Politics
SERAP Urges Tinubu To Probe $1.5bn World Bank Loan To 36 States, $3bn Chinese Loans To FG
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, and appropriate anti-corruption agencies to thoroughly investigate the spending of $1.5 billion World Bank loan obtained by the 36 states and Abuja for poverty reduction and social protection.
The SERAP said, “Suspected perpetrators of corruption and mismanagement should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”
It also urged President Tinubu to “direct Mr Fagbemi and appropriate anti-corruption agencies to promptly investigate the alleged mismanagement of the Chinese loans of $3.121 billion obtained by the Federal Government.”
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Specifically, the SERAP urged him to “instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor the spending of the $1.5 billion World Bank loan to Nigeria’s 36 states and Abuja.”
In the open letter dated 10 August 2024 and signed by deputy director, SERAP, Kolawole Oluwadare, the organisation said, “Ensuring accountability for the spending of World Bank loan and Chinese loans would build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”
It added that, “Impunity for corruption in the management of World Bank loans and Chinese loans will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.”
The SERAP’s position is that, “It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.”
According to the SERAP, “There are reports that the $1.5bn World Bank loan to the 36 states and Abuja and the $3bn Chinese loans obtained by the Federal Government may have been mismanaged or diverted, and in any case remain unaccounted for.”
After a series of delays, the House of Representatives ad hoc committee on Rivers State has finally held its much-anticipated meeting with the Sole Administrator of the state, Retired Vice Admiral Ibok Ete Ibas.
The meeting, which took place in Abuja, comes as the House exercises its constitutional powers to assume the functions of the Rivers State House of Assembly, following the ongoing political crisis in the state.
In his opening remarks, Vice Admiral Ibas apologised for his inability to attend earlier scheduled meetings, citing the need for more time to settle into his new role.
READ ALSO: Ibas Makes First Appearance At NEC Meeting As Rivers Sole Administrator
He told the committee that he is still acclimatising to the demands of his position and appealed for the lawmakers’ understanding as he prepares to provide a detailed briefing.
Shortly after his plea, the session went into a closed-door meeting, with journalists and observers asked to leave.
More to follow………….
Deji Adeyanju, a Nigerian activist and lawyer, has made explosive claims regarding the 2023 presidential election, suggesting that former Labour Party (LP) candidate Peter Obi and New Nigeria Peoples Party (NNPP) leader Rabiu Kwankwaso secretly supported President Bola Tinubu’s campaign.
In a post shared on his 𝕏 page Thursday, Adeyanju contended that Obi, who ran against Tinubu, would likely continue to support the president in future political endeavors.
He expressed certainty that Obi would decline any efforts to form a coalition aimed at challenging Tinubu in the next election.
READ ALSO: Lad Who Stood In Front Of Obi’s Convoy Apprehended For Street Fighting – Police
“I’m 100% convinced that Obi worked for Tinubu in 2023 and will do so again. I might be wrong, but I’m convinced in my mind about this,” Adeyanju wrote.
“Once a businessman, always a businessman. Those still in doubt will see the clear handwriting before 2027. He will refuse to join the coalition,” he continued.
Additionally, Adeyanju accused Kwankwaso of working in favor of Tinubu during the previous election.
He emphasized that for any opposition coalition to succeed in the 2027 race, figures like Obi and former Vice President Atiku Abubakar—another presidential hopeful—must step aside.
“For the coalition to succeed, all the self-centered politicians like Atiku & Obi should promise not to run and allow neutral folks to run against Tinubu,” Adeyanju proposed. “This is how to put the interest of the nation above personal interest,” he added.
The activist went on to criticize the culture surrounding Nigerian politics, describing it as an industry driven by opportunism.
He lamented the presence of “merchants” surrounding top politicians, accusing them of putting personal gain ahead of the country’s well-being. “The biggest industry in Africa is politics,” Adeyanju said.
“And those around popular politicians are all merchants. Once politics is around the corner, they are in business. Con men and women who just want to cash out.”
Retired Vice Admiral Ibok-Ete Ibas, the Sole Administrator of Rivers State, attended his first National Economic Council (NEC) meeting today at the Presidential Villa in Abuja.
Ibas was appointed to the position by President Bola Tinubu following the suspension of Governor Siminalayi Fubara in March 2025.
READ MORE: Tinubu Swears In Ibas As Rivers Sole Administrator
The NEC meeting, which is being presided over by Vice President Kashim Shettima, gathered a number of state governors and deputy governors from across the 36 states of Nigeria to discuss important national economic issues.
Among the notable figures in attendance was Governor Sheriff Oborevwori of Delta State, who recently defected to the All Progressives Congress.
Governor Oborevwori led the opening prayers at the meeting on the instruction of Vice President Shettima.
Other state governors present included Rev. Fr. Hycinth Alia of Benue State, Abdulrahman Abdulrazak of Kwara, Monday Okpebholo of Edo, and Bassey Otu of Cross River, along with several deputy governors.
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