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

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.
News
Edo To Immortalise Late IGP Solomon Arase
The Edo State Government is set to immortalise the late Inspector General of Police, Solomon Arase, who is an indigene of the state.
Governor of the state, Monday Okpebhole, disclosed this on Saturday while receiving the body of the late Arase at the Benin Airport.
Represented by his Chief of Staff, Gani Audu, Okpebholo described late Arase as “one of the finesse police officers and lawyers we have in Edo State,’ adding that “losing him at this time that the Nigeria Police Force and the country in general need him is not good for us”.
“As a State Government, we will work with the family to see how we can Immortalize him. He was a great son of Edo State.
READ ALSO:Security Destroys Suspected Kidnappers’ Camps In Edo
“It is very painful to the government and people of Edo State but we are consoled with the good life he lived”.
Okpebholo described Arase as a team player and a man that was always willing to help.
“It is painful that we lost somebody who always listens to every complaint and tries as much as possible to solve them”.
He, however, prayed to God to give the family the fortitude to bear the loss, assuring that the government will do all that it can to support his family.
News
Edo Activist In Police Net Over Alleged Assault On Abure
Edo-based activist, Precious Oruche, popularly known as “Mama Pee”, has been detained following a heated confrontation with the factional National Chairman of the Labour Party (LP), Julius Abure, at the Abuja Airport.
The incident, which had since gone viral, had sparked controversy and conflicting accounts from both parties.
According to reports, the saga began at the Nnamdi Azikiwe International Airport in Abuja, where Mama Pee allegedly confronted Abure as he prepared to board a Max Air flight to Benin.
Eyewitness accounts said the activist approached Abure and accused him of being responsible for the hardships Nigerians are currently facing.
“Is this not Julius Abure? You’re the one frustrating Nigerians,” she reportedly told Abure in a confrontational manner.
READ ALSO:JUST IN: Supreme Court Nullifies Judgment Recognising Abure As LP National Chair
Abure was responding by saying ‘how can…’ when Mama Pee interjected, saying, “In case nobody has told you, you’re the one frustrating Nigerians. Are you not Julius Abure? What are you now doing with Labour Party? Police are looking for you. You’ve destroyed the Labour Party, and you’re entering an aeroplane? May God punish all of you.”
Arriving at the Benin Airport, things took a more violent dimension as Mama Pee was allegedly attacked by a group of young men believed to be thugs loyal to Abure.
A video circulating online shows a scuffle at the airport’s exit, with several individuals attempting to drag the activist, before security and immigration officials stepped in.
Speaking in one of the video recordings, Mama Pee claimed she was assaulted by the group.
“Look at them oh!!! See them oh!!! They want to beat me after I told Julius Abure that he is the one frustrating the lives of Nigerians, and then he brought thugs. He brought thugs to harass me. Look at them, can you see them,” she exclaimed.
READ ALSO:Why LP Zoned 2027 Presidential Ticket To S’East – Abure
She further alleged, “I saw Julius Abure of Labour Party inside the Max Air, and I told him that you are the one frustrating the lives of Nigerians. You sold Labour Party, and then he called his thugs to wait for me at the airport in Benin.”
Another activist, Peter Akah—widely known as ‘Peter for Nigeria’—released a video calling for Mama Pee’s immediate release.
He appealed to Edo State governor, Monday Okpebholo, and the Edo State Commissioner of Police, Monday Agbonika to intervene.
Akah argued that the activist, who he described as a victim of political violence, had been wrongly turned into a suspect by the police.
Meanwhile, the Abure-led faction of the Labour Party has issued its own version of events, condemning what it termed an “unwarranted attack” on their chairman.
READ ALSO:Obi: Concerns as factional LP Chair, Abure, Visits Wike
In a statement released by the National Publicity Secretary, Obiora Ifoh, the party claimed Mama Pee accosted Abure at the Abuja airport in an unprovoked manner while he was boarding his flight to Benin.
“The assault, which attracted a large population of onlookers, continued unabated on disembarkment at the Benin Airport while she continued recording the scene,” Ifoh stated.
He added that Abure had to be quickly escorted to safety by security agents, while the activist was handed over to police for questioning.
The statement further alleged that Mama Pee, who is described as a known figure in the ‘Obidient’ Movement, bragged in one of her videos about her connections to top police officers.
“She vowed that she will not stop attacking Abure or any member of the Labour Party executive because according to her, ‘you have killed Labour Party and you are the reason why Obi is no longer in the Labour Party,’” Ifoh said.
He called for a thorough probe, just as he urged the Inspector General of Police to look into what they termed cyberbullying and political provocation.
As of the time of filing this report, attempts to get a comment from the Edo State Police Public Relations Officer, SP Moses Yamu, were unsuccessful as calls were neither answered nor returned.
News
Educationist Gets Guinness World Record For Largest Teachers’ Gathering
Nigerian teacher and education advocate, Mr Seyi Anifowose, has officially entered the Guinness World Records for convening the largest gathering of teachers in history, a feat achieved at the “Let There Be Teachers Conference 2025” held on September 20 at Tafawa Balewa Square, Lagos.
A statement by 1 Million Teachers on Friday said the confirmation was announced via a Zoom call on Wednesday, September 23, by Rishi Nath, a representative of Guinness World Records.
Nath commended Anifowose and his team for drawing global attention to an issue that, according to him, “should be on the front burner of policy and dialogue nationally.”
The record-setting event, powered by 1 Million Teachers, drew an unprecedented number of educators from across Nigeria.
READ ALSO:VIDEO: ‘New Record’, Guinness World Record Confirms Hilda Baci’s Largest-serving Of Jollof Rice
Organisers had projected attendance of 60,000 teachers, underscoring both the scale of the mobilisation and the urgency of the message: that Nigerian teachers deserve greater recognition, welfare, and policy support.
“This is more than a number. It is proof that teachers matter. It is a victory for education, and it is a victory for Nigeria,” said Anifowose.
He explained that the choice of Tafawa Balewa Square carried symbolic weight. He said, “It was the same ground where Nigeria declared independence in 1960, and its use for the conference marks another proud national moment—this time celebrating those who build nations in classrooms.”
Anifowose admitted that achieving the milestone was not without challenges.
READ ALSO:Canada-based Nigerian Sets Guinness World Record For Longest Leadership Lesson
“This is not just about breaking a record. It is about resilience. Teachers stood in the rain, braved the sun, and endured long verification lines but refused to back down just to achieve this record,” he noted.
He expressed gratitude to Governor Babajide Sanwo-Olu of Lagos State for hosting the event and to his home-state governor, Abiodun Oyebanji of Ekiti State, for his encouragement.
He also thanked teacher unions and education agencies at both state and federal levels for their support in ensuring the conference’s success.
Beyond the record, Anifowose emphasised that the next phase would focus on policy advocacy. He revealed plans to engage the National Assembly on reforms aimed at improving Nigeria’s education system and boosting teachers’ welfare.
READ ALSO:Customs Seize N905m Rolls Royce, Other Contrabands In Ogun
Nigeria’s education sector has long grappled with underfunding, poor infrastructure, and low teacher morale.
According to UNESCO, the country faces one of the world’s most severe teacher shortages, with many classrooms overcrowded and educators underpaid.
Stakeholders have repeatedly called for reforms to strengthen the sector, improve teacher training, and make the profession attractive to younger generations.
By securing this world record, Anifowose hopes to transform symbolic recognition into tangible change for teachers nationwide.
(PUNCH)
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