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$3.4 billion IMF COVID-19 loan diverted under Buhari – Falana *Demands prompt probe
Nothing but prompt probe by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) into the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund (IMF) by Nigeria to fight the COVID-19 pandemic will satisfy Femi Falana, foremost Nigerian rights activist.
Falana, a Senior Advocate of Nigeria (SAN), who made his position known in a statement he signed on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB) on Sunday, also called on the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were “used for their intended purposes.”
He further urged 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.
Falana spoke against the backdrop of last week’s announcement that the Fund confirmed that Nigeria had fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrument (RFI).
However, records show that despite the country’s principal balance standing at zero, the scheduled charges, including net charges, basic interest and administrative fees, amount to SDR 125.99 million, which at the current exchange rate, tanslateds to approximately N275.28 billion.
Vexed by the situation, Falana wrote: “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.
“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.”
A 2020 audit report by the Office of the Auditor-General of the Federation, released in January 2024, which had flagged several irregularities in the handling of the fund, had observed 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 (ICBC).
Regarding the development, Falana, 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.
“Furthermore, 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 two percent 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 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. 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 each House of the National Assembly, both Houses have failed to cause the report to be considered by the committees responsible for public accounts, in order 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.
“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.
“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.”
Hours after Justice Mohammed Umar of the Federal High Court, Abuja, ordered issued a bench warrant for the arrest Adeniyi Adeyemi, the controversial Director General of the Presidential Foreign Intervention Promotion Council (PFIPC), is currently in the custody police authorities.
Pictures and videos of embattled PFIPC boss being questioned in what appeared an interrogation session, surfaced on social media on Tuesday evening, with few details still sketchy on whether the police actually hunted him down or he surrendered himself.
Latest information, indicate that he is currently in the custody of the Osun State Police Command, according to a report by Channels Television, who confirmed that he has been taken in.
The order came on the prompting of Wisdom Madaki, the police lawyer after Adeyemi failed to appear in court to take his plea before on an eight-count charge marked FHC/ABJ/CR/562/2025, which relates to forgery, fraud and impersonation.
The court took the decision despite the spirited efforts by Genesis Francis, Adeyemi’s lawyer to mitigate the situation when he told Umar: “The defendant is afraid for his life. He has to be alive to be able to face trial. They have been looking for him even without an order of court.”
Regardless, the judge, while brushing aside the defence, said he was minded to accede to the application for the issuance of a warrant of arrest against the defendant, noting since case was filed on November 27, 2025, with proceedings not commencing until December 4, 2025, Adeyemi did not appear before the court more than once.
“Since then, he has failed to appear before this court on four consecutive dates,” he said, while mandating security agencies to arrest and produce the embattled PFIPC boss before the court on September 30 for arraignment.
During trial, witnesses including Femi Gbajabiamila, Chief of Staff (CoS) to the President; Paul Emmanuel; Jeremiah Imoukhede; and Ituah Sylvester, are billed to testify for the prosecution alongside the Office of the Accountant General of the Federation (OAGF), Akimbo Shola and Adamu Balongu, as well as a Deputy Superintendent of Police.
The order is coming on the heels of Adeyemi’s outcry that his life was in danger, while debunking the allegation that he was a fugitive running away from the law, saying he would appear in court once he had assurance that he would be protected from those tracking him in attempts to take his life.
A guest of Politics Today, a public affairs programme on Channels Television, Adeyemi, had told his host on Monday: “I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life,” Adeyemi added.
He also maintained his allegation that he paid N400 million through a proxy to President Tinubu’s Chief of Staff, Gbajabiamila, to secure his appointment as DG of the disputed council. I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life.”
An interim police investigation report had exposed how the defendant allegedly forged appointment letters and official documents to create the impression that the PFIPC was a legitimate federal government agency.
Police disclosed that the investigation was initiated after the Office of the Chief of Staff to the President petitioned the Inspector-General of Police (IGP) on October 17, 2025, over the activities of individuals allegedly forging official appointment letters purportedly issued from the office.
The petition added that preliminary findings showed the forged documents contained falsified signatures, reference numbers, official seals, and the Nigerian Coat of Arms, and that they were allegedly used to appoint individuals into the non-existent PFIPC.
Adeyemi, who was identified as the principal suspect, allegedly presented himself as the DG of the council and operated from an office within the Federal Secretariat Complex, Phase III, Abuja.
