Socio-Economic Rights and Accountability Project (SERAP) has lodged a legal complaint against President Bola Tinubu regarding his alleged neglect to investigate serious claims concerning the whereabouts of a $3.4 billion loan secured by Nigeria from the International Monetary Fund (IMF) to support the budget and address COVID-19.
SERAP highlighted that these accusations surfaced in the freshly released 2020 annual audited report of Nigeria by the Auditor-General of the Federation.
In the legal case identified as FHC/ABJ/CS/269/2024, filed last Friday at the Federal High Court in Abuja, SERAP is petitioning the court to mandate President Tinubu to investigate the claims that the $3.4 billion loan acquired by Nigeria from the IMF for budgetary purposes and COVID-19 response has either gone missing, been diverted, or is 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.”
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.”
