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SERAP sues Tinubu ‘over failure to probe missing $3.4bn IMF loan’

Published

2 years ago

March 3, 2024

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’

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BREAKING: Lagos Politics Heats Up as Sanwo-Olu Endorses Deputy Governor Hamzat ( VIDEO)

Published

12 hours ago

April 27, 2026

Trends Admin

Lagos State deputy governor Obafemi Hamzat

BREAKING: Lagos Politics Heats Up as Sanwo-Olu Endorses Deputy Governor Hamzat ( VIDEO)

Governor of Lagos State, Babajide Sanwo-Olu, has officially endorsed his Deputy Governor, Kadri Obafemi Hamzat

BNXN X SARZ | Khvicha Kvaratskhelia | Victor Osimhen | #BurgerKingSmallChopzzz | Friction | Best International Act | Nathan Ake | Shehu Sani pic.twitter.com/A4bRwBXauM

— Newstrends.Ng (@Newstrends_ng) April 27, 2026

The Governor of Lagos State, Babajide Sanwo-Olu, has officially endorsed his Deputy Governor, Kadri Obafemi Hamzat, as his preferred successor ahead of the 2027 governorship election in the state.

The endorsement was made on Monday at the Lagos House, Marina, during a meeting that brought together key political stakeholders and members of the state executive council.

The development signals an early alignment within Lagos political leadership as preparations gradually build toward the 2027 general elections, particularly within the ruling party structure in the state.

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Although full details of the meeting were not immediately disclosed, sources indicate that the governor’s endorsement reflects continuity in governance and ongoing confidence in his deputy’s role in the current administration.

In recent weeks, Hamzat has reportedly been engaging in consultative visits with political leaders, party stakeholders, and community representatives across Lagos State, strengthening his visibility within the state’s political landscape ahead of the next election cycle.

Political analysts say the endorsement could significantly shape internal party dynamics, given Lagos State’s history of structured succession planning and strong influence within national politics.

Observers also note that such early positioning often plays a key role in consolidating support within party ranks, particularly in a politically strategic state like Lagos.

The ruling party has yet to issue a formal statewide statement detailing the broader implications of the endorsement, but political discussions around the 2027 governorship race have already begun gaining momentum.

Further developments are expected as political consultations continue across various levels of government and party structures in the state.

Sanwo-Olu Endorses Deputy Hamzat for 2027 Lagos Governorship Race at Lagos House

BNXN X SARZ | Khvicha Kvaratskhelia | Victor Osimhen | #BurgerKingSmallChopzzz | Friction | Best International Act | Nathan Ake | Shehu Sani pic.twitter.com/FCv8SZqqTn

— Newstrends.Ng (@Newstrends_ng) April 27, 2026

BREAKING: Lagos Politics Heats Up as Sanwo-Olu Endorses Deputy Governor Hamzat ( VIDEO)

News

Sowore Confronts Malami in Court, Says ‘We Warned You Under Buhari…’

Published

13 hours ago

April 27, 2026

Trends Admin

former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN

Sowore Confronts Malami in Abuja Court, Says ‘We Warned You Under Buhari, Now System Is Dealing With You’

A dramatic moment unfolded on Monday at the Federal High Court of Nigeria in Abuja when former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, confronted former Attorney General of the Federation, Abubakar Malami, during ongoing proceedings involving multiple legal disputes.

The encounter, captured in a viral video circulating on social media, showed Sowore directly addressing Malami inside the court premises, linking his current legal challenges to actions taken during his tenure under former President Muhammadu Buhari.

Malami is currently facing charges filed by the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS), including allegations of money laundering, unlawful possession of firearms, and alleged unlawful acquisition of assets. He is also challenging interim forfeiture orders placed on some of his properties.

During the encounter, Sowore told the former minister:
“You see how it feels now to be persecuted. When you were with Buhari, you were bragging. We warned you then that there was failure in the justice system, but you didn’t listen, and now the system is dealing with you.”

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The exchange drew the attention of lawyers, court officials, and observers present in the courtroom, with some reportedly reacting with subdued laughter as the tense but brief interaction unfolded.

Sowore also attempted to further engage Malami politically, offering him a symbolic orange beret associated with his “Revolution Now” movement, which calls for systemic political and governance reforms in Nigeria.

“I want to give you my cap. This is a revolutionary cap,” he said.

Despite the confrontation, Sowore acknowledged Malami’s composure during the moment, while reiterating his broader criticism of Nigeria’s political and justice system.

“At least I’m glad that you are strong. We are not all on the same side. Even the oppressors are oppressing you now… no matter how powerful you people are, we will never support you,” he added.

In response, Malami maintained a calm posture and reaffirmed his confidence in the judicial process, stating that he remains committed to attending court proceedings and defending himself against the allegations.

“I can never be down. I have been attending all my court sittings. I will keep attending. And I remain strong,” he said.

The incident has since triggered widespread reactions online, with many Nigerians debating both the propriety of the courtroom exchange and the broader political tensions surrounding Malami’s ongoing legal battles.

Observers say the episode highlights the increasingly public intersection between courtroom proceedings, political activism, and social media-driven political commentary in Nigeria.

Sowore Confronts Malami in Abuja Court, Says ‘We Warned You Under Buhari, Now System Is Dealing With You’

News

Nigerians Risk Visa Denials Over Overstay Violations, US Warns

Published

15 hours ago

April 27, 2026

Trends Admin

US Embassy in Nigeria

Nigerians Risk Visa Denials Over Overstay Violations, US Warns

The United States Mission in Nigeria has reiterated its warning that visa overstays by Nigerian travellers could have far-reaching consequences, not only for offenders but also for other applicants seeking entry into the United States.

In a statement shared via its official X (formerly Twitter) handle, the mission stressed that strict adherence to U.S. immigration rules is essential to maintaining fair and open access for legitimate travellers from Nigeria.

According to the advisory, when individuals overstay their visas or violate entry conditions, it can negatively impact how applicants from the same country are assessed, potentially leading to stricter scrutiny, delays, or visa denials.

“Visa overstays by Nigerian travellers can affect opportunities for their fellow citizens,” the mission stated. “Strengthening compliance helps protect access for students, business travellers, and families who travel responsibly.”

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The warning aligns with long-standing U.S. immigration policies enforced by the U.S. Department of State, which tracks entry and exit records of foreign visitors. Travellers who remain in the U.S. beyond their authorised period—typically indicated on their I-94 admission record—may face penalties such as visa cancellation, ineligibility for future visas, or multi-year re-entry bans, depending on the duration of the overstay.

The mission noted that thousands of Nigerians travel annually to the United States for education, business, tourism, and family visits, and urged all visitors to comply fully with the conditions of their visas throughout their stay.

It also raised concerns about visa fraud and misuse of travel documents, warning that such practices undermine the integrity of the system and could further affect legitimate applicants.

To curb abuse, the mission encouraged members of the public with credible information about visa fraud to report through its consular fraud prevention channels, including dedicated email contacts for Abuja and Lagos.

Officials emphasised that maintaining high compliance rates among travellers helps preserve Nigeria’s standing in global mobility assessments and supports smoother visa processing for genuine applicants.

The U.S. Mission reaffirmed its commitment to promoting safe, legal, and orderly travel between Nigeria and the United States, while ensuring that those who follow the rules are not disadvantaged by violations committed by others.