The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to investigate the $1.5bn World Bank loan obtained by the 36 states of the federation, and the Federal Capital Territory.
The group also urged Tinubu to probe the “alleged mismanagement of the Chinese loans of $3.121bn obtained by the Federal Government.”
SERAP asked the President to “direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to promptly and thoroughly investigate” how the loan was spent, thereby reducing “poverty and social protection across the states.”
This was contained in an open letter dated August 10, 2024, signed by the group’s Deputy Director, Kolawole Oluwadare.
SERAP noted that individuals or agencies suspected of “corruption and mismanagement should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”
In its letter, SERAP advised Tinubu to “instruct the Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences Commission to jointly track and monitor the spending of the $1.5bn World Bank loan to Nigeria’s 36 states and Abuja.
“Ensuring accountability for the spending of World Bank loan and Chinese loans would build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”
The group stated that so long as “high-ranking public officials go largely unpunished for their alleged crimes,” there would be a continued “impunity for corruption in the management of World Bank loans and Chinese loans.”
SERAP also said, “It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.
“We note that while a governor may enjoy immunity from arrest and prosecution, he does not enjoy immunity from investigation. Any criminal allegation against a sitting governor can and should be investigated pending the time the governor leaves office and loses immunity,” adding that the “findings of such investigation can also be the basis for initiating impeachment proceedings against the governor.”
