 has filed a lawsuit against the Presidency, the Senate, and House of Represent){kind=link}
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Presidency, the Senate, and House of Representatives as well as the Ministry of Finance over plans to claim unclaimed dividends and funds in dormant bank accounts.
The Trust Fund Act which was signed in tandem with the 2020 Finance Act proposed that that unclaimed dividends by individuals will be overtaken by the Federal Government was asked to be repealed at the time, but unsuccessfully so. Read part of the statement below:
“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 justification. The right to property is a sacred and fundamental right.”
Now SERAP is seeking a perpetual injunction and restraining order in a suit labelled FHC/ABJ/CS/31/2021 that will prevent the Presidency from borrowing up to 895 billion Naira from such accounts on grounds iterated below:
- That the Federal Government should not be permitted to borrow citizen’s money in the form of unclaimed dividends and funds in dormant accounts under the guise of the Unclaimed Funds Trust Funds Account. SERAP claims this will worsen the living conditions of Nigerians
- SERAP claims that despite the bleak economic prognosis of the country and its ever-increasing debt profile, public servants have not cut down on their emoluments or allowances or even security votes, thus shouldering no expenses whatsoever of the poorly mismanaged affairs of the country.
- In addition, SERAP maintains that unilaterally borrowing money from unaware lenders is almost criminal and both parties, the borrowers and lenders have a right to know all the details of the loan processes.
Considering the lack of transparency and lack of accountability of government funds which have become the order of the day, SERAP concludes that the government lacks the integrity to use the people’s funds for whatever cause.