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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

APC Pressuring Hotels to Deny Opposition Parties Venues – NDC Raises Alarm

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The Nigeria Democratic Congress (NDC) has accused the ruling All Progressives Congress (APC) of allegedly pressuring hotels in Abuja to deny the opposition party access to their facilities, describing the development as an attempt to undermine democratic participation ahead of the 2027 general elections.

The party raised the allegation in a statement signed by its National Publicity Secretary, Osa Director on Thursday, who expressed concern over what it described as increasing attempts to restrict the democratic space and silence opposition voices.

According to the NDC, it has faced not only alleged violent attacks by agents of the ruling APC but also discrimination from hotels and hospitality businesses in Abuja.

SEE ALSO: Two Suspected Political Thugs Killed After Attacking NDC Candidate’s Convoy in Ebonyi

The party specifically accused Rockview Hotel of cancelling agreements to provide facilities for its meetings on two separate occasions.

The first incident, according to the statement, occurred in June 2026 when the hotel allegedly withdrew its agreement to host the party’s second National Executive Committee (NEC) meeting shortly before the scheduled event.

The NDC claimed that the hotel recently rejected another request to use its facilities for a meeting, allegedly informing the party that the decision came through an “order from above.”

The party also accused BON Hotel in Wuse, Abuja, of refusing to provide its facilities for a meeting despite the NDC claiming it had fulfilled all the conditions required.

The statement further alleged that the unveiling of the party’s National Campaign Council (NCC) was nearly disrupted after its event venue initially asked the party to refund its payment, saying it was no longer interested in making its facilities available.

The NDC suggested that the decision might have resulted from alleged threats or instructions from influential quarters.

However, the party said its insistence on using the facility after making payment eventually compelled the hotel to honour the arrangement.

Describing the alleged incidents as a threat to democratic participation, the NDC called on the APC to allow opposition parties to operate freely and campaign without interference.

“This is not democracy. The APC should allow all parties to campaign without let or hindrance, and give Nigerians the opportunity to make their choice on who governs them,” the statement said.

The party also urged Nigerians and supporters of democracy to call out Rockview Hotel and BON Hotel over what it described as their “anti-people and anti-democratic actions.”

Reaffirming its commitment to national development, the NDC declared that Nigerians deserved better governance and insisted that it was prepared to serve with passion and patriotism.

“Nigerians deserve better, and NDC is prepared to serve with passion and patriotism,” the statement added.

The party concluded with its declaration that “A New Nigeria is Possible.”

 

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‘The Panic Is Real’ – Atiku Accuses APC of Plot to Weaken ADC

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Atiku cautions members against statements compromising PDP’s unity

Former Vice President Atiku Abubakar has accused the ruling All Progressives Congress (APC) of orchestrating moves to weaken the African Democratic Congress (ADC) and frustrate his 2027 presidential ambition following a court judgment against the party’s leadership.

Atiku described the development as a calculated attempt to undermine the ADC, insisting that the timing of the judgment, which came barely a day after his campaign rally in Sokoto, was suspicious.

In a statement issued on Thursday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the ruling party was unsettled by the growing support for his candidacy.

ALSO READ: ‘Don’t Set Nigeria on Fire’ – ADC Sends Warning to APC Over Lifu Judgment

The Federal High Court in Abuja had on Thursday, November 5, 2026, delivered a judgment affecting the leadership of the David Mark-led ADC, nullifying the party’s leadership structure and raising questions over the legitimacy of Atiku’s presidential candidacy.

Reacting to the ruling, Atiku alleged that the development was part of a broader strategy to weaken his political support, particularly in Northern Nigeria, and frustrate the ADC’s growing campaign.

“The timing of this judgment is no coincidence. It is part of a strategy to weaken my support in the North and frustrate a campaign whose message is resonating across the country,” he said.

He, however, maintained that his political ambition was not limited to Northern Nigeria, arguing that the economic hardship facing Nigerians cuts across regional boundaries.

“My roots are in Northern Nigeria, but my candidacy belongs to all Nigerians. There is a difference between being from the North and being a candidate only for the North,” Atiku stated.

The former vice president also linked the judgment to the massive turnout at the ADC presidential campaign launch in Sokoto on Wednesday, November 4, where supporters gathered to welcome him.

