ICPC interrogates CBN officials, others over $3.4bn Covid-19 loan


The Independent Corrupt Practices and Other Related Offenses Commission, ICPC, has questioned two officials of the Central Bank of Nigeria, CBN, and one from the Office of the Accountant-General of the Federation, OAGF, over a $3.4 billion loan allegedly granted to Nigeria by the International Monetary Fund, IMF.

The Socio-Economic Rights and Accountability Project, SERAP, had filed a lawsuit against President Bola Tinubu for failing to probe the $3.4 billion loan that was either “missing, diverted or unaccounted for.”

The organization said the lawsuit was in line with Section 16(1) and (2) of the 1999 Constitution.

Following calls for investigation from various civil society organizations, the ICPC has retrieved vital documents on the loan, which was meant to finance the budget and to manage COVID-19.

According to a source who spoke to The Nation, the probe of the loan was already in progress.

“ICPC has launched a comprehensive investigation into the $3.4 billion loan.

“The commission began the probe after it had reviewed the report of the Auditor-General of the Federation.


“Our investigators are trying to establish if the cash was missing, diverted, or unaccounted for.

“The documents relating to the loan were retrieved from the CBN, the OAGF, and the Ministry of Finance.

“Some CBN and OAGF officials were interviewed, and the officials of the Ministry of Finance will be interviewed in the coming (this) week.

“Investigation is ongoing into the various approval and utilisation of the funds by the beneficiaries,” he said.


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