Top CBN, OAGF Officials Land In Trouble As $3.4 Billion Go Missing

Three officials, including two from the Central Bank of Nigeria (CBN) and one from the Office of the Accountant-General of the Federation (OAGF), have been questioned regarding the $3.4 billion loan granted to Nigeria by the International Monetary Fund (IMF).

The interrogation was conducted last week by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

According to a source, the investigation into the loan is already underway. The source stated, “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.”

Furthermore, documents related to the loan were retrieved from the CBN, OAGF, and the Ministry of Finance. Some officials from these institutions have already been interviewed, and others from the Ministry of Finance are scheduled for questioning in the coming week.

Regarding the utilization of the funds, the source revealed, “Documents retrieved and statements from the officials of the OAGF revealed that the utilization of the funds were as directed by the Ministry of Finance.”

Meanwhile, Socio-Economic Rights and Accountability Project (SERAP) has taken legal action, filing a lawsuit against President Bola Ahmed Tinubu and the Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Lateef Fagbemi. SERAP alleges that the $3.4 billion loan is missing, diverted, or unaccounted for and asserts that the failure to investigate violates constitutional provisions and international conventions against corruption.