News
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.”
News
China’s brain implant technology recording great successes
According to available records, Neo, a coin sized brain computer officially approved by China in March this year, is recording great successes in brain related medicare.
Neo is an interface developed at Tsinghua University and commercialized by Neuracle / Borui Kang Medical Technology.
It is now the world’s first invasive brain-computer interface cleared for commercial medical use.
The implant has eight electrodes placed outside the brain tissue, on the dura, where it detects signals when a patient imagines moving their hand. Those signals are decoded and used to operate a robotic rehabilitation glove.
Before approval, it was implanted in 32 patients across 11 hospitals in China with cervical spinal cord injuries. Every participant achieved brain-controlled grasping, with significant improvement in hand function.
How it works:
A person thinks about moving. A machine reads the signal. Technology interprets the thought. And a device responds.
Meanwhile, Elon Musk’s Neuralink remains in investigational human trials and does not have general commercial approval.
News
OK Movement talking nonsense- says NDC national leader Dickson
The National Leader of the Nigeria Democratic Congress (NDC), Senator Seriake Dickson, has criticised the activities of the OK Movement, warning political support groups affiliated with the party against operating as parallel structures or competing with it for control.
Dickson spoke while receiving former Secretary to the Government of the Federation (SGF), Babachir Lawal, into the NDC.
“Support groups don’t compete with the political party that is sponsoring candidates. Support groups don’t compete for supremacy, for space. Support groups are what they are: support groups.”
He added, “Support groups don’t play the role of a political party. They don’t sponsor candidates. They provide grassroots support, mobilisation, and support. They don’t convert themselves to become critics of the political party sponsored.”
Dickson said the NDC has made room for support groups, noting, “The NDC from day one made it clear that we have a huge place, an important place for all support groups. I’ve actually held meetings with Obidient groups.”
He stressed that several groups could operate under the party, saying, “We have thousands of support groups, and many more are welcome.” He added that the party has a department responsible for coordinating and managing them.
According to Dickson, support groups should not attack their sponsoring party or establish competing campaign structures.
“They don’t attack the political party sponsor. They don’t do that. Never in the history of political election, everywhere in the world.”
He said, “None of them will dare say they are setting up a campaign, presidential campaign council. It’s unheard of. Nonsensical.”
Dickson said support groups could be “gentle” or “more active,” but remained support groups, adding that their role was to mobilise at the grassroots and promote the party and its candidates.
He urged them to “confine themselves to their role” and focus on “providing support for our candidates, galvanising support at the grassroots level, propagating the candidates and the party.”
News
UNGA: Fubara showcases Rivers investment opportunities in New York
Photo caption: Vice President Kashim Shettima, Governor Fubara and other Nigerian delegates arriving in New York for UNGA
Governor Siminalayi has said that Rivers State will take centre stage at the 81st United Nations General Assembly (UNGA 81) in New York, as his administration moves to showcase the State’s huge investment potentials to the world.
Sir Fubara said the UNGA platform provides a unique opportunity to market Rivers State as Nigeria’s number one investment destination in oil and gas as well as other critical sectors.
Speaking with journalists on the sidelines of the conference in New York, the Governor said the essence of his participation at the global meeting is to give visibility to Rivers State and showcase its economic endowments and woo investors to the state.
“The issue is very simple. We’re trying to give visibility to the state and also showcase the areas where God has really endowed us in the oil and gas sector and other aspects of the state.
“I strongly believe that at the end of this conference and other side meetings, business opportunities will be made open and presented to interested investors who might have very serious and immediate needs to come to our dear state, knowing full well the position of Rivers State in the oil and gas industry.
“I also strongly believe that we are also going to make some inroad into financing and investors opportunities for our dear state,” he stated.
According to Onwuka Nzechi, Chief Press Secretary to the River State Governor, Fubara explained that the investment drive at UNGA 81 is in sync with the deliberate economic reforms of his administration, particularly the establishment of the Rivers State Investment Promotion Agency (RSIPA) as a one-stop shop to facilitate and protect investments.
“This is not different from what we have already done before in establishing what we call the Rivers State Investment Promotion Agency. What we are doing here will also aid the programme of that agency.
“Overall, I will say that Rivers State will be visible and prominent in this conference and we will come home with some good investments for our dear state,” he stated.
Onwuka in a statement quoted Governor to have assured investors that Rivers State remains peaceful, stable, and open for business, with vast opportunities in oil and gas, agriculture, blue economy, manufacturing, and renewable energy.
Rivers State is among the few Nigerian sub-nationals participating actively at UNGA 81, with engagements lined up with development finance institutions, multinational corporations, and diaspora investors.
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