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SERAP sues Buhari over FG’s plan to borrow N895bn from dormant accounts, unclaimed dividends



Financial Rights and Accountability Project (SERAP) has recorded a claim asking the Federal High Court in Abuja to control and stop President Muhammadu Buhari and the Federal Government from getting about N895 billion of Nigerians’ cash as their unclaimed profits and equilibriums in torpid records.

The legitimate activity is because of the new arrangement by the Federal Government to dominate and acquire unclaimed profits and torpid record adjusts claimed by Nigerians in any bank in the nation however bars lethargic authority ledgers by all parts of government and their organizations.

This revelation is contained in a proclamation gave by SERAP on Sunday, March 14, 2021, and seen on its site by Nairametrics.

The move by the Federal Government under the appearance of the plainly unlawful, illegal and prejudicial enactment known as the Finance Act, 2020, has been named illicit by SERAP.

What SERAP is saying in the claim

In the suit number FHC/ABJ/CS/31/2021 documented last Friday, SERAP is looking for, “A request for interminable order controlling and preventing President Buhari from requesting, assuming control over, getting, and gathering Nigerians’ cash as their unclaimed profits and assets in lethargic records or moving constantly the cash into a trust reserve known as ‘Unclaimed Funds Trust Fund.”

In the suit, SERAP is contending that “The Federal Government ought not be permitted to acquire Nigerians’ cash. Acquiring unclaimed profits and assets in torpid records claimed by common Nigerians would contrarily influence their entitlement to a sufficient way of life, and admittance to clean water, quality medical services and instruction.”

Sigma Pensions

SERAP said that in spite of Nigeria’s diminishing oil income, developing degree of public obligation and broad neediness, public officials including the President, Vice President, lead representatives and their agents, and individuals from the National Assembly have wouldn’t cut their remittances, recompenses and security votes. They said that simultaneously, a large number of Nigerians keep on enduring the worst part of fumble and debasement.”

The assertion additionally said that participated in the suit as 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.

SERAP is additionally contending that “For there to be a borrower, there should be a bank. The goal to go into such borrower-moneylender relationship should be known to the two players. Whatever other game plan that permits a borrower to get to assets from a loan specialist without the information and express assent of the moneylender will add up to taking.”

The suit recorded for SERAP by its legal advisors Kolawole Oluwadare and Ms Adelanke Aremo, mostly peruses, “By the joined perusing of segment 44(1) of the Nigerian Constitution 1999 (as corrected) and Article 14 of the African Charter on Human and Peoples’ Rights, the Federal Government has definitely no option to acquire Nigerians’ cash as their unclaimed profits and assets in lethargic records without their insight and express assent.”

“The transition to acquire Nigerians’ cash adds up to unlawful seizure, as it is neither proportionate nor essential, particularly given the reluctance or failure of the public authority to stop fundamental and far reaching debasement in MDAs, cut waste and stop all spillages in open uses. The getting is likewise not in the public interest.”

“Acquiring unclaimed profits and assets in torpid records without fair treatment of law and the information and unequivocal assent of the proprietors is self-assertive, and accordingly, legitimately and ethically ridiculous.”

“To make a substantial trust relationship, there should be an unequivocal understanding between the setlor and the trustee, for the advantages of the trust recipient. There must likewise be adequate proof of the setlor’s aim to make a trust. The relationship can’t be self-assertively made. It can likewise not be constrained or expected singularly, which is by and large what the Federal Government is pushing to do for this situation.”

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Funny tweets, memes and videos from Twitter NG for “Happy 420”



Today’s date, April 20, stylised as 4/20 is a day worldwide commemorated by stoners or smokers of weed to celebrate marijuana. In short, it is treated as a public holiday for weed/marijuana and termed—Happy 420.

Twitter NG i.e users of Twitter in Nigeria, as it is the yearly custom are trending “Happy 420” as the number one topic in the country. While many really used the medium to share their unwavering love for weed, others have taken it upon themselves to make funny tweets, memes, skits and share several videos in relation to weed smoking and “Happy 420” as an entity.

While some tweeps take jab at those who don’t smoke weed but indulge in the “woke” culture by wishing stoners a “Happy 420”, others in their own way intentionally misinterpret certain scriptural verses for comedic purpose in order to aid and bait their smoking habits, still others take it upon themselves to disperse various memes which for sure will bring a smile upon your face. That’s not all, though, for we have some tweeps who did brainstorm to form some of the best puns concerning weed and stoners jokes ever. Well we can say irrespective of the way they passed their message regarding “Happy 420”, they all ended on a high note. Enjoy!

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FG to extend fuel subsidy for 6 months




The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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Google founders earn $42 billion in 100 days




Google originators Larry Page, 48 and Sergey Brin, 47 have brought in more cash on the whole than the absolute unfamiliar money save possessions of Africa’s greatest economy.

Larry Page, as of now worth $104 billion, has acquired $21.2 billion out of 100 days; while Sergey Brin, with an abundance valuation of $100 billion, procured $20.4 billion in a similar period. Altogether, the two men have procured $41.6 billion, overshadowing Nigeria’s unfamiliar money hold which as of now remains at a gross valuation of $35 billion.

Most of Larry page’s abundance comes from his stake in Alphabet, the parent organization of Google. The Standford prepared business person presently holds $12.6 billion in real money.

Sergey Brin’s abundance valuation is additionally gotten from his stake on the planet’s most well known web crawler and by and by, his money holding is esteemed at $12.7 billion.

Noteworthy development from the world’s most remarkable economy helped purchasing tension on Google offers and its organizers saw their abundance valuation flood. Worldwide financial backers are progressively hanging on the tech juggernaut’s offers as stunning monetary information from America’s administration ventures combined with a development in the tech area filled the climb in Google shares found lately.

Thus, financial backers are heaping critical measure of assets into Alphabet Inc., the parent organization of Google, with reports saying it won its latest high legal dispute against Oracle, a case that has waited for around 3 years.

Late value activity uncovers the stock is as of now exchanging at $2,285.88 approaching its 52-week high of $2,289.04 with a yearly profit from speculation as of now fixed at 89%.

Stock savants are astonished by such record gains in Google shares notwithstanding a quick move seen recently by some institutional financial backers into utility, energy-based stocks and of late U.S Treasury securities.

The organization as of now has a market estimation of about $1.54 trillion.

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