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SERAP sues Tinubu ‘over failure to probe missing $3.4bn IMF loan’
SERAP sues Tinubu ‘over failure to probe missing $3.4bn IMF loan’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that the $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 allegations are contained in 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.”
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.”
SERAP is also seeking: “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.”
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In the suit, SERAP is arguing 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.”
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 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.”
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 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.”
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“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 Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.
No date has been fixed for the hearing of the suit.
SERAP sues Tinubu ‘over failure to probe missing $3.4bn IMF loan’
News
ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered more than ₦5.3 billion following a review of local government accounts in seven states and the Federal Capital Territory (FCT).
The anti-corruption agency has also announced plans to make all 774 local government areas in Nigeria publish their financial records online, in a move aimed at strengthening transparency and accountability in the management of public funds.
ICPC Chairman, Dr Musa Adamu Aliyu, disclosed the recoveries on Thursday, November 12, 2026, in Lafia, Nasarawa State, during the launch of the ICPC-National Information Technology Development Agency (NITDA) Local Government Websites Pilot.
According to the commission, the review of local government accounts exposed financial risks at the grassroots level and demonstrated the importance of monitoring how public allocations and other revenues are managed.
Aliyu said the recovery of more than ₦5.3 billion showed what scrutiny could achieve, adding that the proposed digital disclosure initiative would help prevent further financial abuses.
He explained that the programme was designed to ensure that local governments made information about their finances and activities accessible to residents, journalists and relevant oversight institutions.
The initiative comes against the backdrop of the Supreme Court’s July 2024 judgment on local government financial autonomy, which affirmed that statutory allocations due to democratically elected councils should be paid directly to them rather than being controlled by state governments.
Aliyu said the judgment had increased the responsibility of local government authorities to account for funds received and ensure that public resources were used for the benefit of residents.
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“Autonomy brings responsibility. Funds that now flow directly to the councils must be spent openly and for the benefit of the people,” he said.
Under the new arrangement, local government councils will be required to publish information in five major areas, including financial records, public procurement, human resources, citizen engagement and anti-corruption measures.
The financial disclosures will cover budgets, statutory allocations, internally generated revenue, expenditure, audit reports and debts.
The platforms will also provide information on procurement processes, staffing and opportunities for residents to submit feedback, complaints and whistleblowing reports.
Aliyu said regular publication of these records would enable citizens to monitor how public funds were spent, while journalists and oversight agencies would have better access to information needed to identify possible irregularities.
He urged local government chairpersons to appoint dedicated officers to manage the websites and ensure that the information published was accurate, current and regularly updated.
The ICPC chairman warned that launching the websites without maintaining them would undermine the purpose of the initiative.
He added that the commission intended to approach the programme as a partnership for preventing corruption rather than an instrument for witch-hunting local government officials.
The National Information Technology Development Agency, led by its Director-General, Kashifu Inuwa Abdullahi, is providing the technological support for the project.
Abdullahi disclosed that NITDA would register domain names, develop the websites and provide hosting services for at least one year for all 774 local government areas.
While NITDA will provide the digital infrastructure, the ICPC will establish the content standards and accountability framework to guide the information councils are expected to publish.
He said the initiative was designed to improve governance, strengthen citizen engagement and create economic opportunities by making government information easier to access.
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Abdullahi also said the project would reduce the difficulties residents face when trying to obtain information about community projects or lodge complaints with their local councils.
The pilot programme commenced in Nasarawa State, making it the first state to begin implementing the ICPC-NITDA local government website initiative.
Governor Abdullahi Sule, who formally flagged off the programme in Lafia, designated the Nasarawa State Information Technology and Digital Economy Agency as the state’s technical partner.
Sule directed local government councils to take responsibility for the accuracy of information published on their platforms and appoint officers to verify records before uploading them.
He said the success of the initiative would depend on whether residents could easily access useful and up-to-date information, rather than merely on the launch of the websites.
The governor also challenged the ICPC and NITDA to extend the financial disclosure initiative to state governments, offering Nasarawa as the first state willing to participate.
