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SERAP Urges Tinubu To Probe Missing $3.4bn IMF Loan

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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 Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing, diverted or unaccounted for.”

The call was contained in a statement made available to Biztellers by SERAP on Sunday under the signature of its Deputy Director, Kolawole Oluwadare.

It averred that “The 2020 annual audited report published last week by the Auditor-General of the Federation documents damning revelations including that there was no document to show the movement and spending of the IMF loan.”

The SERAP also urged him to ensure that, “anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing IMF loan should be fully recovered and returned to the public treasury.”

In the letter dated 3 February 2024 and signed by Oluwadare, the SERAP stated, “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.

“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 both the loan and accrued interests.”

According to the SERAP, “Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing IMF loan would have serious resource allocation and exacerbate the country’s debt burden.”

The letter, read in part: “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.

“The Auditor-General recommends that the money be fully recovered and remitted to the public treasury and those suspected to be involved ‘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.

“The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations including under the UN Convention against Corruption.

“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 manage the health crisis stemming from the outbreak of COVID-19 pandemic may have been missing, diverted or unaccounted for.

“According to the Auditor-General, no information or document was provided to justify the movement and spending of Fund.

“The Auditor-General wants the money 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 also recommends 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 reports, Nigeria is expected to spread the payment of the IMF loan 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.

“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing IMF would serve the public interest and end the impunity of perpetrators.

“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. It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.

“SERAP notes that 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.

“SERAP notes that your 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.

“This implies providing strong leadership in the efforts to curb public sector corruption, and to refer to appropriate anticorruption agencies any allegations of corruption in which any officials and agencies of government may be involved or complicit.

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

“Under Section 16(1) of the Constitution, your 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 your 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 your 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 your 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.”

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Minister Orders Security Operatives to Wade into Souring LPG Prices

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Prompted by the sharp hike in the price of cooking gas also called Liquefied Petroleum Gas (LPG), the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has directed operatives of the Department of State Services (DSS), Police, Nigeria Security and Civil Defence Corps (NSCDC) and other paramilitary to decisively deal with those undermining the sector.

Ekpo, yesterday at a meeting with stakeholders on the rising prices of LPG, specifically directed the phalanx of the security team to apprehend hoarders and stop illegal storage diversion across Nigeria.

According to him, the government would not sit back and allow market forces to thwart its efforts in ensuring availability and affordability of LPG.

“I have directed the NMDPRA to intensify monitoring, engage operators, and work with security agencies to discourage hoarding, eliminate artificial scarcity, and strengthen distribution and pricing transparency.

“Improved supply must be matched by efficient distribution and responsible conduct. Bottlenecks, hoarding, speculative storage, allocation inefficiencies, logistics constraints, and pricing distortions must not undermine public confidence,” he said.

He reassured Nigerians that there is no cause for panic, as the government remains committed to adequate domestic gas supply and to the Decade of Gas Initiative as a pathway for cleaner cooking, industrial growth, and energy security,” stated.

Deputy President of Nigerian Association of LPG Marketers (NALPGAM), Ude Godwin, in his presentation, recalled how the body approached the Minister, the NMDPRA over the escalating price of gas in Nigeria and today’s meeting presented opportunities to enable the stakeholders to address the crisis.

Godwin explained that Since late 2025 into mid-2026: Nigerians have faced repeated LPG scarcity and consequential sharp price hikes despite rising domestic production.

According to him, prices jumped from N1,000/kg in January 2026 to N1,500-1,700/kg by May 2026.

“Prices went in some locations from N2,000-2,500/kg by June 2026. A 20MT truck now costs marketers N28m-N30m as against N14m/20MT when Dangote first supplied LPG in 2025.

“Erratic supply, terminal congestion in Lagos, logistics bottlenecks, and reduced volumes from Dangote Refinery and NLNG. Low buffer stock made any 2-week disruption to trigger panic buying.

“The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), led by National President Barr. Edu Inyang has been the main industry voice pushing for intervention to save the situation,” he added.

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Beyond threats and sanctions, the marketer suggested to the government that there should be all domestic LPG producers to demonstrate compliance with domestic supply commitments and ensure adequate volumes are made available to the Nigerian market before exports, saying it will increase product availability and reduce supply disruptions.

He said there should be a joint government-industry monitoring team to track production volumes, depot prices, inventory levels, and distribution patterns across the country, to identify early signals of supply shortages, speculative activities, and market distortions.

He tasked the government to Initiate an urgent review of multiple fees, levies, and charges imposed across the LPG value chain with a view to eliminating duplications and reducing cost burdens on operators. This will bring about lower operating costs and moderation of retail prices.

“Where domestic supply is insufficient, provide a fast-track framework for marketers and investors to import additional LPG volumes, including support for foreign exchange access and streamlined regulatory approvals. This will bridge supply gaps and improve market competition.

“Announce targeted incentives for investment in LPG storage facilities and distribution hubs in underserved regions, particularly Northern Nigeria and major inland consumption centres. This will reduce transportation costs and improve nationwide product availability.

“Set up a standing working group comprising representatives of the Ministry, NMDPRA, producers, terminal operators, NALPGAM and other critical stakeholders to meet periodically and monitor implementation of agreed interventions.

“This will bring about sustained stakeholder engagement, policy coordination, and measurable progress toward supply, availability and stability,” he added.

