The Alliance on Surviving COVID-19 and Beyond (ASCAB), chaired by human rights advocate Femi Falana (SAN), has urged the EFCC and ICPC to probe alleged criminal diversion of Nigeria’s \$3.4 billion IMF emergency COVID-19 loan.
ASCAB’s call follows revelations that Nigeria fully repaid the principal but still owes SDR 125.99 million (≈₦275 billion) in charges.
Granted under the IMF’s Rapid Financing Instrument in April 2020, the loan was meant to shore up healthcare, stabilize businesses, and cushion the oil-price collapse. IMF rules required transparent disbursement and independent audits.
However, a 2020 audit by the Auditor-General’s Office uncovered that \$2.4 billion was transferred to the CBN’s Fed Reserve account and then the Bank for International Settlements without federal authorization. The remaining funds were sent to China’s ICBC and similarly invested.
The audit found these investments were reclassified as CBN reserves, generating interest—contrary to their emergency-relief purpose. It also flagged the unauthorized monetisation of \$700 million at an inflated exchange rate, with only ₦265.65 billion credited to government accounts, and unexplained deductions and commissions. Nearly \$2.7 billion (≈₦1.02 trillion) remains unaccounted for.
ASCAB decried the National Assembly’s inaction on these findings and has petitioned the IMF to freeze further charges pending an independent inquiry. “We demand the recovery of diverted funds and sanctions for those responsible,” Falana stated.
