A total of 86 Nigerian Army captains will be sitting for the 2025 written promotion examination in Benin.

The week-long examination will run from May 12 through May 16 and is being hosted by the Nigerian Army School of Supply and Transport (NASST).

Speaking at the opening session on Sunday in Benin, Maj. Gen. Kevin Aligbe, commander, Training and Doctrine Command (TRADOC) and president of the examination saluted the candidates for reaching this pivotal point in their careers.

He described the examination as a major stepping stone to higher responsibilities and called for professionalism, discipline and zero tolerance for examination malpractice.

“The examination is part of the Nigerian Army’s structured promotion process aimed at building a professional, disciplined and merit-driven officer corps, in line with the Chief of Army Staff’s vision of a capable and responsive force.

“This is an opportunity to make a solid progression in your chosen career.

“Let me assure you that if you have prepared well, you will pass this exam without resorting to any form of malpractice. We expect nothing short of a 100 per cent success,” he said.

According to him, the examination is a key prerequisite for promotion to the rank of major while also urging all participants to give it their best, especially those making a second attempt.

He noted that only three chances were allowed by the army policy.

Mr Aligbe however, warned that any candidate caught cheating, discussing answers in the hall or violating security protocols would be disqualified and made to face further disciplinary action.

He also disclosed that awards and commendation letters, including cash prizes would be given to candidates who rank first, second and third.

He added: “our desire is to see all of you pass”, while assuring fairness and transparency in the marking process.

In his welcome address, Maj. Gen. Adebayo Adegbite, commandant of NASST, said the school was honoured to host the promotion exam.

He noted that the examination marks a critical milestone in the career development of officers.

“You have undergone a rigorous one-month preparatory cadder.

“The mock exam assessed your readiness. We expect good performance.

“Be reminded of the security situation in Benin. Avoid unnecessary movements. Move in pairs and be security conscious,” he said.

Human Rights Lawyer and Senior Advocate of Nigeria, Femi Falana, has demanded a probe into what he described as the diversion of a $3.4 billion loan from the International Monetary Fund (IMF).

Falana made this known in a statement he signed yesterday.

Last week, the IMF confirmed that Nigeria had fully repaid the $3.4 billion in COVID-19 financial support it received under the Rapid Financing Instrument. Although Nigeria’s principal balance stands at zero, scheduled charges, including net charges, basic interest, and administrative fees, amount to SDR 125.99 million. At the current exchange rate, this translates to approximately N275.28 billion.

“It is pertinent to recall that in the wake of the COVID-19 in 2030, Nigeria requested emergency assistance of about US$3.4 billion — equivalent to 100 percent of its quota from the International Monetary Fund to shore up the country’s economy and help businesses weather the storm of a deadly pandemic that disrupted global markets and plunged the world into a recession,” Falana said.

At the meeting of the IMF Executive Board held on April 28, 2020, the financial support of $3.4 billion was approved to provide critical support to shore up Nigeria’s health care sector and shield jobs and businesses from the shock of the COVID-19 crisis. In particular, the loan was designed to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices and also help limit the decline in international reserves.

Following the Executive Board’s discussion of Nigeria, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, stated that, “The emergency financing under the RFI will provide much-needed liquidity support to respond to the urgent BOP needs. Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap. The implementation of proper governance arrangements—including through the publication and independent audit of crisis-mitigating spending and procurement processes—is crucial to ensure emergency funds are used for their intended purposes.”(emphasis ours)

“Characteristically, the IMF Management, which jointly manages the neocolonial economy of Nigeria with the Federal Government, failed to ensure emergency funds were used “for their intended purposes.”

Recall 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. The report stated that on April 30, 2020, $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.

“These transactions, according to the audit, were not supported by documentation or approvals from the Federal Government or the CBN’s Investment Committee, and 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,” Falana argued.

Speaking further, Falana noted that the report stated that on August 7, 2020, the Federal Ministry of Finance requested the monetisation of $700 million to support the 2020 federal budget. One week later, the CBN approved a debit of N265.65 billion, applying an exchange rate of N379.5/$, higher than the official N360.5/$ rate at the time. The funds were credited to three separate accounts: N252 billion to the COVID-19 Public Sector Account, N13.3 billion to the Forex Equalisation Account, and N350 million to the Exchange Commission Account.

