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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.
News
Finally, Senator Shehu Sani Dumps PDP For APC

By Kayode Sanni-Arewa
A former lawmaker who represented Kaduna Central at the 8th Assembly, Shehu Sani, has defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
The Kaduna State Governor, Uba Sani, welcomed Sani alongside 49 other political stalwarts who defected to the APC at the Murtala Square at a mega rally held on Saturday.
Sani stated that the defectors would enjoy the same rights and privileges as other party members, stressing there was no difference between a party member who joined it recently and those who were in APC ten years ago.
Sani urged the decampees to notify their supporters of the readiness of APC to accept them into the party as their doors were still open to receive more defectors.
According to him, the popularity and acceptability of APC is because of its just leadership at both the state and federal levels.
He said: “Someone who joined APC today and the one who has been a foundation member 10 years ago, they are of the same status. They will enjoy the same rights and privileges.
“Politics is different from governance. We will be fair to all, whether or not they voted for us, because that is the oath of office that we swore to uphold as leaders.”
Governor Sani, who argued that leaders were not infallible and were bound to make mistakes like anyone, pleaded with the leaders to always point out their mistakes to correct them.
The Governor reminded the APC faithful that the leaders would be held accountable hereafter regarding how they led the people God entrusted to them.
Prominent amongst those who decamped to APC were former Governor of the state, Alhaji Muktar Ramalan-Yero, Sen. Shehu Sani, Sen. Suleiman Hunkuyi, the gubernatorial candidate of NNPP in the 2023 General Elections, also former gubernatorial candidate, Alhaji Sani Sha’aban, Sen. Danjuma Laah who represented Zone three at the Senate on the platform of PDP, Alhaji Abubakar Mustapha, former National Organising Secretary of PDP and Amb. Sule Buba, former Nigeria’s Envoy to South Korea.
News
Gates of Hell to Open in Gaza: Netanyahu cautions Hamas

By Kayode Sanni-Arewa
Israeli Prime Minister Benjamin Netanyahu has vowed to unleash devastating consequences on Gaza if Hamas fails to return all hostages, warning that the “gates of hell” will open if the militant group does not comply.
In a joint statement with US Secretary of State Marco Rubio, Netanyahu emphasized that Israel and the US have a shared strategy to tackle the Palestinian militants, and that Hamas’s military capability and political rule in Gaza will be eliminated. The Israeli Prime Minister also expressed his commitment to bringing all hostages home and ensuring that Gaza no longer poses a threat to Israel.
Netanyahu’s comments come as US President Donald Trump has proposed a bold and controversial plan for Gaza’s future, suggesting that the US take over the territory and transform it into a “Riviera of the Middle East”.
First priority for Trump is to secure the release of hostages held in Gaza since Hamas’s October 7, 2023 attack
The plan, which involves resettling Gaza’s two million Palestinian residents in other countries, has sparked widespread outrage and criticism. Rubio, however, defended Trump’s proposal, saying that it represents a bold and courageous vision for Gaza’s future, one that breaks away from the “tired ideas of the past”.
The US Secretary of State emphasized that Hamas cannot continue to operate as a military or government force, and that it must be eradicated. He also stressed that the first priority for Trump is to secure the release of hostages held in Gaza since Hamas’s October 7, 2023 attack. With tensions escalating in the region, it remains to be seen how the situation will unfold, but one thing is clear: the stakes are high, and the consequences of inaction could be devastating.
News
Tigran Gambaryan: A Despicable Agent of Malice Against Ginger Onwusibe ,Colleagues

By Kayode Sanni-Arewa
A group of civil society organizations under the aegis of Alliance for credible legislative conduct has carpeted Tigran Gambaryan, an American personnel of Binance for attempting to soil the integrity and great reputation of some Nigerian congressmen over unfounded bribery allegations
Top parliamentarians from the Nigerian House of Representatives which include, Ginger Onwusibe who is Chairman House Committee on Financial Crimes, Hon Phillip Agbese ,Deputy spokesperson and Hon Peter Akpanke , are beign spotted by the American for alleged sleaze.
According to the group, the American is attempting to use cheap blackmail to hound and payback the lawmakers after they investigated him for various financial infractions and misdeeds in Nigeria
“It is clear that Tigran Gambaryan having made solo attempts on behalf of Binance to commit huge financial crimes in Nigeria, and having failed miserably to have his way, which led to his investigation and ultimate incarceration, has now turned full circle to unleash a pound of flesh against patriotic Nigerian law makers,( who investigated him) which has now manifested in his fictional claims that he was asked to pay the sum of a $150 million bribe while he was in detention”, the group which is an affiliate of the United of the United Nations (UN) Human Rights Council, stated
Alliance for Credible Legislative Conduct in a statement issued and signed by its President, Abdulrasheed Rufai, PhD and Secretary, Benson Alfred Akor, noted that Tigran was a drowning man who wants to drag credible Nigerian lawmakers along
They added that his case is a baffling orchestrated web of malice and a piece of garbage concocted against honourable members of House of Representatives, and as such should be disregarded by Nigerians.
*Below is the full text of the Press statement:*
“Our attention was drawn to the recent allegations of bribery made by Tigran Gambaryan, an American personnel of Binance against Hon. Ginger Onwusibe, Chairman, House of Representatives Committee on Financial Crimes; Hon. Philip Agbese, Deputy Spokesperson, House of Representatives, and Hon. Peter Akpanke.
Having looked at the matter painstakingly and exhaustively, we discovered that Gambaryan, who was recently tried in Nigeria for financial crimes; held for months over allegations of money laundering and aiding criminal activities, and was released on humanitarian grounds, after the charges were dropped following U.S. government intervention, is indeed a despicable agent of malice.
It is clear that Tigran Gambaryan having made solo attempts on behalf of Binance to commit huge financial crimes in Nigeria, and having failed miserably to have his way, which led to his investigation and ultimate incarceration, has now turned full circle to unleash a pound of flesh against patriotic Nigerian law makers,( who investigated him) which has now manifested in his fictional claims that he was asked to pay the sum of a $150 million bribe while he was in detention.
Having dissected the position of both the Federal Government of Nigeria, and that of the House of Representatives about the unfortunate saga of Tigran Gambaryan and Binance, we as civil society organizations …… conclude, that what is playing out is a case of baffling orchestrated web of malice and a piece of garbage concocted against honourable members of House of Representatives.
In the light of the above, we hereby use this medium to tell Nigerian people never to fall for the desperate antics of a man already in the pit of disgrace looking for who to rob with his mud.
In condemning this insane, ridiculous and absurd development, it is very obvious that
Tigran Gambaryan is simply on a calculative mission to create unwarranted tension within the National Assembly, embarrass and disrespect the Federal Government of Nigeria. This we will not allow to happen”
Signed:
ABDULRASHEED RUFAI PhD
PRESIDENT
BENSON ALFRED AKOR
SECRETARY
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