He said publishing information about funds meant for local governments would help citizens establish where such allocations were held up and improve accountability across the different levels of government.
The Speaker of the Nasarawa State House of Assembly, Danladi Jatau, pledged the legislature’s support for the programme, noting that the Constitution empowers state assemblies to oversee local government finances.
The Emir of Lafia, Justice Sidi Bage Muhammad I (retd.), also commended the ICPC, NITDA and the Nasarawa State Government for the initiative.
The nationwide rollout is expected to extend the digital disclosure system to all 774 local government areas, giving residents a more direct way to scrutinise council budgets, allocations, spending and development projects.
For the ICPC, the initiative represents an effort to complement the recovery of public funds with preventive measures designed to make financial information accessible and strengthen accountability at the grassroots.
However, the commission’s disclosure did not identify the seven states or provide a breakdown of the amounts recovered from each state and the FCT. The ₦5.3 billion figure therefore represents the aggregate recovery announced by the agency.
ICPC Recovers ₦5.3bn in Seven States, FCT as LG Financial Probe Uncovers Irregularities
News
FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years
The Federal Government has concluded a comprehensive review of Nigeria’s federal laws, identifying 269 obsolete, archaic or spent enactments for removal from the statute books while recommending 663 others for inclusion in the proposed 2025 edition of the Laws of the Federation of Nigeria (LFN).
The exercise, which covers more than two decades of legislative developments, represents the first comprehensive review and consolidation of the country’s federal laws since 2004.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed the development on Thursday, November 12, 2026, in Abuja while receiving the final report of the Committee on the Review, Update and Consolidation of the Laws of the Federation.
Fagbemi explained that the committee examined 932 federal enactments and 731 pieces of subsidiary legislation as part of efforts to modernise Nigeria’s legal framework and eliminate outdated provisions.
Of the 932 enactments reviewed, 663 were identified for inclusion in the proposed Laws of the Federation of Nigeria 2025, while 269 were classified as obsolete, spent or repealed.
The Attorney-General said the reviewed legislation, together with relevant subsidiary laws, would provide a more reliable and accessible legal reference for courts, legal practitioners, government institutions, investors and members of the public.
He explained that the next step would be to present the committee’s report to President Bola Ahmed Tinubu for onward transmission to the National Assembly for the necessary legislative consideration and action.
Fagbemi urged lawmakers to cooperate with the executive arm of government to ensure the timely consideration of the proposed legislative measures.
He described the exercise as a significant milestone in the Federal Government’s efforts to strengthen the justice sector, improve the administration of justice and bring Nigeria’s legal system in line with contemporary realities and international best practices.
According to him, more than 20 years have passed since the last official consolidation of the Laws of the Federation in 2004, during which Nigeria experienced substantial legislative, constitutional, institutional and technological changes.
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He noted that several new laws and amendments had accumulated over the period, making a comprehensive review necessary to ensure that federal legislation remained coherent, current, accessible and responsive to the country’s needs.
Fagbemi warned that Nigeria must avoid another prolonged gap between comprehensive reviews, stressing the importance of establishing a sustainable system for regularly updating the country’s laws.
He said the quality, accuracy and practical usefulness of the revised legal framework must remain priorities, adding that the laws should promote the rule of law, protect citizens’ rights, strengthen governance and support national development and security.
Why the Federal Government is removing obsolete laws
Earlier, the chairman of the review committee, Olawale Fapohunda (SAN), disclosed that the assignment took more than two years and involved extensive legal research, legislative analysis, harmonisation and consolidation of existing federal legislation.
He explained that the committee’s responsibility went beyond compiling existing laws, as it also examined their continuing relevance, identified conflicting provisions and recommended the removal of redundant legislation.
According to Fapohunda, the exercise was designed to eliminate obsolete statutes, resolve inconsistencies and incorporate contemporary social, economic and technological developments into Nigeria’s legal framework.
The committee discovered several weaknesses in existing legislation, including archaic statutory language, cumbersome cross-references, outdated chapter numbers and inconsistencies in the sequencing of some Acts.
