The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court in Abuja to restrain and stop President Muhammadu Buhari and the Federal Government from borrowing an estimated N895 billion in form of unclaimed dividends and balances in dormant accounts under the guise of legislation known as The Finance Act 2020.
The suit followed a 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 excludes dormant official bank accounts by all branches of government and their agencies.
In the suit, with the number FHC/ABJ/CS/31/2021, filed on Friday, SERAP is seeking “an order of perpetual injunction restraining and stopping President 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 the money into a trust fund known as ‘Unclaimed Funds Trust Fund’”.
In the suit, SERAP argues: “The Federal Government should not be allowed to borrow Nigerians’ money. “Borrowing unclaimed dividends and funds in dormant accounts owned by ordinary Nigerians would negatively affect their right to an adequate standard of living and access to clean water, quality healthcare, and education.”
According to SERAP: “Despite Nigeria’s dwindling oil revenue, the growing level of public debt, and widespread poverty, public officers including the 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.” Joined in the suit as defendants are Abubakar Malami, 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, Mrs. Zainab Ahmed.
SERAP also stated: “For there to be a borrower, there must be a lender. “The intention to enter into such borrower-lender relationship must be known to both parties.“Any other arrangement that allows a borrower to access funds from a lender without the knowledge and express consent of the lender will amount to stealing.”
According to SERAP: “The Federal Government has repeatedly failed to ensure transparency and accountability in the spending of public wealth and resources such as recovered stolen public funds, and the loans so far obtained, estimated to be $31.98 billion, and failed to address the systemic and widespread corruption in ministries, departments and agencies (MDAs).”The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Ms. Adelanke Aremo. No date has, however, been fixed for the hearing of the suit.
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