SERAP Files Lawsuit Against Tinubu, Accusing Him Of Mishandling $3.4bn IMF Loan

SERAP Files Lawsuit Against Tinubu, Accusing Him Of Mishandling $3.4bn IMF Loan....KINDLY READ THE FULL STORY HERE▶

Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against President Bola Tinubu, accusing him of neglecting to investigate serious allegations surrounding the purported disappearance, diversion, or unaccounted status of a $3.4 billion loan secured by Nigeria from the International Monetary Fund (IMF) to fund the budget and combat COVID-19………CONTINUE READING

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The accusations stem from revelations within the recently released 2020 Nigeria Annual Audited Report by the Auditor-General of the Federation. In the lawsuit, with the reference number FHC/ABJ/CS/269/2024 filed at the Federal High Court in Abuja last Friday, SERAP is urging the court to mandate President Tinubu to conduct a thorough inquiry into the claims surrounding the missing funds.

Additionally, SERAP is seeking a court order of mandamus to compel President Tinubu to ensure the effective prosecution of any individuals suspected of mismanaging or diverting the $3.4 billion IMF loan designated for Nigeria’s budget and COVID-19 response. Furthermore, SERAP is pursuing a similar order to ensure the complete recovery of the allegedly missing funds.

The organization contends that a comprehensive investigation, coupled with holding accountable those responsible and reclaiming any misappropriated IMF loan, would play a vital role in addressing the nation’s economic challenges and alleviating its debt burden.

SERAP emphasizes that the Auditor-General’s findings indicate a serious breach of public trust, violation of the Nigerian Constitution 1999 (as amended), contravention of national anticorruption laws, and non-compliance with the country’s obligations under the UN Convention against Corruption.

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