Connect with us

News

SERAP sues Tinubu over failure to probe missing $3.4bn IMF loan to finance budget, respond to COVID-19

Published

on

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.”

Advertisement

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.”

Advertisement

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.

Advertisement

“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.’

Advertisement

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.

Advertisement
Continue Reading
Advertisement

News

Community Day: ISACA put smiles on faces of senior citizens in Lagos

Published

on

By Kayode Sanni-Arewa

In its continued drive to ensuring humanity service to the needy, the Information Systems Audit and Control Association (ISACA), Lagos Chapter has again extended their hands of love to elderly in Yaba, Lagos State.

A visit to the Old people’s homes in Yaba Lagos by ISACA during the annual Community Day celebration
was a resounding success as the Chapter took
time to connect with elderly residents and their caregivers, fostering an atmosphere of care and
fellowship.

The visit which is in line with ISACA’s global mission to make a tangible difference in local communities brought smiles, conversations, and meaningful Interactions to the residents of the Old People’s
Home.

Advertisement

The elderly were delighted by the engaging activities, thoughtful conversations, and shared
memories with the visitors. Caregivers at the home also expressed their gratitude for the chapter’s
presence and ongoing support.

Meanwhile, the chapter assured of its commitment to ensuring that its support for the elderly extends beyond a single day.

It also plans to maintain an ongoing Relationship with the Old People’s Home, providing assistance
where needed, and ensuring that the residents continue to feel valued and connected to the wider
community.

“As part of this commitment, ISACA Lagos Chapter will be exploring additional ways to engage with the
elderly throughout the year. ISACA Lagos Chapter is also calling on its members, as well as the general
public, to join in these efforts and be a part of continued outreach to this overlooked segment of the
society.”

Advertisement
Continue Reading

News

PTDF shortlists 1,643 applicants for 2024/2025 in-country scholarships

Published

on

The Petroleum Technology Development Fund (PTDF) has shortlisted 1,643 applicants for the In-country Scholarship Scheme for the 2024/2025 academic session.

The fund’s Head of In-country Scholarship Scheme (ISS), Mr. Surajo Abdullahi, announced this yesterday in Abuja during a physical interview of shortlisted candidates for MSc and Ph.D programmes under the scheme.

Abdullahi said 387 candidates had been screened at the Abuja centre while the exercise is holding simultaneously at designated centres across the six geopolitical zones in the country.

The scholarship, fully funded by the PTDF, is mainly for oil and gas courses, such as geology, chemical and mechanical engineering, geosciences, environmental, biochemistry, management and computing.

Advertisement

Abdullahi said the scheme was part of PTDF’s mandates to develop capacity and competencies in the oil and gas industry through its human and institutional capacity development.

“This is a part of human development where we give Nigerian candidates the opportunity to study in the area of oil and gas to close gaps in the industry.

“So, we normally sponsor them to study in the oil and gas-related courses so that we can fill up the gap. We have also widened our scope in different forms of energy and renewables,” he said.

Advertisement
Continue Reading

News

BDC operator sues EFCC for N1.2b over alleged illegal detention

Published

on

A Bureau De Change (BDC) operator, Suleiman Babangida Sani, has sued the Economic and Financial Crimes Commission (EFCC) for alleged arrest, torture, and illegal detention without trial.

The applicant, through his lawyer, Edwin Anikwem (SAN), is praying for an order mandating the EFCC to pay him N200 million as general damages, and N1 billion as exemplary damages for flagrant violation of his fundamental rights.

The applicant is also asking the court for an order compelling the EFCC to tender an unreserved public apology for the infringement on his fundamental rights.

In a 33-paragraph affidavit sworn to by Olalekan Joseph Bayode, the deponent stated that the applicant had been at the EFCC detention centre at Okotie Eboh Street in Ikoyi, Lagos, since June 1 when he was arrested.

Advertisement

Anikwem averred that the applicant had been carrying on his business since 1993 as a BDC operator.

The deponent said the EFCC invited the applicant through a telephone call on June 1 to report to their office at 15A, Awolowo Road in Ikoyi, Lagos, adding that as a responsible and law-abiding citizen, he complied with the invitation.

According to the deponent, upon arrival, the applicant was asked about certain transactions concerning his BDC business, which he provided.

Anikwem averred that the officers informed him that the answers he provided were unsatisfactory and thus prevented him from leaving their office, thereby arresting and detaining him.

Advertisement

The lawyer said the applicant was not given any information about the nature of the offence he was arrested and detained for.

He added: “The applicant has not been charged with any criminal offence nor has he been informed of what his offence is since his arrest and detention on the 1st of June, 2024.

“Because of the poor sanitary condition of the cell, the applicant developed an extremely painful abscess on his fingertips while he was in detention.”

Anikwem averred that the applicant was not treated for the ailment despite complaining officially to be taken to the hospital, and as a result of the said untreated painful abscess on the fingertips, the applicant developed high blood pressure.

Advertisement

“When the applicant complained to officers of the EFCC about his health condition, he was ignored as there was no medical facility to cater for his deteriorating health.

“As a result of the applicant’s arrest and detention without trial, the applicant’s business has been closed for more than 150 days, leading to substantial financial loss in the business.

“The applicant is the sole breadwinner of his family which comprises a housewife, eight children, and an ailing aged mother of 105 years.

“As a result of the applicant’s arrest and detention, the applicant’s children have been out of school due to their inability to pay their school fees and other incidental expenses.

Advertisement

“As a result of the applicant’s arrest and continued detention, the applicant’s mother has resorted to praying for death as she does not want to be the one to bury her son.”

Anikwem averred that it would be in the interest of justice for the application to be urgently and expeditiously determined as the applicant has been languishing in detention.

The applicant is praying for a declaration that the continued detention of the applicant by the EFCC without charging him to court flagrantly violates his fundamental rights to life, respect for the dignity of his person, liberty and movement as guaranteed by Sections 33, 34, 35 and 41 of the 1999 Constitution and Article 6 of the African Charter on Human and People’s Rights (Ratification and Enforcement) Act, Cap A9 Laws of the Federation of Nigeria, 2004 and is therefore unconstitutional, unlawful, illegal, null and void.

He prayed for: “An order enforcing the Applicant’s fundamental rights by ordering his release from unlawful detention currently imposed on him by the Respondents.

Advertisement

“An order compelling the respondents to tender an unreserved public apology to the applicant for the infringement on his fundamental rights.

“An order mandating the respondents to pay to the applicant general damages of N200,000,000.00 (two hundred million Naira) only for harassment, torture, arrest and unlawful detention of the applicant’s person without trial.

“An order mandating the respondents to pay to the applicant the sum of N1,000,000,000.00 (One billion Naira) only as exemplary damages for the flagrant violation of his fundamental rights to wit: unlawful arrest and detention without trial.

“And such further order or orders as this honourable court may deem fit to make in the circumstances.”

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News