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.
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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.
International News
Deadly Xenophobic Violence: Ghana Evacuates 1,000 More Citizens from South Africa
The Government of Ghana has commenced the final phase of evacuating its citizens from South Africa as deadly xenophobic attacks and anti-migrant unrest continue to escalate across the country.
According to Ghana’s Foreign Ministry, about 1,000 Ghanaian migrant workers are expected to return home on special flights scheduled for Sunday and Monday. The latest evacuation follows the successful
repatriation of 926 Ghanaians in recent days.
The ministry described the latest operation as the “final phase” of Ghana’s emergency evacuation programme for its nationals living in South Africa.
SEE ALSO: 282 Nigerians to Arrive in Lagos Today as FG Continues South Africa Evacuation
The move comes amid growing violence targeting foreign nationals, with reports indicating that more than 160,000 migrants have fled South Africa over the past two months as hostility against undocumented foreigners intensified.
Among those who have returned to their home countries are citizens of Zimbabwe, Malawi, Mozambique, Nigeria, Ghana, Kenya, Lesotho and Uganda.
South African authorities have confirmed that at least four migrants have been killed during the unrest, although some affected countries claim the number of casualties among their citizens is higher.
The protests have been driven by vigilante groups accusing undocumented migrants of taking jobs and contributing to crime.
However, analysts argue that migrants are being unfairly blamed for South Africa’s broader economic and governance challenges, including high unemployment and poor service delivery.
Ghanaian President John Mahama has strongly condemned the attacks, calling on the African Union to place the issue of xenophobic violence on its agenda.
He also criticised the South African government, saying it has not done enough to protect foreign nationals.
In a further diplomatic response to the crisis, Ghana earlier postponed a planned visit by South African President Cyril Ramaphosa.
The West African nation also joined Nigeria in urging the African Union to address what both countries described as “Afrophobia” at its next summit.
The ongoing evacuations highlight growing concerns among African governments over the safety of their citizens in South Africa as efforts continue to rescue those affected by the violence.
NEWS
NUPRC Identifies over 1,100 HCDT Projects in Niger Delta
The Host Communities Development Trust (HCDT) framework established by the Petroleum Industry Act (PIA) is yielding fruits having given birth to over 1,100 projects being executed across the Niger Delta.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made the disclosure on Thursday, through its Assistant Director, Host Community Development Affairs, Kingsley Ehiaguina.
He spoke during the inauguration of the Board of Trustees of the PML 66 HCDT by Ingentia Energies Limited in Port Harcourt.
The trust comprises three communities in Ahoada West Local Government Area of Rivers State — Egbolom, Omelema and Ahoada I.
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The PIA, which came into effect in 2021, provides the legal, governance, regulatory and fiscal framework for Nigeria’s petroleum industry and provides for the establishment of the HCDT to ensure oil-producing communities benefit directly from petroleum operations by identifying and implementing projects that address their development needs.
Speaking at the event, Ehiaguina said the inauguration marked another milestone in the implementation and operationalisation of the HCDT framework.
“We are so delighted to be here today at this inauguration of the PML 66 HCDT. It is a testament to the implementation and the operationalisation of the Host Community Development Trust.
“It is a transformational initiative that has the tendency and the potential to turn our host community into a wonder, and the gains have already been recorded since the implementation of the HCDT.
“Since the implementation of the HCDT, 163 HCDTs have been incorporated, and I can tell you that billions of naira have been remitted into the various accounts, and over 1,100 projects are ongoing across the Niger Delta.
“We have commissioned over 200 projects. I can tell you that the PIA and the HCDT framework are working.
“So today is another testament to what we can achieve when we collaborate, when we are united between the settlor (company) and our host community,” Ehiaguina stated.
He commended Ingentia Energies Limited for its commitment to implementing both the letter and spirit of the Petroleum Industry Act.
Addressing the trustees, he said, “From the NUPRC, we’ll ensure that everything that you own as your right is given to you by ensuring that the company pays its three per cent statutory contribution and ensuring that the sustainable development you seek for your community is achieved.”
Ehiaguina urged the Board of Trustees to remain transparent and work in the best interests of the host communities.
In his remarks, the Managing Director and Chief Executive Officer of Ingentia Energies Limited, Charles Odita, said the trust was established after extensive consultations with stakeholders and the host communities.
Odita said that, in line with the PIA, the company would provide funding for projects selected by its host communities and expressed satisfaction that the board had finally been inaugurated after delays involving various stakeholders.
“We know that with the cooperation of the three communities we are indeed here today.
