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SERAP to sue Federal Government

SERAP has advised the Federal Government to drop plan to borrow about N895billion from unclaimed dividends and funds in dormant accounts

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5 years ago

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SERAP

The Socio-Economic Rights and Accountability Project (SERAP) has advised the Federal Government to drop the plan to borrow about N895billion from unclaimed dividends and funds in dormant accounts using the “patently unconstitutional and illegal Finance Act, 2020.”

In an open letter to President Muhammadu Buhari, SERAP urged him to ensure full respect for Nigerians’ right to property. The letter was copied to the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN) and Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.

According to the group, the Finance Act, signed into law by Buhari last December, would allow the government to borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country.

But SERAP, in the letter dated January 9, 2021, and signed by its Deputy Director, Kolawole Oluwadare, stated that the right to property is sacred and fundamental. “Borrowing unclaimed dividends and funds in dormant accounts amount to an illegal expropriation, and would hurt poor and vulnerable Nigerians who continue to suffer under reduced public services, and ultimately lead to unsustainable levels of public debt.”

SERAP further argued: “The right to property extends to all forms of property, including unclaimed dividends and funds in dormant accounts. Borrowing these dividends and funds without due process of law, and the explicit consent of the owners is arbitrary, and as such, legally and morally unjustifiable.”

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To SERAP, the borrowing is neither proportionate nor necessary, especially given the unwillingness or inability of the government to stop systemic corruption in ministries, departments and agencies, cut waste and stop all leakages in public expenditures.

“Rather than pushing to borrow unclaimed dividends and funds in dormant accounts, your government ought to move swiftly to cut the cost of governance, ensure review of jumbo salaries and allowances of all high-ranking political office holders, and address the systemic corruption in ministries, departments and agencies as well as improve transparency and accountability in public spending.

“The borrowing also seems to be discriminatory, as it excludes government-owned official bank accounts, and may exclude the bank accounts of high-ranking government officials and politicians, thereby violating the constitutional and international prohibition of discrimination against vulnerable groups, to allow everyone to fully enjoy their right to property and associated rights on equal terms.”

SERAP is concerned that the government has also repeatedly failed and/or refused to ensure transparency and accountability in the spending of recovered stolen assets, and the loans so far obtained, which, according to the Debt Management Office, currently stands at $31.98 billion.

The group urged Federal Government to drop the borrowing plan and to return the Finance Act to the National Assembly to repeal it within 14 days or face legal action.

Source: Guardian Newspaper

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BREAKING: Supreme Court Nullifies Status Quo Ante Bellum Order, Restores David Mark-Led ADC Executive

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4 hours ago

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April 30, 2026

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By Yusuf Danjuma Yunusa

The Supreme Court has set aside the status quo ante bellum order previously granted by the Court of Appeal in Abuja in the ongoing leadership dispute within the African Democratic Congress (ADC).

The ruling effectively restores the executive committee led by Senator David Mark, reversing its delisting by the Independent National Electoral Commission (INEC).

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Delivering a unanimous judgment on Thursday, a five-member panel chaired by Justice Mohammed Lawal Garba held that the Court of Appeal’s order was unwarranted. The apex court also found that the appeal challenging jurisdiction had been improperly filed—it was based on an ex parte order inviting parties to show cause, without first obtaining the requisite leave of the appellate court.

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Supreme Court Nullifies Turaki-Led PDP Ibadan Convention

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5 hours ago

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April 30, 2026

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By Yusuf Danjuma Yunusa

The Supreme Court has nullified the national convention held by the Turaki-Led faction of the Peoples Democratic Party in Ibadan, Oyo State, on November 15 and 16, 2025.

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In a split judgment delivered on Thursday, three of the five justices of the apex court ruled that the appeal brought before it by the faction led by Tanimu Turaki lacked merit.

Delivering the lead majority judgment, Justice Stephen Adah held that the appellants acted in violation of a subsisting order of the Federal High Court which restrained them from proceeding with the planned convention.

The court consequently invalidated the convention conducted in Ibadan.

Details later.

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Tinubu Removes NMDPRA Boss, Nominates Rabiu Umar as Replacement

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11 hours ago

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April 30, 2026

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By Yusuf Danjuma Yunusa

President Bola Tinubu has approved the removal of the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mr Saidu Mohammed.

He has also nominated Mr Rabiu Abdullahi Umar as the new Chief Executive of the agency, subject to confirmation by the Senate.

The announcement was contained in a State House press release issued on Wednesay by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

“President Bola Ahmed Tinubu, GCFR, has approved the removal of Mr Saidu Mohammed as the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in the public interest,” Onanuga said.

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According to the statement, the decision was taken in line with the provisions of the Petroleum Industry Act 2021 and is aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector, in line with the Renewed Hope Agenda.

Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing and infrastructure sectors. He holds a degree in Accounting from Bayero University and is also an alumnus of Harvard Business School.

Pending Senate confirmation of the nominee, the most senior official in the NMDPRA will oversee the affairs of the authority in an acting capacity.

The Presidency thanked the outgoing chief executive for his service and wished him success in his future endeavours, while reiterating its commitment to appointing competent leadership in key regulatory institutions.

“The President remains committed to ensuring capable leadership in key regulatory institutions to advance energy security, sector reform, and sustainable economic growth,” the statement added.

The change in leadership at the NMDPRA followed the exit of its pioneer Chief Executive, Farouk Ahmed, who stepped aside in December 2025.

He was subsequently replaced by Saidu Mohammed, who assumed office as Authority Chief Executive of the NMDPRA.

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