Court Dismisses $12.4b Oil Windfall Suit Against IBB

Justice Gabriel Kolawole of the Federal High Court, Abuja yesterday dismissed the $12.4 billion oil windfall case instituted against former Military President, General Ibrahim Badamosi Babangida (rtd), by the Socio-Economic and Accountability Project (SERAP).
SERAP had asked the court to compel those involved to give account of the money which the Okigbo Panel report said was misappropriated.

The Okigbo Panel was set up by the Federal Government in 1994 after the exit of Babangida, to investigate the activities of the Central Bank of Nigeria (CBN) and recommend measures for the reorganisation of the apex bank. 

In the course of its assignment, the panel discovered that the $12.4 billion in the Dedicated and Special Accounts had been depleted to a mere $200 million by June, 1994.

In the judgement delivered by Kolawole, the court held that the Registered Trustees of SERAP and two other Rights and Development-based NGOs seeking for the publication of the Okigbo Panel Report, failed to prove the existence of anything like a Consolidated and Special Accounts in the CBN where the oil windfall was allegedly paid into and that they also failed to prove how their fundamental rights were infringed upon by the Dedicated and Special Accounts said to be existing at the CBN.

The court also insisted that the suit was statute barred as it was not filed within the statutory 12 months period after the Okigbo Panel report was produced and further held that SERAP failed to tender the Okigbo Panel report in exhibit but only relied on uncertified photocopies of The NEWS Magazine's report on the contents of the report, which, according to the judge, was of no value to the court. 

The judge consequently dismissed the suit.

Kolawole, however, praised the courage and dedication of SERAP in instituting the matter, calling the group a serious-minded organisation desirous or ridding Nigeria of all forms of corruption. 

He also made no order as to cost.

The CBN had consistently denied the existence of any dedicated and special account at the bank and had told the court that the oil windfall was paid into the same accounts as other funds accruing to the federation and that the money was subsequently divided among all tiers of government just like other revenues.

SERAP had dragged the Attorney-General of the Federation, Mohammed Bello Adoke (SAN), and the CBN before the court, asking the court to make an order compelling the apex bank and the Attorney-General to publish detailed account relating to the spending of the colossal sum of money between 1988 and 1994. 

They also sought for an order of the court compelling the Chief Law Officer of the nation and the apex bank to diligently and effectively bring to justice any one suspected of corruption and mismanagement of the $12.4 billion oil windfall.

Source: Compass