The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated investigations into the whereabouts of a $3.4 billion loan granted to Nigeria by the International Monetary Fund (IMF). Three officials, two from the Central Bank of Nigeria (CBN) and one from the Office of the Accountant-General of the Federation (OAGF), were interrogated last week in connection with the loan.
Additionally, the ICPC has summoned officials from the Federal Ministry of Finance for questioning. Vital documents related to the loan, intended to finance the budget and manage COVID-19, have been retrieved by the commission.
The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action, urging an investigation into the alleged mismanagement of the funds. According to a source familiar with the matter, the ICPC’s investigation is already underway, sparked by a review of the Auditor-General of the Federation’s report. Investigators are working to determine whether the funds are missing, diverted, or unaccounted for.