It also identified statutory fines and fees that no longer reflect current economic realities.
Some of the penalties prescribed under existing laws were as low as ₦10 and ₦50, despite significant changes in the country’s economic conditions over the years.
Fapohunda said such outdated provisions required further legislative attention to ensure that penalties and statutory charges remained relevant and effective.
How the review was conducted
The committee adopted a structured approach involving 14 thematic working groups supported by technical teams responsible for research, collation, drafting, quality assurance and editorial review.
The groups also participated in retreats and technical engagements across different locations to harmonise their findings, examine international best practices and improve the accuracy of the revised legislation.
The exercise involved consultations with several institutions, including the National Assembly, the Nigerian Law Reform Commission, the National Institute for Advanced Legal Studies and the Lagos State Law Reform Commission.
International and technical partners, including the Law Commission of England and Wales, LexisNexis South Africa and Law Pavilion, also contributed to the process.
Fapohunda further disclosed that the committee recommended the establishment of a centralised national repository of federal legislation to make existing laws easier to access and facilitate regular updates.
He explained that the absence of a comprehensive and easily accessible database of federal laws had made the committee’s assignment more difficult.
The committee also recommended that the Attorney-General issue an advisory note to ministries, departments and agencies (MDAs) outlining established procedures for reviewing their enabling laws and subsidiary legislation.
The recommendation followed recurring deficiencies in legal drafting by some government institutions, which could result in ambiguities, conflicting provisions and difficulties in implementing laws.
What happens next?
With the submission of the final report and draft 20-volume edition of the Laws of the Federation of Nigeria 2025, the Federal Government is expected to forward the proposed measures to President Tinubu.
The President will subsequently transmit the relevant proposals to the National Assembly for consideration and necessary legislative action.
The proposed changes are expected to improve access to federal legislation, remove redundant provisions and provide a more organised legal framework for governance, business, investment and the administration of justice.
However, the proposed removal of the 269 obsolete enactments and the legislative measures arising from the review will require the appropriate legal and legislative processes before they can take effect.
Fagbemi said the government would work towards establishing a continuous review mechanism to ensure that future laws, amendments and subsidiary legislation are properly tracked and incorporated without another prolonged delay.
FG Moves to Scrap 269 Obsolete Laws, Prepares 663 Others for NASS Review After 22 Years
News
Tragedy in Nsukka as Six UNN Graduates Reportedly Found Dead After Final Exams
Tragedy in Nsukka as Six UNN Graduates Reportedly Found Dead After Final Exams
NSUKKA, ENUGU STATE — Tragedy has struck the University of Nigeria, Nsukka (UNN), following reports that six fresh graduates of the institution have been found dead inside an apartment in the Hilltop area of Nsukka, Enugu State.
The victims, reportedly comprising five females and one male, were said to have been discovered lifeless on Thursday morning, barely a day after completing their final examinations.
The incident has thrown the university community into mourning, with students and residents struggling to come to terms with the shocking development.
According to reports, the deceased had recently concluded their academic activities and were said to have participated in sign-out celebrations marking the completion of their studies.
The gathering, which was expected to be a moment of excitement and celebration after years of academic pursuit, reportedly ended in tragedy.
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The circumstances surrounding the deaths remain unclear, as there are conflicting reports about the number of victims and what transpired inside the apartment.
Meanwhile, the Acting Public Relations Officer of the university, Inya Agha Egwu, has acknowledged receiving enquiries about the incident and assured journalists that the university management would issue an official statement.
Efforts to obtain an immediate response from the Enugu State Police Command were reportedly unsuccessful as calls to the Police Public Relations Officer, Daniel Ndukwe, were unanswered.
As of the time of filing this report, the identities of the deceased and the actual cause of their deaths had yet to be officially established.
The tragic development has raised concerns across the university community, with students and residents awaiting further information from the police and university authorities.
Further details will be provided as official statements emerge.
Tragedy in Nsukka as Six UNN Graduates Reportedly Found Dead After Final Exams
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