Rivers State Reveals How ₦302 Billion Was Spent Under Ibas as SERAP Court Battle Deepens
The Rivers State Government has provided detailed clarification on the expenditure of over ₦302 billion during the six-month tenure of former sole administrator, Vice Admiral Ibok-Ete Ibas (retd), offering fresh insight into the state’s financial operations within that period.
The disclosures were made before a High Court in Port Harcourt, where financial records covering March to August 2025 were presented, shedding light on how public funds were managed during the emergency rule administration.
This development stems from an ongoing legal action initiated by the Socio-Economic Rights and Accountability Project (SERAP), which is seeking full disclosure of the state’s financial transactions during the period. The case, marked PHC/4153/CS/2025, is currently before Justice S.H. Aprioku.
Court filings obtained by PulseNets show that the Rivers State Accountant-General and the Ministry of Budget and Economic Planning revealed that “the FAAC allocations received by Rivers state between March and August 2025 was over ₦253 billion [₦253,480,052,907.33]”.
Supporting documents, including bank statements and official budget records, were also submitted to substantiate the claims.
PulseNets learnt from the filings that the state recorded additional inflows of approximately ₦44.87 billion within the same timeframe, bringing total available funds to about ₦298.35 billion. However, overall expenditure exceeded this figure, reaching more than ₦302.35 billion.
A breakdown of the spending shows that over ₦112.41 billion was used for salaries, pensions, and overhead obligations.
Further details obtained by PulseNets indicate that ₦163.44 billion was disbursed to ministries, departments, and agencies, with a notable spike in August alone, when more than ₦106 billion was released, suggesting a concentration of spending within that month.
The records also reveal that more than ₦26 billion was applied toward servicing existing loans, while bank charges amounted to roughly ₦491 million. Multiple transfers to the Government House were also documented, ranging from millions to multi-billion-naira transactions, with one of the largest single transfers recorded at ₦4.27 billion in August.
The government clarified in its submission that “₦28 billion was approved for the installation of Closed Circuit Television (CCTV) at the State House but no expenditure was incurred in respect of the project. Therefore, no document evidencing such expenditure can be provided.”
It further stated that “the Defendants/Respondents do not contest SERAP’s right to access information under the Freedom of Information Act and has no intention whatsoever of withholding the requested documents.”
PulseNets reported that the state government maintained it has complied with the request by submitting all relevant documents before the court.
Reacting, SERAP Deputy Director Kolawole Oluwadare told PulseNets that the organisation is currently reviewing the submitted records. “We are studying the large documents on the spending of the over ₦302 billion [₦302,352,458,523.07] of FAAC allocations and other funds by the Rivers State government between March and August 2025,” he said.
He added that the organisation is undertaking a detailed project-by-project assessment to determine whether the disclosures meet its demands or if further legal action will be necessary.
Initial observations by SERAP, as obtained by PulseNets, highlight repeated transfers to the Government House, including payments of ₦61.9 million, ₦122 million, ₦170 million, ₦389 million, ₦750 million, ₦850 million, and several ₦900 million transactions during the review period.
Other expenditures include funds allocated for construction and rehabilitation. Over ₦2.5 billion was approved for Government House quarters, although approximately ₦1.1 billion appears to have been expended. Likewise, a revised ₦2.67 billion was earmarked for office renovations, with about ₦404 million reflected as actual spending.
Additional records obtained by PulseNets show allocations of about ₦350 million for canteen and kitchen equipment, though specifics of disbursement remain unclear. Rehabilitation works accounted for over ₦463 million, while one project initially budgeted at ₦800 million was later increased to ₦1.56 billion.
By the end of August 2025, the state’s financial records indicate a closing balance of roughly ₦19.93 billion.
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The suit is seeking judicial interpretation on whether SERAP is entitled to access the requested financial records under constitutional provisions and the Freedom of Information Act.
The case has been adjourned to May 19, 2026, for further hearing.
