LINUS CHIBUIKE
SOCIO-ECONOMIC Rights and Accountability Project has asked the Federal High Court in Abuja to restrain and stop President Muhammadu Buhari and the Federal Government from borrowing N895bn of Nigerians’ money in the form of their unclaimed dividends and balances in dormant accounts, “under the guise of the patently unlawful, unconstitutional, and discriminatory legislation known as the Finance Act, 2020.”
The suit was filed on behalf of SERAP by its lawyers – Kolawole Oluwadare and Ms Adelanke Aremo.
SERAP said by the combined reading of Section 44(1) of the Nigerian Constitution 1999 (as amended) and Article 14 of the African Charter on Human and Peoples’ Rights, the Federal Government had “absolutely no right to borrow Nigerians’ money in the form of their unclaimed dividends and funds in dormant accounts without their knowledge and express consent.”
The organisation dragged the Federal Government to court, following its recent decision to take over and borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country.
The legislation however explicitly excludes dormant official bank accounts by all branches of government and their agencies.
SERAP, in the suit number ‘FHC/ABJ/CS/31/2021’, filed last Friday, 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.”
It said borrowing unclaimed dividends and funds in dormant accounts owned by ordinary Nigerians would negatively affect their rights to an adequate standard of living, access to clean water, quality healthcare and education.
It argued, “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.”
Co-defendants in the suit are: Attorney General of the Federation and Minister of Justice, Abubakar Malami; Senate President Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; and Minister of Finance, Budget and National Planning, Zainab Ahmed.
SERAP stressed, “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.
“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 $31.98bn, and failed to address the systemic and widespread corruption in ministries, departments and agencies (MDAs).”
In the suit, SERAP noted, “By the combined reading of Section 44(1) of the Nigerian Constitution 1999 (as amended) and Article 14 of the African Charter on Human and Peoples’ Rights, the Federal Government has absolutely no right to borrow Nigerians’ money in the form of their unclaimed dividends and funds in dormant accounts without their knowledge and express consent.
“The move to borrow Nigerians’ money amounts to unlawful expropriation, as it is neither proportionate nor necessary, especially given the unwillingness or inability of the government to stop systemic and widespread corruption in MDAs, cut waste and stop all leakages in public expenditures. The borrowing is also not in the public interest.”
“Respect for the right to property is important to improve the enjoyment of other basic human rights and to lift Nigerians out of poverty. There is a limit on the ability of any government to interfere with private property without legal just,” it added.
