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

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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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NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

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NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

The Nigeria Labour Congress (NLC) has backed demands by public-sector workers for the Federal Government to reduce the price of petrol to ₦500 per litre, while the workers have proposed a minimum monthly salary of ₦500,000 for Grade Level 01, Step 1 officers under a new public-service salary structure.

The demands were contained in a letter by the Trade Union Side of the Joint National Public Service Negotiating Council (JNPSNC) to President Bola Ahmed Tinubu, amid renewed concerns over rising fuel prices and the worsening cost-of-living crisis.

The workers gave the Federal Government until September 30, 2026, to respond to their demands, which cover petrol prices, wage awards, salary reviews and negotiations for a new wage structure.

The JNPSNC called for an intervention capable of bringing the petrol pump price down to ₦500 per litre, arguing that the rising cost of fuel has significantly increased transportation expenses and contributed to higher prices of food and other essential goods and services.

The demand comes amid another increase in petrol prices in Nigeria, with pump prices rising in several parts of the country following higher crude oil prices in the international market.

The labour movement has argued that the impact of rising fuel costs extends beyond motorists, as increased transportation and energy expenses raise the cost of moving agricultural produce, manufacturing goods and other commodities.

The NLC has therefore called for measures to cushion workers and households from the effects of the latest price increases.

On wages, the JNPSNC proposed a new salary structure under which a Grade Level 01, Step 1 public servant would earn ₦500,000 monthly.

The figure is important because it is a proposal by the workers, not an approved national minimum wage.

The proposed ₦500,000 salary is also specifically linked to the public-service salary structure being sought by the JNPSNC ahead of January 2027. It should not be presented as though the Federal Government has agreed to increase Nigeria’s statutory national minimum wage to ₦500,000.

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Nigeria’s current statutory national minimum wage remains ₦70,000 per month, following the 2024 wage agreement and legislation.

The workers are seeking negotiations for a new wage structure while also asking for an immediate Wage Award for employees at the Federal, State and Local Government levels as a short-term response to current economic pressures.

The proposed wage award is separate from the longer-term salary review and any future agreement on the national minimum wage.

The JNPSNC wants the National Salaries, Incomes and Wages Commission (NSIWC) to begin discussions with labour representatives and other stakeholders on the proposed wage award and salary adjustments.

The workers said rising inflation, transportation costs, food prices, housing expenses, healthcare costs and education fees had reduced the purchasing power of existing salaries.

They also called for salaries and allowances across the public service to be reviewed upward and for future salary adjustments to take inflation into account.

According to the workers, linking periodic salary reviews to inflation would help prevent employees’ earnings from losing substantial purchasing power between major wage negotiations.

The labour side also demanded subsidised transportation and affordable housing for public servants as part of measures to ease the pressure on workers.

On the petroleum sector, the workers backed calls for greater availability of crude oil in naira to local refineries, arguing that increased domestic refining and local crude supply could reduce exposure to international oil-market shocks.

The NLC has previously advocated measures to strengthen local refining and improve domestic energy security as part of efforts to reduce pressure on consumers.

The workers also rejected the idea of relying mainly on food palliatives to address the hardship, arguing that temporary relief does not adequately compensate for the loss of purchasing power caused by higher transportation and living costs.

They instead called for measures that would address the underlying drivers of the rising cost of living.

The latest demands come as the downstream petroleum market faces renewed price pressure despite increased domestic refining capacity.

Higher international crude prices have raised input costs for refiners, contributing to increases in the wholesale and retail prices of petrol.

The development has renewed debate over how much protection Nigeria’s expanding domestic refining capacity can provide against global oil-price movements.

For organised labour, however, the immediate concern is the effect of higher fuel prices on workers and households.

The JNPSNC expects the Federal Government to respond to its demands by September 30, while also looking ahead to negotiations for a new salary and wage framework from January 2027.

The council has indicated that it expects the President’s forthcoming Independence Day address to address some of the concerns raised by workers.

The proposed ₦500,000 salary therefore remains a labour demand awaiting negotiation and possible government consideration. It is not the current national minimum wage and does not mean that all Nigerian workers are automatically entitled to ₦500,000 monthly.

Similarly, the proposed ₦500 petrol price is a demand for government intervention and does not represent the current regulated or prevailing pump price across Nigeria.

The labour demands reflect growing pressure from organised workers for government action as households and businesses contend with higher fuel prices, transportation costs and living expenses.

NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary

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MURIC Warns FG: Any Move Against Atiku Now Lacks Tact

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MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
MURIC’s Executive Director, Professor Ishaq Akintola

MURIC Warns FG: Any Move Against Atiku Now Lacks Tact

The Muslim Rights Concern (MURIC) has warned the Federal Government against any move to arrest, interrogate or otherwise take action against former Vice-President Atiku Abubakar over a fresh petition before the Economic and Financial Crimes Commission, saying such a step at this time could send the wrong signal to Nigerians.

The warning came as the controversy over a renewed call for the EFCC to investigate allegations dating back to Atiku’s tenure as Vice-President intensified, with opposition figures and the petitioner trading sharply different arguments over the matter.

In a statement issued on Tuesday, September 22, 2026, MURIC Founder and Executive Director, Professor Ishaq Akintola, said the government should exercise caution, particularly with the 2027 general elections approaching.

According to MURIC, the renewed allegations have assumed greater sensitivity because Atiku is now the presidential candidate of the African Democratic Congress and a leading opposition figure.

“We warn that such an attempt at this point in time will send the wrong signal to Nigerians,” the group said, adding that with the 2027 elections “at the doorsteps,” the Federal Government should carefully consider the consequences of any action against the former Vice-President.

