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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.
The Joint Admissions and Matriculation Board, JAMB, has released the results of candidates who wrote the 2026 Unified Tertiary Matriculation Examination, UTME, on Monday.
The spokesperson of the commission, Fabian Benjamin, disclosed this in a statement on Tuesday.
The statement directs affected candidates to the board’s standard result-checking channels.
According to the statement, candidates can access their scores by sending “UTMERESULT” to 55019 or 66019 via SMS, using the phone number with which they registered for the examination.
Monday’s UTME results are the latest in a series of daily result announcements that JAMB has been making since the 2026 UTME commenced on Thursday, April 16.
The examination involves over two million candidates sitting computer-based tests at centres across the country.
President Bola Ahmed Tinubu has approved the appointment of Dr. Fatima Suleiman Zuntu as the new Director-General and Chief Executive Officer of the National Biosafety Management Agency (NBMA)
Her appointment is for an initial term of four years and is in accordance with the provisions of the National Biosafety Management Agency Act of 2015, which governs leadership appointments within the agency.
This was disclosed in a statement from the Office of the Secretary to the Government of the Federation, issued by the Head of Information and Public Relations, Chris Ugwuegbulam.
The statement highlighted Dr. Zuntu’s extensive experience in public health administration and policy formulation, noting her involvement in several nationwide programmes, particularly in the health sector and public service delivery.
President Tinubu charged her to apply her expertise in advancing the agency’s objectives and contributing to national development.
The National Biosafety Management Agency is responsible for regulating modern biotechnology in Nigeria, ensuring that its application does not pose risks to human health or the environment.
The Federal Government has finally revealed the identities of individuals who allegedly plotted to forcefully overthrow the government of President Bola Tinubu.
The suspects include a former governor of Bayelsa State, Chief Timipre Sylva, said to be at large in the charge.
Others are Major General Mohammed Ibrahim Gana, Captain Erasmus Ochegobia Victor, Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni and Abdulkadir Sani.
In a 13-count charge marked FHC/ABJ/CR/206/2026 filed at the Federal High Court on Tuesday, they were accused of plotting to levy war against the Federal Republic of Nigeria to overthrow President Tinubu.
The alleged offence is said to be contrary and punishable under Section 37 (2) of the Criminal Code.
The alleged coup plotters are scheduled to be arraigned on April 22, before Justice Joyce Abdulmalik of the Federal High Court, Abuja.
The charge was filed by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo, SAN.
The Federal Government accused the defendants of treason, terrorism, and failure to disclose security intelligence and money laundering linked to terrorism financing.
The prosecution further alleged that the defendants had prior knowledge of a planned treasonable act involving one Colonel Mohammed Alhassan Ma’aji and others but failed to alert authorities.
The federal government is also prosecuting the defendants for terrorism-related offences under the Terrorism Prevention and Prohibition Act, 2022.
JAMB Releases Monday’s UTME Results
Tinubu Makes Fresh Key Appointment In Government
FG Reveals Identities Of Alleged Coup Plotters, Files Treason Charges
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