The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against President Bola Tinubu, urging him to investigate the alleged mismanagement of a $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF).
In a statement released on Sunday, March 3, SERAP announced the filing of suit number FHC/ABJ/CS/269/2024 at the Federal High Court, Abuja, seeking to compel Tinubu to probe the whereabouts of the fund.
This move by SERAP follows its previous call on February 4 for Tinubu to investigate the fund, citing revelations in the 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.
In its statement, SERAP emphasized the need for accountability, asserting that investigating the allegations and recovering any missing IMF loan would contribute to addressing the country’s economic crisis and debt burden.
SERAP argued that the findings of the Auditor-General’s report indicated a serious breach of public trust and contravened anti-corruption statutes and international commitments.
The organisation highlighted the burden placed on Nigerians who are required to repay a loan for projects they have not benefited from due to alleged mismanagement.
Furthermore, SERAP stressed the importance of compelling the President to investigate these allegations thoroughly to ensure accountability and justice.
The organisation emphasised the public interest in securing justice and accountability, asserting that providing the requested remedies would put an end to impunity and ensure justice for corruption victims.
The suit filed by SERAP’s lawyers, Kolawole Oluwadare and Andrew Nwankwo, referenced recommendations by the Auditor-General, including full recovery and remittance of the money to the public treasury, and sanctions for those suspected to be involved.
SERAP also highlighted Nigeria’s agreement to spread the repayment of the IMF loan and interests from 2023 to 2027, with instalments totaling millions of dollars in the coming years.