News
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.
Nigerian Exchange Limited (NGX) has launched the NGX Net-Zero Programme to guide listed companies toward clear carbon reduction pathways and enhanced climate disclosures aligned with global investor standards.
NGX
The high-level launch engaged chief executives of quoted firms alongside development partners including German Investment Corporation KfW, DEG, and African Foresight Group (AFG), NGX’s implementation partner. Issuers and investors discussed financing decarbonisation, sustainability practices, and attracting climate-aligned capital.
NGX Group Chairman Dr Umaru Kwairanga described the initiative as concrete climate action, commending partners for two years of groundwork. “Today marks leadership and decisive action. Climate change has become a core business imperative, with capital markets mobilising capital and setting standards,” Kwairanga said.
He positioned NGX Net-Zero to support emissions measurement, disclosure, capacity building, and sustainable finance access, urging CEOs to embrace it strategically rather than as compliance. Kwairanga reaffirmed NGX’s goal to make Nigeria’s capital market Africa’s green finance hub.
Group CEO Temi Popoola called climate action a business imperative, noting sustainability-embedded firms attract capital, manage risks, and stay competitive. DEG Management Board Member Monika Beck highlighted partnerships scaling impactful, commercially viable climate solutions.
The event closed with a ceremonial gong marking the programme launch and send-off for outgoing DEG Regional Director Bernd Telemann.
Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a landmark achievement endorsing the nation’s reform efforts.
Nigerian Financial Intelligence Unit (NFIU)
NFIU CEO Hafsat Abubakar Bakari said the delisting, contained in European Commission Delegated Regulation (EU) C (2025) 8460 adopted December 4, 2025 and effective January 29, 2026, affirms sustained AML/CFT and Counter Proliferation Financing (CPF) reforms.
The move follows Nigeria’s exit from the FATF Jurisdictions under Increased Monitoring after addressing strategic deficiencies, alongside Burkina Faso, Mali, Mozambique, South Africa and Tanzania.
Bakari noted the European Commission recognised Nigeria’s strengthened AML/CFT effectiveness, closed technical gaps, and fulfilled FATF Action Plan commitments leading to grey list removal in June and October 2025.
The delisting eliminates enhanced due diligence requirements for EU financial transactions, easing compliance, boosting cross-border flows, and enhancing Nigeria’s appeal for European trade, investment and partnerships.
The NFIU attributed success to President Bola Ahmed Tinubu’s political will and collaboration among National Assembly, law enforcement, regulators, judiciary, private sector and development partners.
The agency reaffirmed commitment to ongoing FATF, GIABA, EU engagement and domestic framework resilience to maintain international confidence in Nigeria’s financial system.
The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms.
The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint.
For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent.
“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (formerly known as the Federal Inland Revenue Service).
“VAT will apply to certain banking services that include electronic banking charges such as mobile banking fees (transfers), USSD transaction fees, and card issuance fees,” the email read.
Other operators are expected to issue similar notices to their customers in the coming days. Services that will remain exempt include interest earned on deposits and savings, meaning customers will not pay tax on the returns from their accounts.
The NRS, formerly known as the Federal Inland Revenue Service, has set the deadline to ensure that all commercial banks, microfinance banks, and electronic money operators comply with the collection and remittance requirement.
Moniepoint stressed that this is not a price increase but a statutory obligation. “Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company said in a statement.
The move is part of the government’s broader efforts to standardise VAT collection on digital financial services and expand revenue generation amid Nigeria’s growing digital economy. VAT on banking transactions is not entirely new; the NRS is now enforcing uniform collection rules across all platforms, ensuring compliance across the sector.
Customers have been assured that the new tax will be clearly itemised, with the VAT shown separately on transaction statements and reports.
In December, several commercial banks informed customers that the N50 stamp duty would be deducted on electronic transfers of N10,000 and above, following the commencement of provisions of the new Tax Act.
The charge, previously known as the EMTL, has now been formally reclassified as stamp duty and will be applied as a one-off fee on qualifying electronic transfers.
SEC Hikes Minimum Capital Requirements for Market Operators After a Decade
Study Shows Blocks in Telegram are Pushing the Underground Out
Galaxy Backbone Marks Two Decades of Powering Nigeria’s Digital Evolution
NGX Unveils Net-Zero Plan for Greener Capital Market
Galaxy Backbone Marks 20 Years, Tops FG Website Scorecard
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
FIRS Declares NIN, CAC Numbers as Tax IDs from 2026
US Begins Partial Visa Ban on Nigerians January 1
Galaxy Backbone Tops FG’s Website Performance Ranking
E-Financial3 days agoPaystack Expands Beyond Payments into Banking
E-Financial3 days agoSEC Partners Police in Nationwide Crackdown on Ponzi Schemes, Crypto Frauds
General News3 days agoEFCC to Use Space Technology to Boost Asset Tracking, Investigations
E-Business3 days agoNigeria Targeted with 4,622 Cyber-attacks Per Week in December 2025
E-Financial3 days agoFG Halts Tax Guidelines Amid Uncertainty Over Final Laws – Oyedele
E-Financial3 days agoPaystack Buys Microfinance Bank, Enters Nigeria Banking Arena
News3 days agoFG Directs Banks, Fintechs to Remit VAT on Service Fees
E-Financial2 days agoSEC Hikes Minimum Capital Requirements for Market Operators After a Decade