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.”
Two Nigerian-born scientists—Adesola Adegoke, a researcher at Arizona State University (ASU), and Seunnla Adelusi, a PhD candidate at the Université de Sherbrooke, Canada—have been named among the 20 global winners of the Digital GreenTalents Award 2025.
These two Nigerians were announced among the winners during a virtual ceremony held on 25 November. In a statement following the virtual announcement ceremony, the organisers said the 20 awardees for this year joined from different time zones, including “very early morning in Canada and evening hours in the Philippines.”
The digital Green Talent Award is an annual initiative of the German Federal Ministry of Education and Research (BMBF) that recognises outstanding young researchers whose work advances sustainability through digital innovation.
Each year, 20 scientists are selected from a competitive global pool for their cutting-edge ideas at the intersection of digitalisation and environmental sustainability.
Alex Otti, the Abia State Governor, on Sunday paid a visit to the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, at the Sokoto Correctional Centre.
The governor was accompanied by officials of the Sokoto State Government during the closed-door visit.
Nnamdi Kanu was recently moved to Sokoto after he was convicted on terrorism-related charges and handed a life sentence by a Federal High Court in Abuja.
Governor Otti had earlier promised to pursue every lawful and political avenue to ensure that Kanu gets justice. Sunday’s visit is seen as part of ongoing efforts by the Abia State Government regarding his case.
Details of the meeting were not made public as of the time of this report.
Armed terrorists have abducted a bride-to-be, her bridesmaid, and eight other residents from Chacho village in Wurno Local Government Area of Sokoto State
The Sokoto abduction occurred around 1:30 a.m., according to residents, when the attackers stormed the village. Most of the victims were women, with only one man also taken.
One resident sustained injuries and is receiving medical treatment. Villagers told reporters that the bride was preparing for her wedding scheduled for later that morning when the raid struck, plunging the community into shock and mourning.
A community member described the attack as “tragic,” noting the delay in security response. “Security operatives were alerted immediately, but they only arrived about an hour after the bandits had fled,” he said, expressing frustration.
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