SERAP sues Tinubu ‘over failure to probe missing $3.4bn IMF loan’ - Newstrends
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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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Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest

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November 12, 2026

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Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest

Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest

KATSINA STATE – A notorious bandit leader identified as Kachalla Bello has reportedly been killed during a fierce gun battle between rival armed groups in a forest in Faskari Local Government Area of Katsina State.

Bello was reportedly among those killed when rival bandit factions engaged in a deadly confrontation on Tuesday evening, November 10, 2026, amid an apparent struggle for territorial control.

According to local sources and counter-insurgency reports, the clash involved heavy exchanges of gunfire, leaving several fighters dead.

The late bandit leader was reportedly notorious for terrorising farming communities across parts of Katsina State through attacks, abductions and other criminal activities.

Beyond kidnapping for ransom, Bello was accused of subjecting some of his victims to forced labour on farmlands allegedly belonging to him.

Local accounts indicated that he frequently abducted farmers while they were working on their farms and compelled them to work on his farmland before considering their release.

His alleged activities reportedly contributed to insecurity, economic hardship and displacement among residents of affected communities, particularly farmers who depended on agriculture for their livelihoods.

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However, the Katsina State Police Command had yet to officially confirm Bello’s reported death as of the time of filing this report.

The Command’s spokesperson, Abubakar Sadiq-Aliyu, reportedly said he was making efforts to verify the incident and establish the exact location of the alleged confrontation.

He explained that security personnel were working to identify the location of the clash and liaise with the relevant Divisional Police Officers (DPOs) for further investigation.

Meanwhile, security observers have repeatedly identified rivalries and internal disputes among armed criminal groups as factors contributing to violent confrontations within bandit networks operating across Nigeria’s North-West region.

The circumstances surrounding Bello’s reported death, including the number of casualties recorded during the encounter, remain unclear.

Further details are expected as security agencies work to establish what happened.

Notorious Bandit Kingpin, Kachalla Bello, Killed in Rival Gang Clash in Katsina Forest

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Airtime Deductions: Senate Moves Against MTN, Glo, Airtel, T2, Demands Refunds for Failed Calls

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November 12, 2026

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Airtime Deductions: Senate Moves Against MTN, Glo, Airtel, T2, Demands Refunds for Failed Calls
Airtime Deductions: Senate Moves Against MTN, Glo, Airtel, T2, Demands Refunds for Failed Calls

The Nigerian Senate has moved to protect millions of telecommunications subscribers from what it describes as unjustified airtime deductions, directing the Nigerian Communications Commission (NCC) to investigate mobile network operators and introduce measures to ensure customers are not charged for failed, dropped or interrupted calls.

The lawmakers also called for a system that would compel telecommunications companies to automatically refund subscribers whenever airtime is deducted for calls that fail to connect or are disrupted by network-related problems.

The resolution followed the adoption of a motion sponsored by Senator Mohammed Tahir Monguno, representing Borno North, during plenary on Wednesday, November 11, 2026.

The Senate expressed concern over persistent complaints from Nigerians who lose airtime when telephone calls fail to connect, terminate unexpectedly or experience interruptions, forcing subscribers to spend additional money trying to complete the same conversations.

The lawmakers argued that Nigerians should not be made to pay for services they do not effectively receive, particularly when network failures are beyond their control.

They observed that although individual deductions may appear insignificant, the cumulative financial losses could amount to substantial sums across millions of telecommunications subscribers.

The situation, they noted, places an additional financial burden on low-income earners, students, traders, small business owners and other Nigerians who depend on mobile telephone services for their daily activities.

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As part of its resolutions, the Senate urged the NCC to investigate the billing practices of major telecommunications operators, including MTN Nigeria, Globacom, Airtel Nigeria and T2 Mobile, formerly known as 9mobile.

The regulator is expected to examine the extent of airtime deductions arising from failed, dropped and interrupted calls and determine whether subscribers are being charged for services that were not properly delivered.

The upper chamber also called on the NCC to establish an accessible and time-bound complaints and redress mechanism through which affected subscribers can seek refunds or appropriate compensation for unjustified deductions and persistent service failures.

The lawmakers further urged the commission to conduct independent technical audits of telecom operators’ billing systems to ensure that customers are charged only for actual call durations and services effectively delivered.

The Senate also called for stricter enforcement of quality-of-service standards, including appropriate sanctions against operators whose persistent network deficiencies violate existing regulatory requirements.

To ensure compliance, the chamber mandated its Committee on Communications to engage the NCC and telecommunications operators, investigate the complaints, assess the financial losses suffered by subscribers and submit its recommendations within four weeks.

Senate President Godswill Akpabio urged the committee to begin work immediately, warning that the Senate could take over the investigation if the regulator failed to provide satisfactory explanations.

