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SERAP Sues Tinubu Over Missing $3.4bn IMF Loan

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The Socio-Economic Rights and Accountability Project (SERAP) has dragged President Bola Tinubu to court on the $3.4 billion COVID-19 loan from the International Monetary Fund (IMF) which remains unaccounted for.

The SERAP in a statement averred that its action was over “the failure 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 anti-corruption crusader made it clear that it action was predicated on information gleaned from the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.

In the suit number 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.”

The 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.

“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, the SERAP argued that: “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 SERAP is also arguing that, “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.”

According to the SERAP, “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 SERAP is arguing that, “Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes.”

The suit filed on behalf of the 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.

“The consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.

“The Nigerian government has a sacred duty to ensure that the country’s loans including those obtained from the IMF are transparently and accountably used solely for the purposes for which the loans are obtained, and for the effective development of public goods and services as well as the general public interests.

“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the Nigerian government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the obligations on the government to ‘abolish all corrupt practices and abuse of power’ in the country.

“Under Section 16(1) of the Constitution, the Nigerian government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’

“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’

“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the Nigerian government to ensure proper management of public affairs and public funds including loans obtained by the country, and to promote sound and transparent administration of public affairs.

“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate the Nigerian government to effectively prevent and investigate allegations of corruption and mismanagement of public funds including loans obtained by the country.

“Specifically, article 26 of the UN convention requires the Nigerian government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.

“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”

Joined in the suit as Respondent is Lateef Fagbemi, the Attorney General of the Federation and Minister of Justice.

No date has been fixed for the hearing of the suit.

Politics

Political Bombshell: Kwankwaso’s Son Joins Kano Governorship Race

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A major political development has emerged in Kano State ahead of the 2027 governorship election, with Hon. Mustapha Rabiu Musa Kwankwaso, son of former Kano State Governor Senator Rabiu Musa Kwankwaso, officially entering the race as the running mate to Nigeria Democratic Congress (NDC) governorship candidate, Aminu Abdussalam Gwarzo.

The announcement was disclosed on Monday by the spokesperson of the Kwankwassiya Movement, Habeeb Saleh Mohammed, who confirmed that Mustapha Kwankwaso had been selected as Gwarzo’s deputy governorship candidate for the upcoming election.

ALSO READ: NNPC Boosts Orthopaedic Healthcare, Donates MRI Equipment at Kano

“Hon. Mustapha Rabiu Musa Kwankwaso has been unveiled as the running mate to His Excellency Aminu Abdussalam Gwarzo for the 2027 governorship election,” Mohammed stated.

Mustapha Kwankwaso, a businessman and politician, is widely recognized as one of the prominent figures within the Kwankwassiya political movement, a powerful political bloc founded by his father and known for its strong influence across Kano State.

His emergence on the NDC ticket is already generating discussions among political stakeholders, with many viewing the move as a strategic attempt to tap into the widespread support base associated with the Kwankwasiya movement.

Political observers believe the partnership between Gwarzo and Mustapha Kwankwaso could reshape the political dynamics in Kano as parties begin positioning themselves for what is expected to be a fiercely contested governorship election.

The development also signals the growing involvement of a new generation of political actors in Kano politics, while highlighting the enduring influence of the Kwankwaso political family in the state’s affairs.

With more than a year before campaigns fully gather momentum, the Gwarzo-Kwankwaso ticket is already attracting attention and could become one of the most closely watched political alliances in Kano ahead of the 2027 polls.

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Politics

Mourinho Returns as Pérez Secures Landslide Victory in Real Madrid Election

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Real Madrid president Real Madrid has confirmed the return of José Mourinho after incumbent president Florentino Pérez secured a landslide victory in the club’s presidential election, extending his rule until 2030.

Pérez won re-election with a commanding 65% of the vote, defeating challenger Enrique Riquelme, who secured 35%, according to the club’s Electoral Board.

The result reinforces Pérez’s long-standing leadership, which has now spanned more than two decades across two separate terms.

SEE ALSO: Bruno Lage Sacked As Benfica Move To Secure Mourinho

Speaking after his victory, Pérez described the outcome as a strong endorsement of his vision for the club’s future, insisting that Real Madrid will continue to thrive both on and off the pitch.

