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Falana Demands Probe Of Alleged Diversion Of $3.4bn IMF Loan 

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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.

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Hausa Community Debunks Saidu’s Appointment Report

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The Hausa Community in Rivers State has dissociated itself from media reports credited to one MaiwadaAdamu that the Arewa Community in Rivers State has appointed Alhaji Musa Saidu as the acting SarkinHausawa, PortHarcourt, following the inability of the former SarkinHausawa, Alhaji Isa Madaki to carry out his functions.
MaidawaAdamu, who is also the spokesman of the Arewa Initiative for Peaceful Co-existence, had briefed journalists on the change, but in a swift reaction, the Office of Alhaji Isa Madaki, has come out to say that the only recognised body which has the powers to appoint the SarkinHausawa, PortHarcourt is the Council of SarkinHausawa in PortHarcourt headed by Alhaji Isa Madaki.
The statement also said Alhaji Hussani Isa Madaki is the only recognisedSarkinHausawa, Port Harcourt, adding that his appointment follows the proclamation and endorsement by the council members of SarkinHausawa, Port Harcourt, Rivers State.
The statement further called on the general public and all authorities concerned to give Alhaji Hussani Isa Madaki maximum co-operation and support,as he discharges his duties as SarkinHausawa, Port Harcourt.

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Suspended Commissioner Denies Disruption Of Empowerment Programme 

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The Suspended Rivers State Commissioner for health, Dr Adaeze Chidinma Oreh, has described as baseless allegations in some quarters that she was responsible for the purported disruption of the Nigerian First Lady’s empowerment program in Port Harcourt.
Dr Oreh, who said this in a statement personally signed by her and a copy made available to newsmen in Port Harcourt also described the allegation as a product of the sick imagination of rumour mongers
According to Dr Oreh, “they are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord”
In her words,”the  allegations levelled against me, Dr. Adaeze Oreh, regarding the supposed disruption of the First Lady’s empowerment programme on Friday 2nd May, 2025, are entirely unfounded, completely false, and a product of the sick imagination of rumour mongers and conflict entrepreneurs.
“They are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord.”
The suspended commissioner challenged those behind the allegation, especially the Concerned Rivers Youth Organisation to show proof of its assertion adding “It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I challenge the “Concerned Rivers Youth Organisation” (assuming such a body really exists) to provide tangible proof to support their assertions.
“It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I have neither sponsored nor will  sponsor any activities aimed at embarrassing or disrupting the activities of the administration appointed by His Excellency President Bola Ahmed Tinubu GCFR to oversee the affairs of Rivers State following his declaration of a state of emergency on Tuesday, 18th March, 2025, and have rather spent the time of my suspension from office focused on other endeavours and my doctoral studies.
“I reaffirm my commitment to working tirelessly for the progress and development of Rivers State.
“Furthermore, I believe that it is crucial for all stakeholders to promote a culture of truth, integrity, and respect in public discourse.
“Unsubstantiated wild claims undermine trust and hinder constructive engagement, and this is not what the state needs at this difficult and delicate time.
“I urge everyone to focus on issues that unite us and foster a positive, solution-driven dialogue for the betterment of our State, and urge everyone to work together to build a brighter future for Rivers State, grounded in truth, transparency, and collective effort,”she said.

By: John Bibor

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HYPREP Solicits Regulators, Asset Owners’ Support

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The Hydrocarbon Pollution Remediation Project (HYPREP) has called on key regulators, asset owners and other stakeholders to continue to support the agency toward the goal of remediating the Ogoni environment and restoring the livelihoods of the people and building structures for peace.
The Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who made the call during the Project’s first quarter meeting with regulators, asset owners and stakeholders in Port Harcourt, urged the stakeholders to remain resolute in supporting HYPREP’s work.
“We particularly expect each regulatory agency and asset owner to deepen their involvement and continue to provide strategic support to the project”, he said, stressing that the quarterly meeting platform remains instrumental in providing a structural avenue for regulators, asset owners, and implementation partners to offer feedback to HYPREP on project performance and deliberate on ideas that move the project forward, as well as strengthen collaboration, deepen synergy and reinforce collective responsibility.
Zabbey disclosed that the socio-economic study of Ogoni has started, as HYPREP has contacted the International Agency for Research on Cancer of the World Health Organisation(WHO) to commence in the next quarter a three-year human health biomonitoring in Ogoniland.
He noted that work on several fronts of the cleanup project is progressing steadily, adding that as key project partners, the insights and shared experience of the regulators and asset owners have always enriched HYPREP’s operations.
He said the policy thrust of HYPREP for 2025 is clear, as the Project is intensifying efforts to complete within stated timelines, the various ongoing projects, including remediation works and mangrove restoration, potable water facilities, the Centre of Excellence for Environmental Restoration, the Ogoni Power Project, Ogoni Specialist Hospital, and Buan Cottage Hospital, among others.
Zabbey, however, announced that HYPREP would commence new set of shoreline cleanup, mangrove restoration and livelihood projects, to sustain the momentum of implementing the Ogoni cleanup, adding that the agency would also conduct detailed site characterisation of the high-risk complex sites, leading to remediation works at the sites.
He noted that HYPREP’s collaboration with Rivers State Ministries of Health, Power and Environment, and civil society organisations remains vital, stressing that the technical and administrative support of all relevant government agencies and funding partners is indispensable in helping HYPREP overcome operational bottlenecks, especially those encountered in interfacing with host communities.
He further indicated that “the people of Ogoni and the nation are looking to us with hope and expectation, and expect tangible results from the remediation initiative”, assuring the participants that the Project Coordination Office is committed to delivering positive results.
“We must, therefore, continue to work with diligence, transparency, and a renewed sense of purpose”, he declared, saying, “ the completion and commissioning of projects this year must reflect not only our technical ability but also our collective commitment to environmental sustainability and sustainable development in Ogoni.”
During the interactive session, the Project Coordinator briefed the participants on the progress made so far by HYPREP to conclude the distribution of starter packs to the 5,000 Ogoni trainees, and called on contractors who had already collected huge chunk of money for the project, to deliver without further delay.
In all, the regulators, asset owners and stakeholders commended HYPREP for the good works it is doing, and urged it to do more.
The National Oil Spill Detection and Response Agency(NOSDRA) was represented at the event by Deputy Director, Oil Field Assessment, Dr Abam Komommo Omini, while Dr Vincent Nwachukwu, Director of Medical Services, represented the Rivers State Ministry of Health.
The Rivers State Ministries of Water Resources, Power and Environment were represented by Dr Bealo Brownson; Engr K. J. Osele; and Mr James Ordu respectively, while the Society for Women and Youth Affairs (SWAYA); and the Stakeholder Democracy Network(SDN); among other civil society organisations were also at the event.

By: Donatus Ebi

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