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SERAP sues Tinubu over failure to probe missing $3.4bn IMF loan to finance budget, respond to COVID-19
The Socio-Economic Rights and Accountability Project (SERAP) has filed a fresh lawsuit against President Bola Tinubu.
The lawsuit concerns “the failure (of the President) 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.”
The allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.
In the suit numbered 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 argues: “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.
“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.”
SERAP noted that “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.”
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 the 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.”
Joined in the suit as Respondent is Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.
By Gloria Ikibah
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has expressed sadness over the death of former Kogi State Governor, Alhaji Ibrahim Idris.
Idris, a former industrialist and two-term governor of Kogi State, reportedly died in the United Kingdom on Sunday, September 20, 2026.
In a condolence message, Enikanolaiye commiserated with the immediate family of the deceased, the Kogi State Government and people of the state, as well as his associates across the country.
The minister described the death as “unexpected” and urged Nigerians to draw consolation from the exemplary life Idris lived and the legacies he left behind as a man of peace committed to the good of all.
Enikanolaiye said Idris made significant contributions to business, public service and philanthropy, leaving behind projects that defined his tenure as governor.
He said: “The former industrialist has left very bold footmarks on the sand of time in business, public service, and philanthropy. The greater Lokoja water scheme, the international market, several roads and bridges, State Secretariat phase two, and construction of housing estates across the state, in addition to prompt payment of salaries are some of the legacies that defined his public service.
“He was a very tolerant leader and a voice of unity who saw humanity in all irrespective of creed, class, and tribe.
“For me at a personal and community level, it was the late Governor that put, for the very first time, asphalt on the only road that links my communities from Iyamoye through Igbagun to Isanlu in Yagba South East District which made access and movements easier for the people.
“I have been one of the direct beneficiaries of this transformative project. The road is now overdue for rehabilitation.
“This is one death too many. It is particularly sad that his death occurred at a time when his guidance and wealth of experience were highly required in this special general election season. Nigeria will miss him.
“No one can question the Almighty God, the owner of life. I wish the former governor, Al janah fridaus, and the family the strength to bear this irreparable loss.”
The minister prayed for strength for the family to bear what he described as an irreparable loss.
By Gloria Ikibah
Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has congratulated First Lady Senator Oluremi Tinubu on her 66th birthday, describing her as the “Mother of the Nation”.
Kalu commended the First Lady for her service to the country, particularly her interventions aimed at empowering women, supporting families and vulnerable citizens, and investing in young Nigerians.
In a congratulatory message issued on Monday by his Chief Press Secretary, Levinus Nwabughiogu, the Deputy Speaker said Senator Tinubu’s leadership had reflected compassion and brought what he described as a profoundly human face to the administration of President Bola Ahmed Tinubu.
He also praised her commitment to raising funds for the renovation and completion of the National Library of Nigeria, describing the initiative as symbolic of her vision for the future.
Kalu said: “Your Excellency, your life of service continues to demonstrate that leadership finds its highest expression in compassion. Through your interventions across the states of our federation, particularly your commitment to the empowerment of women, support for families and vulnerable citizens, and investment in the hopes and aspirations of young Nigerians, you have brought a profoundly human face to the administration of His Excellency, President Bola Ahmed Tinubu, GCFR.
“Your remarkable commitment to raising funds for the renovation and completion of the National Library of Nigeria is especially symbolic of your vision for the future. A nation that invests in its libraries invests in the minds of its children”.
The Deputy Speaker further described Senator Tinubu as a source of inspiration to emerging leaders, praising her humility, quiet strength and graciousness in office.
“At 66, we celebrate not only the gift of your life, but the countless lives that have been enriched by your generosity of spirit and commitment to service,” Kalu said.
He prayed for continued strength, sound health and wisdom for the First Lady.
By Gloria Ikibah
The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has congratulated the First Lady, Senator Oluremi Tinubu, on her 66th birthday, describing her as a “great mobiliser and unifier”.
In a congratulatory message issued through his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, on Saturday, Abbas described the First Lady as a dependable spouse, partner and ally to President Bola Ahmed Tinubu.
The Speaker commended her “indefatigable spirit” and high level of patriotism, saying she remained an inspiration to Nigerian women.
He also acknowledged her experience in public administration and women mobilisation, describing her as an experienced political, religious and woman leader.
Abbas praised her resilience in supporting not only the President but also the ruling All Progressives Congress (APC), noting her influence at the grassroots and her efforts to complement the actualisation of the Renewed Hope Agenda.
The Speaker wished the First Lady many more years in sound body and mind, while praying for the success of her husband in the forthcoming presidential election.
Enikanolaiye Mourns ex-Kogi Governor Ibrahim Idris
Kalu hails Oluremi Tinubu at 66, Praises Support for Women, Vulnerable Nigerians
Abbas Hails Oluremi Tinubu @66, Praises Her as ‘Great Mobilise, Unifier’
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