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ICPC Probes $3.4 Billion IMF Loan, Questions CBN, OAGF Officials

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated investigations into allegations concerning the $3.4 billion loan acquired from the International Monetary Fund (IMF) that is reportedly “missing, diverted, or unaccounted for.”

These concerns were raised by the Socio-Economic Rights and Accountability Project (SERAP), a civil society organization, following the release of the 2020 annual audited report by the Auditor-General of the Federation.

As per the audited report, there was a lack of documentation regarding the movement and expenditure of the $3.4 billion emergency financial assistance obtained from the IMF to support the budget and address the COVID-19 pandemic.

SERAP, on Friday, took President Bola Tinubu and the Attorney General of the Federation and Minister of Justice to a Federal High Court in Abuja, seeking the court to “direct and compel” the President to investigate the alleged diversion of the loan.

According to THEWILL, two officials from the Central Bank of Nigeria (CBN) and one from the Office of the Accountant-General of the Federation (OAGF) have been questioned concerning the alleged “missing” loan by the ICPC.

Moreover, The Nation reported that these officials were interrogated last week by the ICPC. The Commission has since retrieved crucial documents related to the loan and has invited another group of officials from the Federal Ministry of Finance for questioning.

Confirming the ongoing probe, a source stated, , “Documents retrieved and statements from the officials of the OAGF revealed that the utilisation of the funds were as directed by the Ministry of Finance. Investigation is ongoing into the various approvals and utilisation of the funds by the beneficiaries.”

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