The Socio-Economic Rights and Accountability Project (SERAP) is calling for transparency and accountability regarding the six-month administration of the Rivers State sole administrator, Vice Admiral Ibok-Ete Ibas (Rtd), and the alleged spending of over $302 billion received from the Federation Account Allocation Committee (FAAC). In a statement published on its official website, SERAP revealed that the Rivers State Accountant-General and the Ministry of Budget and Economic Planning disclosed how Ibas supposedly spent the funds between March and August 2025. SERAP filed a lawsuit against the Accountant-General and Ministry, seeking access to information under the Freedom of Information Act. The Ministry stated that FAAC allocations received by Rivers State during the period were over $253 billion. According to SERAP, bank statements and capital pages of the Government House estimate provide details of government expenditures exceeding $300 billion. The Defendants acknowledged SERAP’s right to access information and have provided requested documents. SERAP is currently analyzing the spending of the funds to determine if further action is needed. The exhibits show that over $302 billion was spent, including significant amounts on salaries, pensions, overheads, and MDAs. The lawsuit is set to continue on May 19, 2026.
