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SERAP Sues President Tinubu Over Alleged Mismanagement of $3.4 Billion IMF Loan

SERAP Sues President Tinubu Over Alleged Mismanagement of $3.4 Billion IMF Loan Nigeria to Have Worst Recession in 30 Years - IMF

Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against President Bola Tinubu, filing a lawsuit over the failure to probe allegations regarding the whereabouts of the $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF).

SERAP’s move comes following revelations in 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.

In the suit number FHC/ABJ/CS/269/2024 filed at the Federal High Court, Abuja, SERAP demands that President Tinubu investigates the allegations of missing, diverted, or unaccounted-for funds from the IMF loan meant to finance the budget and respond to COVID-19.

The organization also seeks an order mandating the effective prosecution of anyone suspected of being involved and the full recovery of the missing funds.

SERAP argues that addressing these allegations is crucial for addressing the country’s economic crisis and debt burden.

The organization emphasizes the need for accountability and justice, stating that failure to act allows perpetrators to enjoy impunity while Nigerians suffer the consequences.

The lawsuit highlights the findings of the Auditor-General’s report, which recommended the recovery of the missing funds and the sanctioning of those responsible.

It also points out Nigeria’s obligation under international conventions to prevent and investigate corruption and ensure transparent management of public funds.

Joined in the suit as Respondent is Mr. Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice.


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