One of those allegedly linked to the fraud, Dolapo Babatunde Tanimola, was said to have died in a fire incident at a hotel in Abuja.
Justice Mohammed Umar of the Federal High Court, Abuja, on Tuesday, issued a bench warrant for the arrest of Adeniyi Adeyemi, controversial Director-General (DG) of an alleged “non-existent,” Presidential Foreign Investment Promotion Council (PFIPC).
The order came on the prompting of Wisdom Madaki, the police lawyer after Adeyemi failed to appear in court to take his plea before on an eight-count charge marked FHC/ABJ/CR/562/2025, which relates to forgery, fraud and impersonation.
The court took the decision despite the spirited efforts by Genesis Francis, Adeyemi’s lawyer to mitigate the situation when he told Umar: “The defendant is afraid for his life. He has to be alive to be able to face trial. They have been looking for him even without an order of court.”
Regardless, the judge, while brushing aside the defence, said he was minded to accede to the application for the issuance of a warrant of arrest against the defendant, noting since case was filed on November 27, 2025, with proceedings not commencing until December 4, 2025, Adeyemi did not appear before the court more than once.
“Since then, he has failed to appear before this court on four consecutive dates,” he said, while mandating security agencies to arrest and produce the embattled PFIPC boss before the court on September 30 for arraignment.
During trial, witnesses including Femi Gbajabiamila, Chief of Staff (CoS) to the President; Paul Emmanuel; Jeremiah Imoukhede; and Ituah Sylvester, are billed to testify for the prosecution alongside the Office of the Accountant General of the Federation (OAGF), Akimbo Shola and Adamu Balongu, as well as a Deputy Superintendent of Police.
The order is coming on the heels of Adeyemi’s outcry that his life was in danger, while debunking the allegation that he was a fugitive running away from the law, saying he would appear in court once he had assurance that he would be protected from those tracking him in attempts to take his life.
A guest of Politics Today, a public affairs programme on Channels Television, Adeyemi, had told his host on Monday: “I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life,” Adeyemi added.
He also maintained his allegation that he paid N400 million through a proxy to President Tinubu’s Chief of Staff, Gbajabiamila, to secure his appointment as DG of the disputed council. I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life.”
An interim police investigation report had exposed how the defendant allegedly forged appointment letters and official documents to create the impression that the PFIPC was a legitimate federal government agency.
Police disclosed that the investigation was initiated after the Office of the Chief of Staff to the President petitioned the Inspector-General of Police (IGP) on October 17, 2025, over the activities of individuals allegedly forging official appointment letters purportedly issued from the office.
The petition added that preliminary findings showed the forged documents contained falsified signatures, reference numbers, official seals, and the Nigerian Coat of Arms, and that they were allegedly used to appoint individuals into the non-existent PFIPC.
Adeyemi, who was identified as the principal suspect, allegedly presented himself as the DG of the council and operated from an office within the Federal Secretariat Complex, Phase III, Abuja.
One of those allegedly linked to the fraud, Dolapo Babatunde Tanimola, was said to have died in a fire incident at a hotel in Abuja.
Meanwhile, Adeyemi, who has since denied that the PFIPC was non-existent, demanded an independent, multi-stakeholder investigative panel to probe the controversy surrounding the alleged N1.3 billion budget insertion for the Council in the 2026 Appropriation Bill.
In an open letter to President Tinubu, Adeyemi said he was prepared to provide documentary evidence and fully cooperate with investigators once an independent panel was constituted.
He recommended the inclusion of representatives of civil society organisations, the Nigerian Bar Association (NBA), independent media organisations, international financial institutions, human rights groups, and diplomatic missions, as well as the ICPC and the EFCC, on the independent investigative panel.
Meanwhile, Adeyemi, who has since denied that the PFIPC was non-existent, demanded an independent, multi-stakeholder investigative panel to probe the controversy surrounding the alleged N1.3 billion budget insertion for the Council in the 2026 Appropriation Bill.
In an open letter to President Tinubu, Adeyemi said he was prepared to provide documentary evidence and fully cooperate with investigators once an independent panel was constituted.
He recommended the inclusion of representatives of civil society organisations, the Nigerian Bar Association (NBA), independent media organisations, international financial institutions, human rights groups, and diplomatic missions, as well as the ICPC and the EFCC, on the independent investigative panel.
