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SERAP Drags Tinubu to Court over Alleged Missing $3.4Bn IMF Loan
Socio-Economic Rights and Accountability Project has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that $3.4 billion loan obtained by Nigeria from the International Monetary Fund to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”
President Bola Tinubu
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.”
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 also argued 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 also stressed 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.”
“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 obligates 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.
The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE, has reaffirmed Nigeria’s commitment to open governance, transparency and inclusive digital development as the Open Government Partnership (OGP) team formally presented the award and certificate received at the OGP Global Summit Spain 2025 to the Agency’s leadership.
Nigeria emerged as the overall global winner in the Digital Governance category in recognition of the country’s excellence in deploying digital tools and policies to strengthen government transparency, accountability, and citizen engagement. In addition, Nigeria received the Regional Award for advancing Open Digital Governance across Africa and the Middle East, reaffirming its leadership role in promoting open government principles and driving digital transformation across the region.
These recognitions were largely attributed to initiatives led by NITDA in collaboration with civil society partners, such as Dataphyte, which showcased innovative and inclusive approaches to digital governance at the summit.
The summit, which was organised in Vitoria-Gasteiz, Spain, brought together more than 1,500 high-level representatives of governments, civil society leaders, and policymakers from around the world to exchange experiences, best practices, and progress on open government initiatives and implementation on key issues.
Receiving the OGP delegation at NITDA, Inuwa described the recognition as a national honour rather than an institutional one, stressing that the award reflects Nigeria’s collective efforts across government, civil society and the private sector in advancing open governance principles through the digital space.
According to him, such global recognition comes with heightened responsibility to deliver on commitments made under the OGP framework.
“This is not just about NITDA. It is a national recognition, and every recognition comes with responsibility,” the DG said.
“If we fail to execute the commitments we have made, it will not only affect our image locally but also at the international stage. This is also not something NITDA can do in isolation,” he added.
Inuwa linked the achievement directly to the Renewed Hope Agenda of President Bola Ahmed Tinubu, noting that digital transformation, transparency, economic diversification, job creation and efficient public service delivery remain central presidential priority areas.
He emphasised that leveraging digital technologies to deepen openness and accountability aligns with national objectives of strengthening institutions, improving governance outcomes and building trust between government and citizens.
Highlighting the importance of collaboration, the NITDA boss underscored the role of the OGP platform as a catalyst for a strong multi-stakeholder approach in Nigeria’s digital ecosystem.
He called on civil society organisations, development partners, the private sector and other government institutions to provide technical expertise, guidance and sustained engagement to ensure effective implementation of agreed commitments.
“We need to leverage the OGP platform. We need your expertise, your guidance, your support and your commitment to hand-hold us in delivering on these commitments,” he said.
He further noted that “a multi-stakeholder approach in the digital space is critical to fostering a resilient ecosystem that delivers real value to citizens.”
Inuwa disclosed that NITDA has already begun internal reviews of its OGP commitments and has tasked its representatives, including Dr Rousseau, to work with colleagues to develop a clear execution strategy.
He proposed the creation of joint work streams with OGP stakeholders to support implementation, ensure accountability and keep all parties on track.
“We are humans. Oversight and collaboration help us stay focused. With commitment, nothing is impossible, and I believe these goals are achievable,” he added, assuring the delegation of NITDA’s readiness and political will to deliver on all agreed commitments.
Inuwa also welcomed the idea of engaging the political leadership of OGP, including the Honourable Minister of Budget and Economic Planning, with a view to briefing President Tinubu on the achievement. He noted that celebrating milestones is important, as it reinforces morale and demonstrates that Nigeria’s efforts in digital governance are gaining global recognition.
“It’s also good when there are wins, we should celebrate, because we too never knew that the little things we are doing are noticed not just within Nigeria, but globally, to the extent of earning us this award,” he asserted.
He concluded by expressing gratitude to the Nigerian National OGP Secretariat and the global OGP leadership, reaffirming NITDA’s commitment to strengthening collaboration and building a more productive working relationship that will translate open governance principles into measurable national impact.
Earlier in his remark, Mr Olusoji Apampa, who led the OGP deelegation, said the honours were earned through a strong partnership between government and civil society, with NITDA playing a critical role, particularly in commitments focused on improving digital governance in Nigeria.
Apampa expressed hope that the awards would serve as added momentum to deepen ongoing commitments under NITDA’s leadership and accelerate the practical implementation of reforms aimed at strengthening digital governance across the country.
PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.
The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.
Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
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