The president also used the moment to confirm a major sporting development—the return of José Mourinho, a move that immediately sparked excitement among supporters.

Mourinho, who previously enjoyed a successful spell at the club, is widely regarded as one of the most influential managers in modern football.

Pérez said the club remains committed to competing at the highest level in Europe, with ambitions of securing a record-extending 16th UEFA Champions League title while continuing the redevelopment of the Santiago Bernabéu Stadium.

He also reaffirmed his stance on the club’s ownership model, stressing that Real Madrid will remain a member-owned institution despite growing global trends toward private ownership in football.

The announcement has been widely interpreted as the beginning of a new competitive era for the Spanish giants, with expectations rising among fans following both the election result and Mourinho’s return.

Pérez ended his address with a call for unity among supporters, including those who did not vote for him, promising to continue addressing concerns while focusing on sporting success.

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Politics

2027: Oborevwori, Omo-Agege Trade Fresh Blows Over Tinubu, Obi Endorsements

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The political rivalry between Governor Sheriff Oborevwori and former Deputy Senate President, Senator Ovie Omo-Agege, has escalated once again as both men exchanged heated words ahead of the 2027 general elections.

The confrontation follows renewed political realignments in Delta State, including Governor Oborevwori’s defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), a party he previously defeated in the 2023 governorship election.

SEE ALSO: 2027: Tinubu Will Defeat Atiku If Election Is Rigged — Babachir

Oborevwori has since pledged full support for President Bola Ahmed Tinubu’s re-election bid in 2027, describing the President as his “number one project” and a key political ally whose victory would benefit Delta State.

However, Omo-Agege, who recently left the APC for the Nigeria Democratic Congress (NDC), accused the governor of political fear and abandoning party structures in the state.

“He is not a threat” — Oborevwori

Responding to criticisms, Governor Oborevwori dismissed Omo-Agege’s political relevance, insisting he poses no electoral threat.

“He is not a threat because I’ve won him before,” the governor said, adding that many of the senator’s supporters had already left him before his exit from the APC.

Oborevwori also accused Omo-Agege of political betrayal, claiming he had previously turned against key figures who supported his rise.

“He betrayed James Ibori, he betrayed Great Ogboru, he betrayed O’tega Emerhor. So if he says he wants to betray me, he’s not a threat,” he stated.

“He panicked and ran into APC” — Omo-Agege

Omo-Agege fired back, alleging that the governor defected to the APC out of fear of losing political ground.

“The governor panicked, chickened out, and ran into the APC,” he said.

He insisted that his performance in the 2023 elections proved his continued strength in Delta politics, particularly in Delta Central.

“If Sheriff believed I was not a threat, why didn’t he stay back in the PDP and take me on in 2027?” he asked.

Governance and ₦3.15 trillion controversy

Both politicians also clashed over governance performance and state finances.

Oborevwori defended his administration, saying infrastructure development had improved across all local government areas, with contractors being paid promptly.

“First time in history, no contractor is being owed,” he said, citing ongoing projects such as Effurun Roundabout, DSC Roundabout, and PTI Junction.

Omo-Agege, however, described the administration as underperforming despite receiving over ₦3.15 trillion in three years.

He alleged that about ₦750 billion remained idle in the Central Bank of Nigeria while critical sectors such as healthcare, education, and infrastructure suffer neglect.

Tinubu vs Obi political divide deepens
The rivalry has also taken a national dimension, with both politicians backing different presidential candidates for 2027.

Oborevwori declared support for President Tinubu, calling him Delta’s “in-law” and urging residents to back his re-election.

“Tinubu is my number one project,” he said.
Omo-Agege, on the other hand, declared his support for former presidential candidate Peter Obi, stating that he would contest under the Nigeria Democratic Congress (NDC).

“My presidential candidate in 2027 is Peter Obi,” he said.

Political tensions rise ahead of 2027
Observers say the renewed exchange signals an early start to a high-stakes political battle in Delta State, with shifting alliances and competing loyalties likely to shape the 2027 elections.

With both camps firmly entrenched in opposing political directions, Delta State is expected to remain a major flashpoint in Nigeria’s unfolding political landscape.

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