“The audit noted that a 2% commission was deducted from the monetised amount, even though the funds were categorised as Federal Government property. At the end of 2020, an unmonetised balance of $2.7 billion — equivalent to approximately N1.02 trillion — remained unaccounted for, according to the Auditor-General’s report.

“The report recommended that the CBN Governor should explain the movement and classification of the funds without proper authorisation. It also requested bank statements to confirm the unmonetised balance and demanded the recovery of N13.3 billion and N350 million into the Federal Government’s account. It further called for the remittance of all interest earned from the investments and warned that sanctions under relevant financial regulations would be applied if there was no accountability.” the senior lawyer stated.

According to Falana, the Auditor-General wants the money recovered and remitted to the public treasury, and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.

He also said the Auditor-General also recommended that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations’.

“Even though the Auditor-General of the Federation submitted the 2020 Annual Report to to each House of the National Assembly, both Houses have failed to cause the report to be considered by the committees responsible for public accounts, to cover up the criminal diversion of the $3.4 IMF and several trillions of Naira set out in the Auditor-General’s report, in utter contravention of section 85(5) of the Constitution of the Federal Republic of Nigeria as amended.

“Given the foregoing, the Alliance on Surviving Covid-19 and Beyond 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.

“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.” Meanwhile, the IMF should 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,” he said.

The Socio-Economic Rights and Accountability Project (SERAP) has called on the Central Bank of Nigeria to immediately disclose whether it has commenced the direct disbursement of allocations to the 774 local government areas in Nigeria, following the Supreme Court’s landmark judgment nullifying state governors’ control over LGA funds.

In a letter dated 10th May, 2025, and  addressed to the CBN Governor, Mr Olayemi Cardoso, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group also demanded that the bank “widely publish the amounts, if any, so far sent directly to each of the local governments” and provide a detailed explanation of any payments already made—particularly to LGAs in Rivers State.

The group stated: “We are writing to request you to use your good offices and leadership position to immediately disclose whether the CBN has commenced the direct disbursement of allocations to the 774 local government councils in Nigeria from the Federation Accounts with the CBN, and to widely publish the amounts, if any, so far sent to each of the local governments.”

This request follows a Supreme Court judgment declaring the practice by governors and the FCT Minister of retaining and disbursing LGA allocations unconstitutional and unlawful.

The court ruled that no governor or agency has the authority to interfere with allocations meant for LGAs from the Federation Account.

Citing this judgment, SERAP argued: “Local government councils are entitled to a direct payment from the Federation Account of the amount standing to their credit in the said Federation Account. States should not be collecting, receiving, spending or tampering with the local government council funds from the Federation Account meant for the benefit of the councils.”

The advocacy group expressed concern that despite the ruling, many state governors have continued to “starve local governments of funds and put them in peril,” thereby undermining their autonomy and capacity to function as the third tier of government.

In the letter, the group warned that if the CBN fails to act within seven days, it would take legal action.

“If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest,” the letter stated.

SERAP referenced a past revelation by former President Muhammadu Buhari, who in December 2022 described how governors allegedly short-changed LGA chairmen.

“If the money from the Federation Account to the state is about N100 million, N50 million will be sent to the chairman, but he will sign that he received N100 million. The chairman will pocket the balance and share it with whoever he wants to share it with,” Buhari had said.

SERAP argued that the CBN has a constitutional and statutory obligation to protect the financial interests of all tiers of government.

“The CBN ought to act in the public interest to protect the allocations in the Federation Account and the public funds disbursed from that Account directly to each of the constitutionally recognised three tiers of government,” it said.

Highlighting the March 2025 revenue distribution by the Federation Account Allocation Committee, the organisation noted that a total of N1.578 trillion was shared among the three tiers of government, and queried whether the LGAs had received their fair share directly, as mandated by the court ruling.

It urged the CBN to ensure that all restrictions against direct disbursement of allocations from the Federation Account to the 774 councils are lifted, and also stop states and the FCT from tampering with the allocations ahead of the 2027 general elections.

The group further argued that Nigerians have a legal and moral right to know how their money is being managed, referencing several legal frameworks, including the Nigerian Constitution, the Freedom of Information Act, the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.

“The public interest in publishing the information sought outweighs any considerations to withhold the information. Nigerians are entitled to the right to receive information without any interference or distortion, and the enjoyment of this right should be based on the principle of maximum disclosure,” SERAP stated.

The organisation also reminded the CBN that “the Freedom of Information Act is applicable and applies to public records in the Federation, including those kept by the CBN.”