NEWS
How $3.4bn IMF COVID-19 Loan Was Allegedly Diverted — Falana
Senior Advocate of Nigeria and renowned human rights lawyer, Femi Falana, has called for an immediate investigation into the alleged diversion of a $3.4 billion loan Nigeria received from the International Monetary Fund (IMF) in 2020 to combat the effects of the COVID-19 pandemic.
In a statement released on Sunday, Falana expressed concern over the apparent mismanagement of the emergency funds, which were intended to support Nigeria’s healthcare system, protect jobs, and stabilise the economy during one of the most disruptive global crises in modern history.
“It is pertinent to recall that in the wake of the COVID-19 in 2020, Nigeria requested emergency assistance of about US$3.4 billion — equivalent to 100 percent of its quota from the International Monetary Fund to shore up the country’s economy and help businesses weather the storm of a deadly pandemic that disrupted global markets and plunged the world into a recession,” he said.
READ ALSO: SERAP Sues Tinubu Over Missing $3.4bn IMF Loan
The IMF Executive Board had approved the disbursement on April 28, 2020, under its Rapid Financing Instrument.
The Deputy Managing Director and Acting Chair at the time, Mr. Mitsuhiro Furusawa, emphasized that, “The emergency financing under the RFI will provide much-needed liquidity support to respond to the urgent BOP needs. Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap.
“The implementation of proper governance arrangements—including through the publication and independent audit of crisis-mitigating spending and procurement processes—is crucial to ensure emergency funds are used for their intended purposes.”
Falana, however, said the IMF failed to uphold that commitment. “Characteristically, the IMF Management, which jointly manages the neocolonial economy of Nigeria with the Federal Government, failed to ensure emergency funds were used ‘for their intended purposes.’”
He based his claim on the findings of the 2020 audit report by the Office of the Auditor-General of the Federation, made public in January 2024.
According to the report, $2.4 billion from the loan was initially transferred to the Central Bank of Nigeria (CBN)’s account at the Federal Reserve Bank of New York, with the remaining balance deposited at the Bank of China in Shanghai.
Within weeks, both amounts were reportedly moved again—this time to the Bank for International Settlements (BIS) and the Industrial and Commercial Bank of China—for short-term investments.
“These transactions, according to the audit, were not supported by documentation or approvals from the Federal Government or the CBN’s Investment Committee, and the funds were subsequently reclassified as part of the CBN’s external reserves rather than the Federal Government’s holdings.
“This reclassification, the report noted, allowed interest to be earned on the funds, contrary to the emergency spending purpose for which they were approved,” Falana explained.
Further irregularities were recorded in August 2020 when the Federal Ministry of Finance requested the monetisation of $700 million to support the national budget.
“The Central Bank, according to the report, approved a debit of ₦265.65 billion, applying a higher-than-official exchange rate of ₦379.5/$ as against the prevailing ₦360.5/$.
The funds were credited to three accounts: ₦252 billion went into the COVID-19 Public Sector Account, ₦13.3 billion to the Forex Equalisation Account, and ₦350 million to the Exchange Commission Account.
Falana pointed to additional concerns from the Auditor-General’s findings: “The audit noted that a 2% commission was deducted from the monetised amount, even though the funds were categorised as Federal Government property.
At the end of 2020, an unmonetised balance of $2.7 billion — equivalent to approximately ₦1.02 trillion — remained unaccounted for, according to the Auditor-General’s report.”
The audit urged the CBN Governor to provide an explanation for the movement and reclassification of the funds without due approval.
It further demanded access to bank statements confirming the unmonetised balance, recovery of the ₦13.3 billion and ₦350 million, and full remittance of interest earned on the investments. It warned that failure to do so would attract penalties under financial regulations.
According to Falana, “The Auditor-General wants the money 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.
“He also said the Auditor-General 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.’”
However, the lawyer expressed disappointment that both chambers of the National Assembly have not acted on the report.
“Even though the Auditor-General of the Federation submitted the 2020 Annual Report to each House of the National Assembly, both Houses have failed to cause the report to be considered by the committees responsible for public accounts, to cover up the criminal diversion of the $3.4 IMF and several trillions of Naira set out in the Auditor-General’s report, in utter contravention of section 85(5) of the Constitution of the Federal Republic of Nigeria as amended.”
On behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana issued a two-pronged demand—urging Nigeria’s anti-corruption agencies, the EFCC and ICPC, to probe the matter, and calling on the IMF Board to conduct its own investigation.
“We also call on the IMF Board to probe the deliberate refusal of its management to ensure that the emergency funds were used for their intended purposes,” he said.
Falana also asked the IMF to halt collection of any remaining charges on the loan—estimated at SDR 125.99 million (₦275.28 billion)—pending the outcome of a thorough investigation.
NEWS
Dangote Refinery Exports 1.1bn Litres of Aviation Fuel to Europe, Supplies 95% of Nigeria’s Jet A1 – AON
The Airlines Operators of Nigeria (AON) has described the Dangote Petroleum Refinery and Petrochemicals as a critical pillar of support for Nigeria’s aviation industry, disclosing that the refinery currently supplies over 95 per cent of the Jet A1 fuel consumed nationwide.
Biztellers reports that the company also exported 1.1 billion litres of aviation fuel to Europe between March and April 20.
Speaking during a televised interview, AON spokesperson Obiora Okonkwo said the refinery’s output has played a vital role in sustaining domestic airline operations at a time of global supply disruptions arising from tensions in the Middle East and rising fuel costs.
“It is a matter of fact that over 95 per cent of aviation fuel supplied across the country comes from the Dangote refinery. To airline operators in Nigeria, Dangote is not just a refinery; it is a game changer and, indeed, a lifesaver,” Okonkwo said.
He noted that despite the refinery’s consistent supply, airlines continue to face severe operational strain due to escalating Jet A1 prices, which he attributed to sharp practices within the downstream distribution chain.
According to Okonkwo, some fuel marketers are allegedly creating artificial scarcity in spite of available supply from the refinery, leading to disproportionate price increases. He disclosed that airline operators have recorded Jet A1 price hikes of up to 300 per cent since the onset of the Middle East crisis.
“We consider this exploitation. The refinery has not indicated any shortage, yet we are witnessing artificial scarcity and unjustifiable price increases. What airlines pay does not reflect depot prices,” he said, suggesting the presence of racketeering within the market.
Echoing these concerns after a closed‑door meeting between the AON and the Federal Government, Chairman and Chief Executive Officer of Air Peace, Allen Onyema, described the situation as deeply troubling, particularly given that the Dangote refinery sells its products at comparatively lower rates.
“The truth is that marketers must be called to account. How do prices rise by as much as 300 per cent when Dangote’s supply remains the cheapest and some marketers source directly from the refinery?” Onyema asked. “So, why the astronomical increase?”
ALSO READ: NNPC Ltd, Algeria’s Sonatrach Ink MoU for Research, Innovation
Meanwhile, the Dangote Refinery continues to expand its footprint in the international aviation fuel market. Industry data indicate that the facility exported approximately 876,000 metric tonnes of jet fuel to Europe within the period under review—about 456,000 tonnes in March and an additional 420,000 tonnes by April 20.
These export volumes underscore the refinery’s growing capacity and improved logistics, further reinforcing Nigeria’s emerging role in the global downstream oil and gas market, even as it strengthens domestic energy security.
Photo Caption
From Left: President/CE, Dangote Industries Limited, Aliko Dangote; President of Uganda, H.E. Yoweri Museveni; President of Kenya, H.E. William Ruto, and CEO of the Africa Finance Corporation, Samaila Zubairu, at The Africa We Build Summit in Nairobi, Kenya, on Thursday.
NEWS
Peterside Harps on Strong Leadership at NCDMB Book Reading Series
The Nigerian Content Development and Monitoring Board (NCDMB), on Wednesday at its Conference Centre hosted the 2026 first quarter edition of its Book Reading Series.
With Dr. Dakuku Peterside, former Director-General of the Nigerian Maritime and Safety Administration (NIMASA) as guest author, the event focused on the 204-page publication of the author, ‘Leading in a Storm: Practical Leadership Strategies in Crisis Situations’, published in 2025.
The capacity audience was drawn from higher institutions, the media, Association of Nigerian Authors (ANA), and Nigerian Institute of Public Relations (NIPR), with several others participating virtually.
