Politics
SERAP Sues Tinubu Over Missing $3.4bn IMF Loan
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.
A chieftain of the Peoples Democratic Party, Dan Ulasi, has warned that the party stands little chance of defeating President Bola Ahmed Tinubu in the 2027 general elections if Nyesom Wike continues to play a leading role while allegedly supporting the ruling government.
Ulasi, who spoke during an interview on Arise TV on Thursday, expressed deep concern over what he described as a “contradictory situation” within the PDP, stressing that such internal inconsistencies could weaken the party’s credibility and chances at the polls.
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“I don’t see my party as presently constituted challenging Tinubu with Wike as national leader,” Ulasi said, warning that he may be forced to leave the party if the issue is not addressed.
The PDP stalwart argued that Wike cannot effectively serve as a leader in the opposition while maintaining close ties with President Tinubu, describing the situation as “unconstructive” for a party seeking to reclaim power at the national level.
He further questioned what role Wike would play if another candidate emerges as the PDP’s presidential flag-bearer ahead of the 2027 election, asking whether the former Rivers State governor would actively participate in party rallies or align with the ruling party’s activities.
Ulasi warned that the party’s next meeting could be his last if its leadership fails to provide satisfactory explanations, insisting that he cannot continue to be part of a process riddled with contradictions.
In a related development, Ulasi revealed that Peter Obi had visited him several times this year, including a recent meeting following an appearance in Enugu.
He spoke positively about Obi’s vision for Nigeria, noting that the former presidential candidate offers a sense of hope for the country’s future, although he stopped short of declaring any political alignment.
Reflecting on his longstanding ties to the PDP, Ulasi recalled his role during the party’s formation alongside late former Vice-President Alex Ekueme and other founding members.
Despite his deep connection to the party, he maintained that he would rather step aside than remain in a system he considers inconsistent.
He added that if he eventually exits the PDP, he has no plans to join another political party, stating that he would instead operate as a private consultant.
There was tension within the Ogun State chapter of the All Progressives Congress (APC) on Monday after former Governor and Senator representing Ogun East, Otunba Gbenga Daniel, alleged that he was barred from attending a stakeholders’ meeting of the party held in Ijebu Ode.
The meeting, which took place at Adeola Odutola Hall, was reportedly convened to bring together key party stakeholders, including current and former local government chairmen, councillors, and serving as well as former lawmakers from both state and national levels.
However, the senator, in a viral video circulating online, claimed he was denied entry into the venue despite being part of the expected attendees.
ALSO READ: “APC Failure in Disguise?” — Dickson Tears Into ADC Coalition
Speaking from his branded campaign bus parked at the venue, Daniel expressed disappointment over the situation, saying he and his team were stopped from accessing the meeting.
He further questioned the legitimacy of any resolutions reached at the gathering, suggesting that the outcome of the meeting should not be considered valid.
As of press time, the Ogun State APC leadership had yet to issue an official response to the allegation.
The lingering leadership crisis within the African Democratic Congress (ADC) is set for a crucial legal test as the Supreme Court of Nigeria prepares to hear an appeal filed by former Senate President, David Mark.
Mark is challenging a legal action brought by a former Deputy National Chairman of the party, Nafiu Bala, over the control and leadership structure of the ADC.
The case, scheduled for hearing on Tuesday, is expected to determine the direction of the party amid deepening internal divisions.
SEE MORE: 2027: Why ADC, Opposition Leaders Stormed INEC in Abuja
Through his lawyer, Realwan Okpanachi, Mark is seeking an order to stay the execution of a Court of Appeal judgment delivered on March 12, pending the final resolution of the matter.
He also urged the apex court to restrain the Independent National Electoral Commission (INEC) from making any alterations to the party’s leadership as currently constituted under his faction.
In addition, Mark is asking the court to suspend further proceedings in a related suit before the Federal High Court in Abuja, presided over by Justice Emeka Nwite.
The dispute dates back to a September 4, 2025 ruling by the Federal High Court following an ex parte application filed by Bala, which has since fueled competing claims to the party’s leadership.
The ADC has, in recent months, been embroiled in a bitter factional crisis, with rival camps asserting legitimacy.
The situation has been worsened by conflicting court orders and administrative uncertainty surrounding who truly leads the party.
Tensions escalated after INEC reportedly removed Mark as the party’s national chairman from its official records, sparking protests by his loyalists.
The demonstration drew prominent political figures, including former Vice President Atiku Abubakar, ex-Osun State Governor Rauf Aregbesola, former Anambra State Governor Peter Obi, and former Rivers State Governor Rotimi Amaechi.
In response, the Bala-led faction staged a counter-protest, insisting on recognition by INEC as the legitimate leadership of the party.
As the battle shifts to the Supreme Court, political observers say the outcome could decisively shape the future of the ADC, particularly as political alignments begin to take form ahead of upcoming elections.
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