“I believe that with the inauguration of this Trust there will even be a jump start to the impact of our operation on the community because, as we are all aware, under the PIA, the government in its wisdom has mandated that we set aside three per cent of our operating expenditure for the previous year to be given to the Host Community Development Trust.
“It is then the Trust that determines what happens. So with this, we believe we are going to be making our own contribution, and then the Trust, which is made up of members of the community, will indeed decide how and what they want to do.
“So this, for me, is going to be a major game changer for the accelerated development of the community,” he said.
Also speaking, the Permanent Secretary, Rivers State Ministry of Chieftaincy and Community Affairs, Patrick Ndukwe, described the inauguration as a significant milestone for the energy sector and the host communities of PML 66.
He said the event fulfilled one of the obligations of the settlor under the Petroleum Industry Act and assured that the state government would continue to provide a peaceful and conducive environment for businesses to thrive.
Ndukwe urged the trustees to select projects that align with the Rivers State Government’s development priorities.
“As you choose your projects you must ensure that they align with the Rivers State Government development plan under the visionary leadership of His Excellency Sir Siminalayi Fubara, Governor of Rivers State,” he stated.
He listed infrastructure development, sustainable urban and rural communities, road construction, transportation, quality education, healthcare and agriculture among the state’s development priorities.
Earlier, a consultant to Ingentia Energies Limited, Godwin Minimah, described the inauguration of the PML 66 Board of Trustees as a significant step towards strengthening relations between the company and its host communities.
NEWS
Adeleke Commissions 3.5km Phase 1 of Ila Road Dualisation
Osun State Governor, Senator Ademola Adeleke on Thursday commissioned the 3.5km phase one of the Ila township road dualisation.
This was revealed in a government house statement issued in Osogbo on Thursday.
Speaking at the commission exercise, the Governor noted that the dual carriage is more than a road but a lifeline for commerce, mobility and safety for the people adding that the project alongside other township roads, market and health facility shows that this administration believes that development must get to the grassroots.
He added that his administration is opening Ila to more investments, easier movement of farm produce and better access to schools, hospitals and the palace.
“The dual carriage is more than a road. It is a lifeline for commerce, mobility and safety for the people. This project alongside other township roads, market and health facility shows that this Administration believes that development must get to the grass roots. Ila is a historic town, it is a center of learning, culture and commerce.
“With this dualised road, we are opening Ila to more investment, easier movement of farm produce and better access to schools, hospitals and the palace.
“We also know that this road connects Ila to other town, that is why we are also working on Intercity Roads to ensure Ila is not left behind in the Osun infrastructure agenda. Apart from this dual carriageway, my administration has equally completed over 7km length of intracity roads in Ila Orangun.”
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Earlier, the Commissioner for Special Duties, Dr Tokunbo Salam stated that Gov Adeleke’s era is a landmark one. An era that will be hard to forget in the history of Osun State. He added that the road was constructed within 12 months as mandated by the Governor.
“Your Excellency, You will recall that, 12 months, 2 days ago, you were here to flag off this road and you gave us a mandate at the Ministry of Works and Infrastructure that we have to finish this road within 12 months and we are here today for the commissioning of this road.
“Your Excellency, I believe people are counting because this is one of several projects and they are still counting. Your excellency, your era is a landmark era and era that will be hard to forget in the history of Osun State. What we have commissioned today never happened and in many other places never happened and history will never forget.
“What is happening is described as urban renewal and as we are renewing, this is the first phase of the road and the second phase of the road will be pronounced by His Excellency and I know that by the time he comes back for his second term, total transformation will come to Ila”, he stated.
Briefly describing the project before its commissioning, Director of Research and Planning, Ministry of Works and Infrastructure, Engr Olalekan Salami explained that the Governor gave an approval for a 10km road to be executed in three phases, 3.5km for phase 1 and 2 and 3km for phase 3.
He said, “Your Excellency, you approved that the dualisation of Ila road should be 10km in length and phased into three and you gave us a mandate that the first phase be delivered within 12 months.
“Exactly 21st of July 2025, we were here to flag off this road, and we are here today 23rd of July 2026 for the commissioning of the first phase which is 3.5km”
“It is the intention of the Governor that this road will lead to the Federal University of Health Sciences, first phase of 3.5km is completed within 12 months, another 3.5km will be completed within the next 12 months and the last one will be 3km to complete the 10km dual carriageway.”
The Commissioning was witnessed by the Orangun of Ila, Oba Abdulwahab Olukayode Oyedotun (Bibiire I), Members of the Imole Campaign Council as well as other members of the Executive Council and party Chieftains.





