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SERAP Sues Buhari, Asks Court to Order Recovery of Alleged Missing N881Bn in 367 MDAs’

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Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari “over his failure to probe allegations that over N880bn of public funds are missing from 367 ministries, departments and agencies (MDAs), to ensure the prosecution of those suspected to be responsible, and the recovery of any missing or diverted public funds.”

SERAP Sues Buhari, Asks Court to Order Recovery of Alleged Missing N881Bn in 367 MDAs’

The suit followed the grim allegations contained in part 2 of the 2018 annual audited report by the Office of the Auditor-General of the Federation that N880,894,733,084.811 was spent by 367 MDAs without any appropriation.

In the suit number FHC/ABJ/CS/1281/2021 filed last week at the Federal High Court in Abuja, SERAP is seeking: “An order of mandamus to direct and compel President Buhari to promptly investigate the alleged missing N881bn of public funds, and to ensure the prosecution of those suspected to be responsible, and the full recovery of any missing, mismanaged or diverted public funds.”

In the suit, SERAP is arguing: “Complying with constitutional requirements and international standards on spending of public funds would ensure effective and efficient management of public resources, and put the country’s wealth and resources to work for the common good of all Nigerians.”

According to SERAP: “It is in the interest of justice to grant this application, as it would improve respect for the rights of Nigerians, and improve their access to essential public goods and services, which ought to be provided by the indicted MDAs.”

SERAP is also arguing: “President Buhari has a constitutional duty to ensure the investigation and prosecution of allegations of corruption, as well as recovery of any missing public funds. Section 15[5] of the 1999 Nigerian Constitution [as amended], requires the Buhari administration to abolish all corrupt practices and abuse of power.”

SERAP is arguing: “Granting the reliefs sought would help to address the adverse consequences of unconstitutional and poor management of public resources on the human rights of poor Nigerians.”

SERAP is further arguing: “The alleged missing public funds have hampered the ability of the indicted MDAs to meet the needs of average citizens, as the missing funds could have helped the government to invest in key public goods and services, and to improve access of Nigerians to these goods and services.”

Joined in the suit as Respondents are Abubakar Malami (SAN), minister of Justice and Attorney General of the Federation; and Zainab Ahmed, minister of Finance, Budget and National Planning.

The suit filed on behalf of SERAP by Kolawole Oluwadare, its lawyer, read in part: “The failure to investigate the allegations of grand corruption contained in part 2 of the 2018 annual audited report constitutes a grave violation of the duty placed on the Nigerian government to take appropriate measures to promote transparency and accountability in the management of public finances.

“Mandamus is a high prerogative writ which lies to secure the performance of a public duty. It gives command that a duty of a public nature which normally, though not necessarily is imposed by statute but is neglected or refused to be done after due demand, be done.

“If there is a discretion to perform the duty, the court has the power to examine whether the discretion to refuse to act has been properly exercised.

“Recovering the alleged missing public funds would reduce the pressure on the Federal Government to borrow more money to fund the budget, enable the authorities to meet the country’s constitutional and international obligations, and reduce the growing level of public debts.

“These damning revelations suggest a grave violation of the public trust, the Nigerian Constitution of 1999, and international human rights and anti-corruption standards. Spending of public funds without appropriation will create opportunities for corruption.

“Transparent and accountable public financial management is a key pillar of good governance, and of vital importance to provide public goods and services to citizens, as well as to create and maintain fair and sustainable economic and social conditions in the country.

“Corruption thrives in contexts that provide opportunities to engage in illicit conduct, widespread motives to take advantage of such opportunities and weak controls.

“The prevention of corruption is more effective in environments that minimize opportunities, comply with constitutional and international legal requirements and standards, as well as encourage integrity.

“Section 80(2) of the Nigerian Constitution provides that no money shall be withdrawn from the Consolidated Revenue Fund of the Federation except to meet expenditure that is charged upon the fund by the Constitution or where the issue of the money has been authorized by an Appropriation Act, Supplementary Appropriation Act or an Act passed in pursuance of section 81 of the Constitution.

“Similarly, articles 5 and 9 of the UN Convention against Corruption to which Nigeria is a state party impose legal obligations on the Buhari administration to ensure proper management of public affairs and public funds, and to promote sound and transparent administration of public affairs and public property.”

No date has been fixed for the hearing of the suit.

 

 

 

 


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FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards

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FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.

This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.

The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.

“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”

FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.

The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.

The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.

 


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FG Launches Amnesty to Allow Deposits of Forex outside Banking System

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Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.

FG Launches Amnesty to Allow Deposits of Forex outside Banking System

Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.

Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”

“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”

The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.

 

 

 

 

 

 

 


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NAICOM Sacks African Alliance Insurance Board

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The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.

The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.

The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.

The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.

He noted that the interim management has up to one year to turn around the company.

He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.

”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.

“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

 


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