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Sahara Group Fires-up Energy Journalism with $5,000 Fellowship

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To bolster energy journalism in Africa, Sahara Group has unveiled the Asharami Square Energy Reporting Fellowship, offering up to $5,000 in grants, mentorship opportunities, and access to industry experts for selected journalists across the continent.

The Fellowship is an extension of Asharami Square, Sahara Group’s flagship thought leadership platform, now in its third edition, focused on sustainability and energy transition.

Themed “Energising Africa’s Energy Future: Legacy, Impact, and Transformation,” this year’s event will bring together industry leaders, policymakers, academia, and the media on July 22, 2026, in Lagos, Nigeria.

The Asharami Energy Reporting Fellowship reflects Sahara Group’s evolution from convening conversations to strengthening the narratives defining Africa’s energy future. Guided by the theme, “Telling Africa’s Energy Story. Shaping Solutions,” it advances solutions-driven reporting on infrastructure gaps, financing, policy trade-offs, and community impact.

Ejiro Gray, Director, Governance and Sustainability at Sahara Group, said the initiative is focused on strengthening the quality of discourse around energy on the continent. “As the energy landscape becomes more complex, the need for accurate, contextual, and impactful reporting becomes even more critical. This Fellowship is designed to support journalists in telling stories that go beyond headlines and uncover the real dynamics shaping Africa’s energy future,” she said.

Bethel Obioma, Head, Corporate Communications, Sahara Group, said the Fellowship extends Asharami Square’s long-standing focus on shaping narratives.

“At Sahara Group, we believe storytelling is a powerful driver of progress. With the Fellowship, we are going a step further to support the storytellers themselves, enabling a new wave of galvanising journalists across Africa to unearth untold energy stories, spotlight practical solutions, and contribute meaningfully to the continent’s energy future,” he said.

“To participate, journalists from across Africa, spanning print, electronic, and digital media, are invited to submit well-well-researched stories via the Fellowships’ portal, www.asharamisquarefellowship.com,” Obioma added.

Entries must be stories published or broadcast between January and October 30, 2026, and should be original, insightful, and accurate. Submissions must align with the Fellowship’s focus on uncovering underreported energy issues and advancing practical, forward-looking solutions for Africa’s energy future.

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An independent jury comprising experts in energy journalism and sustainable development will assess entries.

The Fellowship offers up to $5,000 in funding, combining financial support, immersive learning, mentorship, and high-level exposure to build capacity for shaping Africa’s energy narrative.

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‘They’ll Be Free Soon’ – DIG Gives Fresh Update on Abducted Oyo Pupils, Teachers

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The Oyo State Government under Governor Seyi Makinde has approved the reconstruction of Ijio-Idiko-Ile Road which is one of the roads in the Oke Ogun geo-political zone in the state. Makinde also disclosed that he had given the go-ahead for the renovation of Iseyin Township Hall. Makinde, made these known during a town hall meeting held at Iseyin Town Hall in Iseyin Local Government Area, on Thursday. In his speech, Makinde informed the audience that construction is still going on at the Ladoke Akintola University, Ogbomoso campus's College of Agricultural Science and Renewable Natural Resources, Iseyin Campus. He declared that Oba Abdul Ganiy Adekunle Salau, the most recent Aseyin of Iseyin, would be honored by having the campus lecture hall bear his name.

The South-West Coordinating Deputy Inspector-General of Police (DIG), Adegoke Fayoade, has reassured Nigerians that the abducted pupils and teachers in Oyo State will soon regain their freedom as security agencies intensify rescue operations.

Speaking during an official working visit to the Lagos State Police Command Headquarters in Ikeja on Monday, Fayoade expressed confidence that ongoing efforts by law enforcement agencies and government authorities would yield positive results in the shortest possible time.

According to him, all available resources are being deployed to secure the safe release of the victims, while security operatives remain focused on rescue efforts rather than engaging in discussions about ransom demands.

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All agencies, including government authorities, are working tirelessly. I can assure Nigerians that within the shortest possible time, the children and their teachers will be free,” the DIG stated.

Fayoade dismissed reports suggesting that the abductors had altered their demands, insisting that the police were unaware of any negotiations involving ransom payments or the release of suspected accomplices.

We do not discuss ransom. Our priority is ensuring the safe rescue of those in captivity,” he said.

The senior police officer explained that his visit to Lagos was part of a broader strategy to strengthen supervision across police commands in the South-West and engage officers on effective approaches to tackling emerging security threats.

He disclosed that discussions with officers centered on manpower development, welfare improvement, and operational efficiency.

Fayoade noted that the ongoing recruitment of 40,000 police personnel would help address manpower shortages across the country, while improved welfare packages would boost officers’ morale and effectiveness.

The DIG also highlighted the Nigeria Police Force’s commitment to adopting modern technology in crime fighting.

He revealed that efforts were underway to complete a central data centre that would enable security agencies to share intelligence and improve crime detection nationwide.

He added that the force was preparing to introduce artificial intelligence into criminal investigations and intelligence gathering to enhance policing and improve response times.

Technology remains a major priority. Very soon, our officers will begin specialized training on the use of artificial intelligence in investigations and intelligence operations,” he said.

Fayoade further urged members of the public to cooperate with law enforcement agencies, stressing that effective policing requires mutual trust and respect between officers and citizens.

The assurance comes amid growing concern from parents and residents over the fate of the abducted pupils and teachers, with many hoping for a swift and safe resolution to the incident.

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