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FG urged to probe diversion of $3.4b COVID-19 loan
A group, Alliance on Surviving COVID-19 and Beyond (ASCAB), a coalition of 70 labour and Civil Society Organisations (CSOs), has called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged diversion of Nigeria’s $3.4 billion COVID-19 loan.
The call for probe was made in a statement signed by Femi Falana, a human rights lawyer and ASCAB chairperson, on Sunday.
Ripples Nigeria reports that on May 8, 2025, the International Monetary Fund (IMF) said Nigeria would pay $30 million annually as Special Drawing Rights (SDR) charges for the loan the country obtained to mitigate the impact of COVID-19 and the steep drop in oil prices in 2020.
Reacting, the group said earlier investigations alleged the funds were diverted.
“In view of the foregoing, the Alliance on Surviving Covid-19 and Beyond (ASCAB) hereby calls on the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the criminal diversion of the $3.4 billion loan obtained by Nigeria to fight the Covid-19 pandemic,” the statement reads.
“We also call on the IMF Board to probe the deliberate refusal of its Management to ensure that the emergency funds were used for their intended purposes.”
The group also called on the IMF to “suspend the collection of the scheduled charges, including net charges, basic interest and administrative fees, amounting to SDR 125.99 million (N275.28 billion) pending the conclusion of its investigation”.
The statement noted that a 2020 audit report by the office of the auditor-general of the federation, released in January 2024, flagged several irregularities in the handling of the fund.
Citing the audit report, ASCAB said on April 30, 2020, the report noted that “$2.4 billion of the loan was transferred to the CBN’s account at the Federal Reserve Bank of New York, while the remaining balance went to the CBN’s account at the Bank of China, Shanghai”.
“The report further stated that by June 1, the $2.4 billion had been moved to the Bank for International Settlements (BIS) for short-term investments. The funds in China were similarly transferred to the Industrial and Commercial Bank of China (ICBC),” the group said.
“These transactions, according to the audit, were not supported by documentation or approvals from the Federal Government or the CBN’s Investment Committee and that the funds were subsequently reclassified as part of the CBN’s external reserves rather than the Federal Government’s holdings.
“This reclassification, the report noted, allowed interest to be earned on the funds, contrary to the emergency spending purpose for which they were approved.”
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ADC appeals judgment that sacked David Mark
The David Mark-led faction of the African Democratic Congress (ADC) has approached the Court of Appeal to challenge the Federal High Court judgement that removed its leadership.
The opposition party also disclosed that it had filed an application seeking a stay of execution of the judgement pending the hearing and determination of its appeal.
The party made this known in a statement on Friday, November 6, adding that it had formally notified the Independent National Electoral Commission (INEC) of the legal steps taken,
The appeal is against the judgement delivered by the Federal High Court in Abuja on November 5, 2026, in Suit No. FHC/ABJ/CS/1619/2025, involving Hon. Nafiu Bala Gombe and the ADC.
The party urged INEC to refrain from taking any further action on the matter until the Court of Appeal has considered the case.
It argued that the application for a stay of execution was yet to be decided and that the electoral commission should not take any step that could affect the outcome of the appeal.
According to the ADC, it expects INEC to respect the ongoing legal process and allow the appellate court to hear the matter before making any decision connected to the judgement.
The statement partly read, “The ADC is exercising its lawful right to appeal. The judgement is now being challenged before a higher court, and the legal process must be allowed to run its course.
“We expect INEC to uphold the law and take full account of the pending proceedings before making any consequential decisions.”
The party also urged its members and supporters to remain calm, insisting that the court judgement would not stop its political activities.
It said its campaigns would continue while it explored all available legal options to defend its position.
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Court sacks David Mark led Exco, nullifies Atiku’s candidature
The Federal High Court in Abuja has nullified the leadership of the African Democratic Congress (ADC) led by Senator David Mark, declaring the caretaker committee that oversaw the party’s affairs illegal and invalidating all decisions taken by the committee.
The judgment, delivered on Thursday by Justice Peter Lifu, also affects the presidential primary that produced former Vice President Atiku Abubakar as the ADC’s flag bearer for the 2027 general elections.
Atiku, whose name had earlier been published by the Independent National Electoral Commission (INEC) as the party’s presidential candidate, had already selected former Rivers State Governor, Rotimi Amaechi, as his running mate.
The ruling followed a suit instituted by Nafiu Bala Gombe, a former National Deputy Chairman (North-East) of the ADC, who challenged the process through which the David Mark-led leadership assumed control of the party.
Gombe argued that following the resignation of the party’s former National Chairman, Chief Ralph Nwosu, he was constitutionally entitled to take over the leadership.
He consequently asked the court to invalidate all actions undertaken by the Mark-led leadership and restrain Senator Mark and Ogbeni Rauf Aregbesola from presenting themselves as the party’s National Chairman and National Secretary, respectively.
The plaintiff maintained that their emergence violated the ADC constitution and relevant provisions of the Electoral Act.
In suit No. FHC/ABJ/CS/1819/2025, the ADC, INEC, Senator David Mark, Aregbesola and Chief Ralph Nwosu were listed as defendants.
Justice Lifu upheld Gombe’s claims and granted the reliefs sought, effectively invalidating the authority of the caretaker committee and decisions taken under its leadership.
The verdict is expected to trigger fresh political uncertainty within the ADC, particularly over Atiku’s presidential ambition and the party’s preparations for the January 16, 2027 presidential election.
However, the party has vowed to challenge the judgment at the appellate court.
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