambassador Lot Peter Egopija, Mrs Maeve Ere Bestman, Mrs Joy Obiaju and Mrs Charity Lloyd Harry as members.
Also confirmed are the chairman of the Local Government Service Commission, Mr Isreal N Amadi and Mr Linus Nwandem, Lady Christabel Ego, George Didia, Dr Tonye Willie D Pepple, Barrister Richard Ewoh, Rear Admiral Emmanuel Ofik (rtd) and Dr Sammy Apiafi, as members.
(DAILY POST)
News
Nigerian Senate Passes 2025 Budget For Rivers State
Published
14 hours agoon
June 25, 2025By
Editor
The Nigerian senate on Wednesday, passed the 2025 budget of Rivers State, to the tune of N1.485 trillion.
The passage came after the third reading of the appropriation bill on the Senate floor.
This came after the upper chamber considered the report of the Ad-Hoc Committee on Rivers State during the Committee of Supply session.
DAILY POST reports that the bill seeks to authorize the issuance of N1,485,662,592,442 from the Consolidated Revenue Fund of Rivers State for the fiscal year ending December 31, 2025.
READ ALSO:Senate Sets Up Committee To Oversee Rivers Administrator
According to the approved budget breakdown, N120.8 billion is for debt servicing, N287.38 billion is for recurrent (non-debt) expenditure, and N1.077 trillion is for capital expenditure.
Senator Abdul Ningi (Bauchi Central), while supporting the passage of the bill, however, raised a concern regarding the additional 50 billion naira earmarked for the payment of outstanding pensions and gratuities.
The lawmaker charged the Senate Ad-Hoc Committee to carry out more rigorous oversight to ensure that the funds reach the rightful pension beneficiaries without delay.
DAILY POST reports that with the passage, the Rivers State 2025 budget will now proceed for assent and implementation.
READ ALSO:JUST IN: Seek True Peace To Avoid Impeachment, Rivers APC Tells Fubara
It will be recalled that President Bola Tinubu in May submitted the 2025 Appropriation Bill for Rivers State to the National Assembly for consideration, after the suspension of the state’s House of Assembly.
In a letter addressed to the Senate President, Goodwill Akpabio, the proposed budget totals N1.481 trillion, with major allocations aimed at revitalizing key sectors.
The president also wrote to the House of Representatives for the Rivers State budget approval, reminding the House that the Supreme Court had nullified the 2025 budget presented by suspended Governor Siminalayi Fubara.
News
Kebbi Govt Mulls Death Penalty For Bandit Informants
Published
14 hours agoon
June 25, 2025By
Editor
Kebbi State Government has said it would review existing laws to impose death penalty or life imprisonment on convicted informants aiding the criminals in the state.
This is coming in the wake of renewed attacks by armed bandits in parts of the state.
The State Governor, Nasiru Idris made this disclosure on Tuesday, when he paid condolence visits to Tadurga village in Zuru and Kyebu in Danko/Wasagu Local Government Areas, both recently targeted by bandits in attacks that claimed 30 lives.
READ ALSO:Tobacco Kills 1.3 Million Non-smokers Yearly — WHO
The governor, while describing informants as deadly to society, reiterated his administration’s zero-tolerance stance on insecurity and promised to treat the issue with utmost seriousness.
He expressed sorrow over the tragic loss of lives, praying for the victims and asking Allah to grant the deceased Aljannah Firdausi and a quick recovery to those injured.
“We are here to see things for ourselves, commiserate with you and reassure you of the urgent steps we have taken to improve security,” he said.
READ ALSO:Pastor Enenche Rejects N30m Donation From Kebbi Governor
The Governor called on the public to refrain from politicizing security issues or spread unverified information on social media, warning that such actions could jeopardise ongoing efforts to restore peace.
Responding, the Chief of Danko, Ibrahim Al’aji, and the Chief of Dabai, Suleiman Sami, appreciated the governor for his swift intervention and called for enhanced security measures, especially along routes used by bandits entering from neighboring states.
The Emir of Zuru, Rtd. Major General Sani Sami also expressed appreciation for the governor’s visit and ongoing commitment to security in the emirate.
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