Tinubu told to probe FG, 36 states over $1.5bn World Bank, $3bn Chinese loans

The Socio-Economic Rights and Accountability Project, SERAP, has called on President Bola Tinubu to “direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly and thoroughly investigate the spending of $1.5 billion World Bank loan obtained by the 36 states and Abuja for poverty reduction and social protection across the states.”

SERAP said, “Suspected perpetrators of corruption and mismanagement should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”

It also urged him to “direct Mr Fagbemi and appropriate anti-corruption agencies to promptly investigate the alleged mismanagement of the Chinese loans of $3.121 billion obtained by the Federal Government.”

SERAP urged Tinubu to “instruct the Economic and Financial Crimes Commission, EFCC, and Independent Corrupt Practices and Other Related Offences Commission, ICPC, to jointly track and monitor the spending of the $1.5 bn World Bank loan to Nigeria’s 36 States and Abuja.”

In the open letter dated 10 Aug. 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said there should be accountability for the spending of both the World Bank and Chinese loans with the ultimate aim of bolstering the rule of law.

“Impunity for corruption in the management of World Bank loans and Chinese loans will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.

“It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.

“There are reports that the $1.5bn World Bank loan to the 36 states and Abuja and the $3bn Chinese loans obtained by the Federal Government may have been mismanaged or diverted, and in any case remain unaccounted for.”