He said the reception demonstrated Nigerians’ desire for political change and confidence in the ADC’s promise to make life more affordable.

“What we witnessed in Sokoto is only the beginning. The people of Kebbi will have their say, and so will Nigerians across the country as our campaign moves forward,” he added.

Atiku also questioned the legal basis for reopening the dispute over the ADC leadership, recalling that Justice Musa Liman of the Federal High Court had earlier dismissed a challenge to the David Mark-led leadership in Suit No. FHC/ABJ/CS/1637/2025.

According to him, the earlier judgment upheld the defendants’ objections on jurisdiction, standing and failure to exhaust internal party remedies, while resolving the substantive issues in their favour.

He questioned why another case was subsequently filed to reopen the same dispute, describing it as an attempt to circumvent an existing court judgment.

Atiku said the ADC would challenge the latest ruling at the Court of Appeal.

“We will challenge this judicial manoeuvre at the Court of Appeal,” he declared.

Despite the legal setback, the ADC presidential candidate urged party supporters to remain calm, peaceful and committed to the campaign, insisting that the development would not derail the party’s political activities.

He said the ADC campaign train was already in Kebbi State and would continue its nationwide mobilisation.

“Our Affordable Life campaign will continue because Nigerians deserve relief from this crushing cost-of-living crisis,” Atiku said.

He also urged supporters to take the party’s message to Nigerians through house-to-house and door-to-door mobilisation, adding that the campaign remained focused on rescuing the country from economic hardship.

“There is no shaking,” he declared.

 

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2027: Shettima Declares Nigeria’s Economy Fixed, Seeks Tinubu’s Re-election

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Vice President Kashim Shettima has declared that Nigeria’s economy has been fixed, insisting that the administration of President Bola Tinubu has overcome the difficult phase of its economic reforms.

Shettima made the declaration on Wednesday during the All Progressives Congress (APC) presidential campaign rally in Lafia, Nasarawa State, where he appealed to Nigerians to support Tinubu’s re-election bid in the 2027 general elections.

According to the Vice President, the administration inherited an economy burdened by fiscal challenges, infrastructure deficits and weakened investor confidence, necessitating difficult but unavoidable reforms.

SEE ALSO: 2027: Shettima Arrives in Lafia to Rally Support for Tinubu’s Re-election

“We inherited an economy burdened by fiscal pressure. We inherited a country with an infrastructure deficit. We inherited a country with weakened investor confidence and structural defects. These problems demanded decisions that no responsible government could postpone. But I come to you to assure you that the worst days are over. We have already fixed our economy,” he said.

Shettima maintained that the government’s economic reforms had strengthened public finances, improved revenue generation and restored investor confidence, while providing additional resources for state governments to pursue development projects.

He said the administration’s Renewed Hope Agenda was designed to encourage domestic production, improve economic opportunities and address structural challenges affecting the country.

The Vice President also defended the government’s infrastructure programme, highlighting major road projects, including the Akwanga–Jos–Bauchi–Gombe–Biu–Maiduguri Superhighway, the Lagos–Calabar Coastal Highway and the Sokoto–Badagry Superhighway.

According to him, the projects will strengthen connections between agricultural and industrial production centres and markets, reduce transportation costs, facilitate trade and create employment opportunities.

Shettima noted that Nasarawa State stands to benefit from improved infrastructure and investments in its agricultural and mineral resources.

He also highlighted the Federal Government’s support for higher education through the Nigerian Education Loan Fund (NELFUND), noting that students from the state have access to financing under the scheme.

The Vice President further recalled President Tinubu’s approval for the conversion of the Federal Polytechnic, Nasarawa, into the Federal University of Mining, Engineering and Technology, describing it as an investment in the technical manpower required to develop Nigeria’s solid minerals sector.

Acknowledging the economic difficulties experienced by Nigerians, Shettima said the government was conscious of the sacrifices associated with its reforms and remained committed to translating their gains into improved living conditions.

He urged Nigerians to give Tinubu another four-year mandate to complete the administration’s development programmes.

“We have promised to connect producers and markets. We have promised to ease movement across regions. We have promised to generate employment. We have promised to diminish costs that burden traders and families. This is what we are doing, and we have come to ask for your support for another term to complete this mission,” he stated.

Shettima also urged APC supporters to reject electoral violence and embrace peaceful political participation ahead of the 2027 elections.

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