Unclaimed dividends, dormant accounts: SERAP sues Federal Government over $895bn

The Socio-economic Rights and Accountability Project (SERAP), a Nigerian advocacy group, has sought a Court order to restrain and stop the Federal Government of Nigeria from borrowing an estimated $895bn of unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country.

(The Socio-economic Rights and Accountability Project (SERAP) is a Nigerian non-profit, non-partisan, legal and advocacy organization committed to promoting human rights, transparency and accountability in governance using training, advocacy, research and litigation).

BREAKING: We’ve asked the court to restrain & stop President Buhari from borrowing an estimated N895bn of Nigerians’ money, to wit: their unclaimed dividends and balances in dormant accounts, to compel @NigeriaGov to cut public officers’ emoluments, allowances and security votes.

— SERAP (@SERAPNigeria) March 14, 2021

The suit filed last Friday before the Federal High Court, Abuja, followed move by @NigeriaGov to take over and borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country, while excluding dormant official bank accounts by public agencies.

The suit number FHC/ABJ/CS/31/2021 filed last Friday read in part: “…@NigeriaGov should not be allowed to borrow Nigerians’ money. Borrowing unclaimed dividends and funds in dormant accounts owned by Nigerians would affect their right to an adequate standard of living.”

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, their deputies and members of the National Assembly @nassnigeria have refused to cut their emoluments, allowances and security votes”.

Joined in the suit as Defendants are: Mr Abubakar Malami SAN, the Attorney General of the Federation; the Senate President, Ahmad Lawan; the Speaker of the House of Representatives, Femi Gbajabiamila; and the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.

Amaka E. Nliam