The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Minister of the Federal Capital Territory, Nyesom Wike, and the 36 state governors for their alleged failure to account for and disclose the agreements related to N5.9 trillion and $4.6 billion loans acquired by their respective states and the FCT.
In a statement released on Sunday, SERAP’s Deputy Director, Kolawole Oluwadare, revealed that the organization is seeking to compel the governors and Mr. Wike to disclose the loan agreements and provide details on the projects executed with the borrowed funds.
The lawsuit, filed on behalf of SERAP by its legal team, seeks to address the lack of transparency surrounding the loans. SERAP argues that opacity in the spending of these loans could have adverse effects on the citizens’ interests and emphasizes the importance of accountability and preventing corruption in democratic institutions.
The organization demands that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) be invited to investigate the spending of all loans obtained by the states and the FCT. SERAP asserts that transparency in loan spending is essential for strengthening the rule of law and building trust in democratic processes.