Abdulrahman Bello, must die for the murder, Hafsoh Yetunde Lawal, a final-year student of the Kwara State College of Education, Ilorin, the Court of Appeal has insisted, rebuffing the attempt of the self-acclaimed Islamic cleric, to upturn the verdict of an Ilorin High Court.
Affirming the earlier death sentence imposed on cleric for the murder of the female student, said to be his lover, on February 10, 2025, at the Olunlade area of Ilorin, which attracted widespread public outrage across Kwara State and beyond, the appellate court said it found no reason to upturn the earlier verdict of the lower court.
Bello, who was one of the five people arraigned on charges bordering on conspiracy, murder, unlawful removal and possession of human parts and blood, also faced a rape charge, of which he was eventually acquitted by the trial court.
Justice Gabriel Omoniyi Kolawole, who led a three-man panel of the appellate court, while dismissing his appeal, held that the prosecution proved beyond reasonable doubt that he murdered the victim and was unlawfully in possession of human parts.
The appellate court consequently upheld the judgment of the Kwara State High Court, which sentenced Bello to death by hanging and imposed an additional 10-year jail term over his conviction for unlawful possession of human parts.
The court held that there was no merit in the appeal and consequently affirmed both the conviction and the sentence imposed by the trial court.
According to the appellate court, the trial court properly evaluated the evidence before it and rightly concluded that the prosecution established the offences beyond reasonable doubt.
The appellate court said it believed the position of Ibrahim Sulyman, Kwara State Attorney General and Commissioner for Justice, Issa Zakari, Chief State Counsel, and B.L. Abdulsalam, Assistant Chief State Counsel, who led the prosecution.
Hailing the judgment as another significant milestone in the state’s criminal justice administration, Sulyman, said in a statement: “The judgment underscores the commitment of the Kwara State Ministry of Justice and the judiciary to ensuring that criminal cases are determined strictly in accordance with the law and the evidence presented before the courts.
“It also reaffirms the principle that persons found guilty of grave offences, after a fair trial, will be held accountable under the law. The appellate court’s decision would strengthen public confidence in the justice system.
“The affirmation of the conviction and sentence represents another milestone in the administration of criminal justice and reinforces public confidence in the rule of law and the appellate process. The convict still retains any further rights of appeal available to him under the Constitution and other applicable laws.
Justice Hannah Ajayi of the Kwara State High Court, sitting at Ilorin, hand on July 2025 sentenced Bello to death after finding him guilty of murdering and dismembering Lawal, after describing his act as “the highest degree of human wickedness, and a premeditated and cold-blooded act.”
Dismissing Bello’s claims that he loved the deceased and intended to marry her as merely an afterthought designed to deceive the court, Ajayi, also ruled the convict’s conduct after committing the crime and before his arrest suggested that it might not have been his first involvement in such an act, while a book on money-making charms recovered from his apartment further strengthened the prosecution’s case.
Justice Ajayi further held that the video and written confessional statements obtained by operatives of the Department of State Services and the police were lawfully admitted in evidence, dismissing Bello’s allegation that he was tortured into making the confessions.
While acquitting Bello of the rape charge, the trial court convicted him of murder and unlawful possession of human parts, sentencing him to death by hanging for the murder and imposing a 10-year prison term, with an option of a N100,000 fine, for the human parts offence.
The court also discharged and acquitted the four other defendants in the case — Ahmed Abdulwasiu, Suleiman Muhydeen, Jamiu Uthman and Abdulrahman Jamiu — after holding that the prosecution failed to establish their involvement in the offences.
Reacting to the High Court judgment at the time, the Emir of Ilorin and Chairman of the Kwara State Traditional Rulers Council, Ibrahim Sulu-Gambari, described the killing as tragic and commended the judiciary for ensuring justice.
“The gruesome murder of Hafsoh Yetunde Lawal was pathetic, unfortunate, regrettable and worrisome,” the monarch said in a statement issued by his Press Secretary, Abdulazeez Arowona.
“The judgment has further brightened the hope and trust of the people in the judiciary and security agencies. May Almighty Allah repose the soul of the late Hafsoh Lawal and comfort her family members.”
The monarch also urged parents and guardians to be vigilant and closely monitor the activities and movements of their children and wards to prevent a recurrence of such incidents.
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