The alleged plan of the Federal Government of Nigeria to borrow an estimated 895 billion naira of unclaimed dividends and dormant funds belonging to Nigerians have been challenged at the Federal High Court Abuja by the Socio-Economic Rights and Accountability Project, requesting “an order of perpetual injunction restraining and stopping President Buhari from demanding, taking over, borrowing, and collecting Nigerians’ money in the form of their unclaimed dividends and funds in dormant accounts or transferring and moving the money into a trust fund known as ‘Unclaimed Funds Trust Fund.”
Barrister Kolawole Oluwadare and Ms. Adelanke in suit number FHC/ABJ/CS/31/2021 noted that borrowing “unclaimed dividends and funds in dormant accounts owned by ordinary Nigerians would negatively affect their right to an adequate standard of living, and access to clean water, quality healthcare, and education.” They argued that “despite Nigeria’s dwindling oil revenue, the growing level of public debt, and widespread poverty, public officers including the President, Vice President, governors and their deputies, and members of the National Assembly have refused to cut their emoluments, allowances, and security votes. At the same time, millions of Nigerians continue to bear the brunt of mismanagement and corruption.”