MURIC described any such move as lacking tact and “short” of emotional intelligence, while urging the government to avoid conduct that could create the impression that state institutions were being used against political opponents.

The organisation also warned against what it described as a damaging “body language” capable of portraying Nigeria as a “banana republic.”

MURIC said that although the country had already lost some ethical ground, its democratic values and norms remained important safeguards that should not be compromised.

“Our corporate image in the global community is sinking fast,” the group added.

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The statement followed renewed controversy over a petition by former House of Representatives member, Ehiozuwa Agbonayinma, asking the EFCC to revisit allegations concerning Atiku’s activities while he was Vice-President.

Reports indicate that the petition relates to allegations investigated by the EFCC between 2005 and 2006. Agbonayinma reportedly gave the anti-graft agency a 14-day ultimatum to act and threatened legal action if the commission failed to respond.

Former Senator Dino Melaye has strongly opposed the renewed petition, describing it as an attempt to “resurrect the dead.” Melaye argued that the matter had previously been dealt with and questioned the basis for bringing it back almost two decades later.

The dispute, however, has escalated beyond the original petition, with Agbonayinma hitting back at Melaye and challenging him to produce documentary evidence for his claim that the allegations had been investigated and dismissed.

In a statement reported on September 20, Agbonayinma insisted that he was asking the EFCC to perform its statutory responsibility and argued that the substance of the allegations should be addressed rather than his personality or political affiliation.

“You cannot defend Atiku Abubakar from an EFCC petition by attacking me,” Agbonayinma was quoted as saying, while urging the anti-graft agency to determine whether the allegations warranted further investigation.

The renewed controversy has also brought attention to the distinction between a petition seeking investigation and a finding of criminal guilt. The existence of a petition does not, by itself, establish that the person named in it committed an offence.

There is also a historical legal dimension to the allegations. Reports on the previous proceedings state that a Lagos State High Court set aside an EFCC administrative indictment against Atiku in December 2006, while no criminal conviction against him resulted from the allegations.

Atiku has continued to deny wrongdoing and has challenged anyone with credible evidence against him to present it through the appropriate legal channels.

Meanwhile, there was no confirmed announcement from the EFCC, as of the latest reports reviewed, that it had arrested Atiku or formally invited him over the fresh petition. A separate and more recent EFCC investigation reported on September 20 concerns individuals connected to allegations surrounding the Mambilla Power Project, which is distinct from the 2005–2006 allegations at the centre of the present political dispute.

The MURIC intervention has therefore added a fresh dimension to an increasingly heated political controversy, with the organisation urging the Federal Government to exercise restraint and protect public confidence in Nigeria’s democratic institutions.

With the 2027 elections approaching, the dispute over the renewed EFCC petition is expected to remain a significant political issue, particularly if the anti-graft agency decides to take further steps.

For MURIC, however, the timing of any action is crucial. The organisation wants the Federal Government to ensure that whatever steps are taken by law-enforcement agencies are grounded in due process and do not create the perception of political persecution.

The group’s central warning is that Nigeria must guard its democratic reputation and avoid actions that could further erode public confidence in its institutions at a particularly sensitive period in the nation’s political calendar.

MURIC Warns FG: Any Move Against Atiku Now Lacks Tact

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NiMet Predicts Thunderstorms, Rain Across Nigeria Till Wednesday

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NiMet Predicts Thunderstorms, Rain Across Nigeria Till Wednesday

The Nigerian Meteorological Agency (NiMet) has predicted thunderstorms and rainfall across several parts of Nigeria from Monday to Wednesday.

The agency, in its weather outlook released on Sunday, also warned that strong winds could occur ahead of thunderstorms in some areas.

For Monday, NiMet expects thunderstorms and light rain over parts of Taraba and Kebbi during the morning. Later in the day, moderate rainfall is expected across several areas in the North-East, Kaduna, Taraba and Kebbi.

In the North-Central region, parts of Niger State could experience thunderstorms and light rain in the morning, while most parts of the region may record thunderstorms with moderate rainfall by afternoon or evening.

 

The southern states are also expected to experience wet conditions. NiMet forecasts cloudy skies in the morning, with isolated thunderstorms and light rain over parts of Bayelsa, Rivers, Akwa Ibom and Cross River. More thunderstorms and light rain are expected later in the day.

Tuesday and Wednesday Forecast

On Tuesday, the northern region is expected to have patches of cloud in the morning, with thunderstorms and light rain possible in parts of Taraba.

By afternoon or evening, most parts of the region could experience thunderstorms accompanied by moderate rain.

In the North-Central, parts of the Federal Capital Territory, Niger, Nasarawa and Plateau states are expected to receive thunderstorms and moderate rainfall later in the day.

Southern areas, including parts of Ebonyi, Enugu, Abia and the South-South, may also experience thunderstorms and light rain.

NiMet expects more widespread rainfall on Wednesday, particularly across northern and North-Central states. Borno, Bauchi, Gombe, Kaduna, Adamawa and Taraba are among the areas listed for morning thunderstorms and moderate rain.

The agency also forecasts thunderstorms and moderate rainfall across much of the South later on Wednesday.

NiMet advised residents to secure loose objects and take precautions against strong winds. Motorists were urged to avoid driving during heavy rainfall, while residents were advised to disconnect electrical appliances during thunderstorms and stay away from tall trees.

Airline operators were also advised to obtain airport-specific weather information when planning flights.

NiMet Predicts Thunderstorms, Rain Across Nigeria Till Wednesday

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