He indicated that the Senate could constitute itself into a Committee of the Whole and summon telecommunications operators, the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, and the NCC leadership to account for the situation.

The intervention comes amid growing complaints by Nigerian subscribers over poor network quality, unexplained airtime depletion and the difficulty of obtaining redress when calls fail or are interrupted.

The lawmakers recalled that the Nigerian Communications Act, 2003, empowers the NCC to regulate the telecommunications industry, protect consumers and enforce acceptable standards of service delivery.

The proposed investigation is expected to establish the extent of the complaints and determine the regulatory measures required to prevent unjustified charges and improve accountability in the telecommunications sector.

However, the Senate’s resolution does not mean that automatic refunds have commenced. The proposed measures will depend on the outcome of the investigation and subsequent regulatory action by the NCC.

Airtime Deductions: Senate Moves Against MTN, Glo, Airtel, T2, Demands Refunds for Failed Calls

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N52,500 Minimum Pension: PenCom Gives States Condition to Secure Benefits for Retirees

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November 12, 2026

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N52,500 Minimum Pension: PenCom Gives States Condition to Secure Benefits for Retirees
PenCom Director-General, Omolola Oloworaran

N52,500 Minimum Pension: PenCom Gives States Condition to Secure Benefits for Retirees

The National Pension Commission (PenCom) has made contributions to the N400 billion Pension Protection Fund a compulsory condition for state governments seeking to access the newly introduced N52,500 minimum monthly pension for their retirees.

PenCom Director-General, Omolola Oloworaran, disclosed this on Tuesday, November 10, 2026, during the launch of the Presidential Pension Security Initiative in Abuja.

She explained that although the Minimum Pension Guarantee Scheme covers eligible retirees across the federal public service, state governments and the private sector, states must contribute to the Pension Protection Fund before their retirees can benefit from the arrangement.

According to her, the requirement is intended to guarantee the sustainability of the scheme and prevent the fund from running out of resources as more pensioners are brought under its coverage.

“We are making it a requirement that states must contribute to the Pension Protection Fund before they can be eligible for minimum pension. So we work out that modality at state level because we all know the fund needs to be sustainable,” Oloworaran said.

She warned that allowing states to benefit without contributing could undermine the initiative in the coming years.

“If people are not contributing, we’ll run out of funds, and we can’t start a laudable initiative like this and then five or 10 years from now somebody says it has stopped working because people are not contributing,” she added.

President Bola Ahmed Tinubu formally activated the Minimum Pension Guarantee Scheme at the event, setting N52,500 as the minimum monthly pension for eligible retirees under the Contributory Pension Scheme (CPS).

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The initiative is expected to benefit 173,209 retirees whose monthly pension payments are below the approved threshold.

Oloworaran explained that every eligible retiree under the CPS currently receiving less than N52,500 would have their pension adjusted to meet the new minimum.

“Every eligible retiree who is below N52,500 will be augmented to N52,500. So, of course, like I said, everybody, there’s no discrimination. If you are within the CPS and you’ve been within the CPS, you will get it,” she stated.

She clarified that the contribution requirement specifically applies to state governments seeking to extend the benefit to their retirees. Eligible federal and private-sector pensioners are also covered by the initiative.

A breakdown of the expected beneficiaries showed that private-sector retirees account for 54 per cent of the 173,209 pensioners, while federal public service retirees represent 34 per cent and state government retirees account for 12 per cent.

The PenCom chief also disclosed that more than 65 per cent of private-sector retirees currently receive monthly pensions below the N52,500 threshold.

She consequently appealed to private-sector employers and other stakeholders to contribute to the Pension Protection Fund, stressing that its sustainability required broader financial participation.

Oloworaran said the N52,500 benchmark was determined through an actuarial assessment and would be reviewed periodically to reflect prevailing economic realities.

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The N400 billion Pension Protection Fund is being supported by the Federal Government and the pension industry to finance the minimum pension guarantee.

Beyond the pension increase, the Presidential Pension Security Initiative also includes PenCare, a healthcare programme designed to provide essential medical services to low-income retirees.

Oloworaran said the pension industry had committed more than N7 billion to the healthcare initiative, with insurance premiums already paid for nearly 30,000 pensioners.

She urged eligible retirees who had not received their healthcare access cards to approach their respective Pension Fund Administrators (PFAs) to obtain them.

The minimum pension guarantee represents the implementation of a provision first introduced under the Pension Reform Act 2004 and reaffirmed in the 2014 legislation.

The provision had remained largely unimplemented for more than two decades before the Federal Government announced its activation.

PenCom said it was also engaging state governments to improve pension administration, address outstanding retirement obligations and encourage regular reviews of pension payments.

The commission maintained that state participation and sustained contributions would be critical to ensuring that retirees receive the benefits promised under the new arrangement.

 

N52,500 Minimum Pension: PenCom Gives States Condition to Secure Benefits for Retirees

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