SERAP sues Tinubu, Fagbemi over ‘missing’ $3.4 billion IMF loan

Socio-Economic Rights and Accountability Project (SERAP) has sued President Bola Tinubu and Attorney General of the Federation (AGF)/Minister of Justice, Lateef Fagbemi, at the Federal High Court, Abuja over ‘failure’ to probe the ‘missing’ $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance national budget and respond to the COVID-19 pandemic.

The allegations were contained in the recently published 2020 country’s yearly audited report by Auditor-General of the Federation (AuGF).

In the suit numbered, FHC/ABJ/CS/269/2024 and filed at the weekend by Kolawole Oluwadare and Andrew Nwankwo, SERAP is asking the court to direct and compel the President to probe the claims on the basis that the fund “is missing, diverted or unaccounted for.”

The group is also seeking an order of mandamus to direct and compel Tinubu to ensure effective prosecution of any master-minder.

The organisation is equally praying for an order of mandamus to direct and compel the Nigerian leader to ensure full recovery of the money.

In the suit, the group argued that investigating the allegations, bringing perpetrators to book and recovering the fund would alleviate the nation’s economic and debt crises.

It maintained that the findings by the AuGF were a grave violation of public trust, provisions of the Constitution 1999 (as amended), anti-corruption laws and the country’s obligations under the United Nations 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.”

It contended 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 organisation stated: “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 of the Federation in the 2020 yearly 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 the IMF loan documented by Auditor-General of the Federation undermine economic development of the country, trap majority of Nigerians in poverty and deprive them of opportunities.”

No date has been fixed for hearing of the suit.