ICPC Grills CBN, OAGF Officials Over $3.4 Billion IMF Loan Scandal

In a groundbreaking move, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a probe into the alleged $3.4 billion loan granted to Nigeria by the International Monetary Fund (IMF). Two officials from the Central Bank of Nigeria (CBN) and one from the Office of the Accountant-General of the Federation (OAGF) have faced questioning, while additional officials from the Federal Ministry of Finance are set to undergo interrogation.

Recent developments reveal that the Socio-Economic Rights and Accountability Project (SERAP) has taken legal action, filing a lawsuit against President Bola Ahmed Tinubu for failing to investigate the missing funds. SERAP argues that the $3.4 billion loan remains unaccounted for, and their legal pursuit aligns with constitutional provisions and international conventions against corruption.

Speaking to The Nation, an insider disclosed that the ICPC has obtained crucial documents pertaining to the loan, originally intended to finance the budget and address COVID-19 challenges. The ongoing investigation aims to determine whether the funds were mismanaged, diverted, or remain unaccounted for.

“The commission began the probe after reviewing the Auditor-General of the Federation’s report. Interviews with CBN and OAGF officials have taken place, with Ministry of Finance officials set for questioning. Documents retrieved indicate funds were utilized as directed by the Ministry of Finance. Investigations delve into approval processes and fund utilization by the beneficiaries,” shared the source.

This unfolding saga underscores the gravity of the situation as ICPC delves into the intricate details surrounding the $3.4 billion IMF loan, seeking transparency and accountability in financial matters critical to the nation’s well-being.

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