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SERAP Sues Buhari Over FG’s Plan To Borrow N895bn From Dormant Accounts

Socio-Economic Rights and Accountability Project, SERAP, has asked the Federal High Court Abuja to restrain and stop President Muhammadu Buhari and the Federal Government from borrowing an estimated N895bn of Nigerians’ money in the form of their unclaimed dividends and balances in dormant accounts.

In the suit number FHC/ABJ/CS/31/2021 filed by its lawyers Kolawole Oluwadare and Ms Adelanke Aremo 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”.

SERAP argued, “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.

“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 are: Mr Abubakar Malami SAN, Attorney General of the Federation and Minister of Justice; the Senate President, Ahmad Lawan; the Speaker of House of Representatives, Femi Gbajabiamila; and the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed.

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