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SERAP Drags Tinubu to Court Over Missing $3.4bn IMF Loan

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By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu after he refused to probe allegations of a missing $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance the budget and respond to COVID-19.

SERAP in a statement signed by its deputy director, Mr Kolawole Oluwadare, on Sunday, said the allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.

In the suit number FHC/ABJ/CS/269/2024 filed last Friday at the Federal High Court, Abuja, SERAP appealed to the court “to direct and compel President Tinubu to probe the allegations that $3.4 billion loan obtained by Nigeria from the IMF to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”

The group also begged the court for “an order of mandamus to direct and compel President Tinubu to ensure the effective prosecution of anyone suspected to be responsible for the alleged mismanagement and diversion of the $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID- 19 pandemic.”

It further said the President should be compelled to “ensure the full recovery of the missing $3.4 billion IMF loan obtained by Nigeria to finance the budget and respond to the COVID-19 pandemic.”

SERAP argued that, “The findings by the Auditor-General suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”

“Servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians—they can neither see nor benefit from the projects for which the loan was approved; yet, they are made to pay back both the loan and accrued interests.

“Unless the President is directed and compelled to get to the bottom of these damning revelations, suspected perpetrators would continue to enjoy impunity for their crimes and enjoy the fruits of their crimes,” the organisation noted in the suit filed by its lawyers, Mr Kolawole Oluwadare and Mr Andrew Nwankwo.

SERAP explained that it dragged the President before the high court because “Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.”

“The consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.

“The Nigerian government has a sacred duty to ensure that the country’s loans including those obtained from the IMF are transparently and accountably used solely for the purposes for which the loans are obtained, and for the effective development of public goods and services as well as the general public interests,” it added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Church Confirms Release Of 151 Abducted Members in Kaduna

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Cherubim and Seraphim Movement Church Worldwide

By Adedapo Adesanya

The Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, has confirmed the release and safe return of 151 of its members abducted from Iburu community in Kajuru Local Government Area of Kaduna State.

The abduction, which affected about 177 people, occurred on January 18, 2026. It was initially denied by the Nigeria Police Force and other government agencies, but was later confirmed.

In a statement issued by the Conference Secretary General of the church, Mr Anthony Olusesan Samaiye, it was disclosed that the release of the abducted persons was confirmed through reports from its liaison officers in Kaduna.

According to the statement, Mr Emmanuel Abiodun Adewale Alogbo (JP), described the release as a victory for faith, prayer and dialogue, noting that the breakthrough followed an emergency visit to Kaduna by its leadership and a series of high-level engagements aimed at securing the freedom of the abducted worshippers.

The Cherubim and Seraphim Church expressed gratitude to the Kaduna State government, particularly Governor Uba Sani, for what it described as his commitment to dialogue and the coordination of state resources that contributed to the successful outcome.

Special appreciation was also extended to the Governor’s Chief of Staff, Mr Sani Liman Kila, and the Senior Special Assistant on Religious Affairs (Christian Matters), Mr Ishaya Jangado, for facilitating engagement between the church and the state government.

The church noted that the incident demonstrated the importance of cooperation between religious leaders and government authorities in addressing security challenges and protecting citizens.

It also acknowledged prayers and support from the Christian Association of Nigeria (CAN), the Organisation of African Instituted Churches (OAIC), the international community and Christians worldwide.

While celebrating the release, the church said it was mindful of the trauma experienced by the victims and disclosed that its welfare and medical teams had been mobilised to provide psychosocial support and care to the affected members and their families.

The church called for sustained peace in Kaduna State and across Nigeria, urging authorities to continue efforts to ensure the safety of all citizens, regardless of religious affiliation.

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2027 Elections: I Won’t be Vice Presidential Candidate—Peter Obi Insists

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By Adedapo Adesanya

As activities for the 2027 general elections begin to take shape, the former presidential candidate of the Labour Party in the 2023 presidential poll, Mr Peter Obi, has again ruled out the possibility of contesting as a vice presidential candidate next year, saying he is contesting to be on the ballot.

Speaking ahead of the Abuja Municipal Area Council (AMAC) election in the Federal Capital Territory, he said, “You see this coming election, support us in AMAC; it will help me. Your support in AMAC is critical to our journey. I am involved and contesting the coming election as number one. When I come back, you will see. I assure you.”

Mr Obi vied for the 2023 presidency on the LP platform, emerging third overall behind Mr Atiku Abubakar and President Bola Tinubu.

In December 2025, he defected to the African Democratic Congress (ADC), where his teeming supporters popularly known as Obidients have urged him to only pursue the presidential ticket.

Mr Abubakar, who chose Mr Obi as his vice presidential candidate in the 2019 polls, is also a member of the ADC. The men finished in second and third places, respectively in the last presidential election, which President Tinubu won with 37 per cent of the votes.

Speaking at the campaign venue, Mr Obi emphasised to his supporters the importance of backing the ADC candidate in the AMAC election, noting that their support at the grassroots would go a long way in bolstering his national political journey.

The ADC coalition includes many former allies of Mr Tinubu, including Mr Nasir El Rufai, the former governor of Kaduna State; Mr David Mark, a former Senate President who is serving as the National Chairman of the party, and Mr Rauf Aregbesola, a former Osun Governor and currently the National Secretary of ADC.

The party will be hoping to emulate the success of the ruling All Progressives Congress (APC), which was formed by an alliance of opposition politicians (including Mr Abubakar) in 2013 and caused the ouster of former President Goodluck Jonathan, the first-ever defeat of an incumbent Nigerian president in 2015.

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CPPE Urges FG to Create Farm Price Stabilisation Plan for Food Security

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Price of Food

By Adedapo Adesanya

The Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government to urgently establish a National Farm Price Stabilisation and Farmer Income Protection Framework to safeguard Nigeria’s long-term food security.

This was contained in a policy brief signed by the chief executive of the think tank, Mr Muda Yusuf, on Sunday.

The group warned that while recent import surges have lowered food prices to the delight of consumers, they have simultaneously inflicted severe financial losses on farmers and agricultural investors, creating what it described as “troubling trade-offs and unintended consequences.”

He advised that Nigeria cannot afford a policy regime that undermines confidence in agriculture, one of the country’s most strategic sectors and largest employers of labour.

“The welfare gains from cheaper food have been profound and should be acknowledged. However, the cost to farmers and other investors across the agricultural value chain is equally high and cannot be ignored,” Mr Yusuf stated.

The CPPE boss emphasised the urgent need to strike a sustainable balance between keeping food affordable for consumers and protecting farmers’ incomes, while safeguarding agricultural investment.

According to the policy document, recent import surges of staples such as rice, maize and soybeans have caused serious dislocations in the agricultural investment ecosystem, inflicting severe hardship on farmers and weakening production incentives.

“Although consumers have welcomed the decline in food prices, the long-term consequences are adverse: farmer incomes fall, production declines over time, investment confidence weakens, and the country risks returning to cycles of scarcity and higher prices,” the document warned.

The CPPE identified several structural factors driving recurring farm price collapses in Nigeria, beyond the immediate impact of food imports.

The think tank warned that harvest glut remains a major challenge, with many farmers harvesting the same crops within the same period, causing sudden oversupply. This is compounded by the limited availability of storage facilities, drying centres and cold-chain systems, which forces farmers to sell immediately regardless of market conditions.

The organisation said this is also affected by weak rural logistics, characterised by poor roads, insecurity, high transport costs, and limited aggregation hubs, which make it difficult to move produce efficiently from production zones to high-demand markets.

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