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.
The Osun State chapter of the Accord Party has cautioned its members against anti-party activities in the forthcoming National and State Assembly elections.
A government house statement released in Osogbo on Wednesday added that the party warned that all members must support Accord candidates at the polls.
Rising from a closed door stakeholders’ meeting, the party noted several reports of Accord members allegedly backing candidates from PDP, APM, APP and even APC, directing that those members or leaders caught in such acts will face severe disciplinary actions.
The meeting presided over by Governor Ademola Adeleke passed a resolution that all disagreements over selection of legislative candidates should be resolved and the party must unite behind the candidates already fielded by the party.
Under no circumstances should any Accord member be caught sponsoring or working for legislative candidates of other political parties. Such behaviour will not be tolerated, the stakeholders meeting resolved.
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The meeting further directed a small committee to work on constituencies where such abnormalities are noted and take appropriate measures to stop the menace and even sanction the culprits if they persist in such anti-party conduct.
The Accord leadership in the state was also directed to activate monitoring actions to identify those involved in such conduct and call them to order as urgently as possible.
Meanwhile, Gov Adeleke used the Forum to register his gratitude to party members for their steadfast support during the turbulent electioneering process.
“I am deeply grateful to our party members for their depth of loyalty and courageous disposition throughout the democratic struggle. Osun people trusted us and they fought for us under the divine direction of God Almighty.
“We praise God Almighty, the courageous people of Osun state, the electoral commission and you, our loyal party members and leaders. I will remain steadfast in my commitment to the people, the party and God almighty.
“I task us to support our party candidates in the forthcoming legislative elections. We must avoid anti-party activities. Severe sanction awaits any party member who works against the candidates of the party.
“I have also tasked our candidates to reach out to all segments of the party. We must run an inclusive campaign. All shades of opinion must be mobilised for resounding success in future elections”, the governor admonished leaders at the stakeholders’ forum.
The Independent National Electoral Commission (INEC) has raised the alarm over a fake online recruitment notice claiming that the commission has commenced the recruitment and training of ad-hoc staff ahead of the 2027 General Election.
INEC issued the warning on Monday, August 31, 2026, following the circulation of a message online directing prospective applicants to a website purportedly created for the recruitment exercise.
The electoral commission dismissed the information as false, stressing that the recruitment notice and website did not originate from it.
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In a statement, INEC said, “The attention of the Independent National Electoral Commission (INEC) has been drawn to a message circulating online claiming that the Commission is currently recruiting and training ad-hoc staff for the 2027 General Election.”
The commission further clarified that the website being circulated is not its official recruitment portal.
“This information is not from INEC. The website/link being circulated is NOT an official INEC recruitment portal,” INEC stated.
The electoral body warned Nigerians against clicking on the link or providing personal information through the platform, particularly as fraudulent recruitment websites can be used to obtain sensitive details or solicit payments.
“Members of the public are strongly advised NOT to click on the link, submit personal information, upload documents or make any payment through the platform,” the commission warned.
INEC advised members of the public to rely only on its verified communication channels and official websites for information concerning recruitment and election-related activities.
“INEC’s official recruitment and election-related announcements are published through the Commission’s verified communication channels and official websites,” it said.
The commission directed Nigerians seeking authentic information to visit its official website, inecnigeria.org.
INEC also noted that it had previously warned the public about fraudulent websites and fake recruitment advertisements purporting to originate from the commission.
The electoral body urged Nigerians to disregard the latest notice and avoid further circulating it.
“Please disregard and do not circulate this false recruitment notice,” INEC said.
The commission concluded its warning with an appeal to Nigerians to verify the authenticity of online information before clicking on links or submitting personal details.
“Stay informed. Stay safe. Always verify before you click,” INEC stated.
Several opposition political leaders and prominent figures have converged on Abuja for a summit aimed at forging a united front ahead of the 2027 presidential election.
The meeting, being held at the Shehu Yar’Adua Centre, attracted notable opposition figures including the Peoples Redemption Party presidential candidate, Donald Duke; Social Democratic Party presidential candidate, Adewale Adebayo; and former Niger State Governor, Babangida Aliyu.
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The summit was convened by political pressure group G-100 as part of efforts to bring opposition parties together to mount a stronger challenge against President Bola Tinubu and the ruling All Progressives Congress in 2027.
Also attending the gathering are the Allied Peoples Movement vice-presidential candidate, Lawal Daura; PRP National Chairman, Hakeem Baba-Ahmed; SDP vice-presidential candidate, Usman Bugaje; and Minority Leader of the House of Representatives, Fred Agbedi.
The National Publicity Secretary of the African Democratic Congress, Bolaji Abdullahi, and G-100 Convener, Salihu Lukman, are also among those participating in the summit.
Welcoming the dignitaries, Lukman urged opposition parties to put aside their differences and work towards a common objective of advancing the interests of Nigerians.
He stressed that the proposed cooperation was not about forcing political parties to dissolve or abandon their identities, but about creating a platform where they could work together towards a shared goal.
“We are not asking any political party to dissolve. Let us agree that we must build the table before negotiating the seats,” Lukman said.
The summit comes amid increasing political realignments ahead of the 2027 general elections, with opposition parties and political actors exploring possible alliances and coalition arrangements.
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