The Socio Economic Rights and Accountability Project, SERAP, has filed a legal suit at the Federal High Court Abuja to restrain every move of the federal government from borrowing an estimated sum of ₦895 billion of Nigerians’ money in the form of unclaimed dividends and balances, in dormant accounts; under the guise of unlawful unconstitutional and discriminatory legislation known as the’ finance act’ 2020.
Obinwanne news had earlier reported that SERAP demands publication of Central Bank’s expenses since 1999.
The suit was filed by its lawyers Kolawole Oluwadaire and Ms Adelanke Areomo on behalf of SERAP.
However, the motion for the suit was as a result of the recent move by the federal government to take over and borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country. But, the same legislation explicitly exclude dormant official bank accounts by all branches of the government and their agencies.
Inclusively, the suit number FHC/ABJ/CS/31/2021 filed last Friday, SERAP is seeking, “an order of perpetual injunction restraining and stopping the presidency buhari from demanding, taking over borrowing and collecting Nigerians money in the form of their unclaimed dividends and funds in dormant accounts or transferring and moving money into a trust fund known as ‘ Unclaimed Fund Trust’.
In the suit SERAP argued that, “Federal Government should not be allowed to borrow Nigerians money. Borrowing unclaimed dividends and funds in dormant account owned by ordinary Nigerians would negatively affect their right to an adequate standard of living and access to clean water, quality health care and education.”
SERAP also establishes that, “Despite Nigeria dwindling revenue, the growing level of public debts and widespread poverty, public officers, including President, Vice President, Governors and their deputies and members of the National Assembly have refused to cut their emoluments, allowances and security votes, at the same time millions of Nigerians continue to bear the brunt of mismanagement and corruption”.
Defendant in the suit are Mr Abubakar Malami San, Attorney General of the Federation and Minister of Justice, the Senate President, Ahmad Lawan, the Speaker House of Representatives, Femi Gbajabiamila and the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed.
Basically, SERAP specified that the consent of the lender must be sought for the borrower to have access to the fund, if otherwise, the lender is “stealing” the money.
According to SERAP, the estimated amount of stolen public funds and loans recoverd was $13.98bn The federal government has failed to exhibit transparency and accountability in spending public wealth and resources.
Lolo Ijeoma Njoku reporting, Obinwannem News