The Executive Secretary of the NCDMB, Felix Ogbe, represented by the General Manager, Corporate Communications Division (CCD), Dr. Obinna Ezeobi, said the book programme, which he described as “a signature event”, speaks to creativity, which is one of the core values of the Board.
He explained that the event is part of the Board’s strategy in fostering intellectual activity and sophistication among stakeholders, as well as building the abilities of Nigerians to operate productively in the oil and gas industry and linkage sectors, which is one of its core mandates.
The Executive Secretary enumerated several initiatives of the Board geared towards advancement of research and technology; notably six centres of excellence in the nation’s six geopolitical zones, each of which has a unique theme.
These are the Niger Delta University, Amassoma, with Marine and Petrochemical Technologies as theme; the Federal University of Technology, Minna (Engineering Design), and Federal University of Technology, Owerri (Local Raw Materials Substitution).
ALSO READ: PDP Chieftain Explains Why Peter Obi Could Restore National Hope in Nigeria
Others are Modibbo Adama University of Technology (MAUTECH), Yola (Safety and Environment Studies); Usman Dan Fodio University (UDUS), Sokoto (Renewable Energy), and Federal University of Technology, Akure (Geology and Geophysical Studies).
Additional research centres established by the Board include Geosciences Research Centre at the University of Lagos and Marine and Offshore Training Centre at Rivers State University, Port Harcourt.
The latest is the Centres of Excellence in Gas Development at Delta State University, Abraka, being developed in partnership with Seplat Energy Plc.
According to Ogbe, the NCDMB is collaborating with Renaissance Africa Energy Company Limited (RAEC), First Exploration and Petroleum Development Company Limited, and the Nigerian Society of Engineers (NSE), to organise the first Nigerian Engineering Olympiad (NEO), which was launched on November 20, 2025 in Abuja.
The Olympiad is to encourage final-year and postgraduate students to be innovative in applying engineering principles to real-world operational challenges in and out of the oil and gas industry.
In the book conversation segment, moderated by Mr. Victor Binawari, Peterside explained the inspiration behind ‘Leading in a Storm…,’ saying, “My own lived experience informed the contents and thrusts of the work.”
He added, “Every single day, Nigerians face one crisis or another, and the experiences posit weakness of leadership.”
He recalled his time at the National Assembly, when he served as Chairman of the House of Representatives Committee on the Downstream Petroleum sector, with the unremitting crises in fuel supply.
As NIMASA Director General, he said he had to contend with recurring incidents of piracy within Nigeria’s territorial waters.
“Then the COVID-19 pandemic, which saw many world leaders fumbling, unable to determine how best to safeguard the health of citizens,” he said, adding that another inspiration was drawn from an uncomplimentary remark by a professor at America’s Kellog School of Management.
He said, “The professor remarked that ‘Africa is in a near-permanent state of crises.’ I began to investigate how leaders can perform better in crisis situations; calmness, clarity, adaptability, and resilience are critically important. What kind of choices leaders make when faced with crises would reveal the stuff they are made of.”
He outlined eight competencies of leadership, namely: “Contextual intelligence- the ability to read situations accurately and understand the deeper forces at play; Calm Confidence – which provides emotional stability; Sense-making – which enables a leader to find patterns in chaos and make meaning from confusion; Strategic Decision-making; Clear Communication; Strategic Flexibility; Coordinating Teamwork, and Facilitating Learning.
“Every great leader should rank high enough in these.”
On his style, which relies heavily on storytelling, he stated that stories are relatable, memorable and engaging, and that “stories teach you principles which you can apply.”
In closing remarks, Mr. Teleola Oyeleke, Supervisor, CCD of NCDMB, thanked Peterside for readily accepting the invitation and for the wealth of experience he shared at the event.
He also thanked all participants, while advising them to read and digest the contents of the book.
He also echoed the guest author in challenging attendees to have personal development programmes.
NEWS
Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks
Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.
Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.
SEE MORE: PDP Chieftain Explains Why Peter Obi Could Restore National Hope in Nigeria
The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.
Details of the meeting remained undisclosed at the time of filing this report.
However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.
Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.
On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.
However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.
The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.





