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SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances (15916 Views)

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SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Tobbydhayor90: 11:42am On Jan 10
SERAP asks Buhari to drop plan to borrow dormant account balances, unclaimed dividends

....

Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari urging him to use his leadership position “to promptly drop the plan by the Federal Government to borrow about N895bn of unclaimed dividends and funds in dormant accounts using the patently unconstitutional and illegal Finance Act, 2020, and to ensure full respect for Nigerians’ right to property.”

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 a letter dated 9 January 2021 and signed by its deputy director Kolawole Oluwadare said: “The right to property is a sacred and fundamental right. Borrowing unclaimed dividends and funds in dormant accounts amounts 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 said: “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.”

According 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 [MDAs], cut waste, and stop all leakages in public expenditures. The borrowing is also clearly not in pursuit of a public or social interest.”

The letter, read in part: “The security of property, next to personal security against the exertions of government, is of the essence of liberty. It is next in degree to the protection of personal liberty and freedom from undue interference or molestation. Our constitutional jurisprudence rests largely upon its sanctity.”

“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 MDAs, as well as improve transparency and accountability in public spending.”

“The borrowing also seems to be discriminatory, as it excludes government’s owned official bank accounts, and may exclude the bank accounts of high-ranking government officials and politicians, thereby violating 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.”

“SERAP notes growing allegations of corruption and mismanagement in the spending of these loans and recovered stolen assets.”

“We would be grateful if your government would drop the decision to borrow unclaimed dividends and funds in dormant accounts, and to indicate the measures being taken to send back the Finance Act to the National Assembly to repeal the legislation and remove its unconstitutional and unlawful provisions, including Sections 60 and 77, within 14 days of the receipt and/or publication of this letter.”

“If we have not heard from you by then as to the steps being taken in this direction, the Registered Trustees of SERAP shall take all appropriate legal actions to compel your government to implement these recommendations in the public interest, and to promote transparency and accountability in public spending.”

“The government cannot lawfully enforce the provisions on Crisis Intervention Fund and Unclaimed Funds Trust Fund under the guise of a trust arrangement, as Section 44(2)[h] of the Nigerian Constitution 1999 [as amended] is inapplicable, and cannot justify the establishment of these funds.”

“SERAP notes that while targeting the accounts of ordinary Nigerians, the Finance Act exempts official bank accounts owned by the federal government, state government or local governments or any of their ministries, departments or agencies.”

“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution, the country’s international human rights obligations including under the African Charter on Human and Peoples’ Rights to which Nigeria is a state party, and which has been domesticated as part of the country’s domestic legislation.”

“According to our information, your government has reportedly completed plans to borrow an estimated N895bn of unclaimed dividends and funds in dormant accounts using the Finance Act 2020 you recently signed into law.”

“Under the law, the government will be able to access and take without consent unclaimed dividends and funds in dormant accounts in any bank, on the basis of the vague and undefined ‘Crisis Intervention Fund,’ and patently unlawful ‘Unclaimed Funds Trust Fund’.”

“The government is justifying the borrowing on the ground that it would improve access of the Federal Government to much needed funds, and remove the burdens of foreign exchange and punitive loan conditions imposed by multilateral lenders.”

“According to the Finance Act, the operation of the trust fund is to be supervised by the Debt Management Office (DMO) and governed by a governing council chaired by the finance minister and a co-chairperson from the private sector appointed by you.

“The Nigerian Constitution in Section 44(1) provides that, ‘no moveable property or any interest in an immovable property shall be taken possession of compulsorily and no right over or interest in any such property shall be acquired compulsorily in any part of Nigeria except in the manner and for the purposes prescribed by a law.’”

“Similarly, Article 14 of the African Charter on Human and Peoples' Rights, and Article 17 of the Universal Declaration of Human Rights guarantee the right to property, and prohibit the arbitrary deprivation of the right. Thus, everyone is entitled to own property alone as well as in association with others.”

“Respect for the right to property is important to improve the enjoyment of other basic human rights, and to lift Nigerians out of poverty. The Nigerian Constitution and international human rights law limit the ability of any government to interfere with private property without any legal justifications.”

The letter is copied to Mr Abubakar Malami, SAN, Attorney General of the Federation and Minister of Justice, and Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning.

https://serap-nigeria.org/2021/01/10/serap-asks-buhari-to-drop-plan-to-borrow-dormant-account-balances-unclaimed-dividends/

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by NwaNimo1(m): 11:43am On Jan 10
Waste of time.....

You don't know what Buhari/APC are about?



A ll

P olitical

C rooks

75 Likes 2 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by slawormiir: 11:45am On Jan 10
Damnnn niggarrrr
Isoright.....

They keep looking for a way to take from the mases


Just heard immigration office in abuja is on fire

24 Likes 3 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by GamalNasser: 11:45am On Jan 10
You can't borrow someone's money without the persons permission , doing this is outright armed robbery...Dormant account is a faux there is nothing like that ..No account can be said to be abandoned when all accounts have Next of Kin ...why are banks not informing next of kins as the law suggest

213 Likes 11 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by ignis(f): 11:45am On Jan 10
Dead man borrowing from dead people's account.

I have never seen a government that depends on borrowing as a major source of income like the government of the day.

54 Likes 2 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by TruthHurts1(m): 11:46am On Jan 10
Many dormant accounts have zero naira in them, just like the dullard's head has zero iq in it.


73 Likes 3 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by stasius: 11:46am On Jan 10
Ok
Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by MOVIC6: 11:46am On Jan 10
Like the have already paid back the borrowed ones, we are jus sinking, better build and ark now...

1 Like

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by tunapawizzy: 11:46am On Jan 10
na so stealing go start,,, borrow dormant account balance ...dey will graduate to borrowing money that have not been used in 30 days

116 Likes 3 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by MOVIC6: 11:47am On Jan 10
Pure stealing...
GamalNasser:
You can't borrow someone's money without the persons permission , doing this is outright armed robbery...Dormant account is a faux there is nothing like that ..No account can be said to be abandoned when all accounts have Next of Kin ...why are banks not informing next of kins as the law suggest

17 Likes 1 Share

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by blinking001(m): 11:47am On Jan 10
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

6 Likes 5 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by mrblayze(m): 11:47am On Jan 10
It's plain to see by the frantic scramble for pennies by the government that the national purse has been emptied.

Easterner, Westerner, Southerner, Northerner, we will all jointly reap what we have sowed and allowed to fester.

2023 is still far away.. Expect stupid taxes, levies, and increase in charges for government owned enterprises in the meantime.

Hopefully COVID doesn't ever get as serious down here as it is in some other parts of the world, because, you and I know, we can't handle it.

Our country is indeed on autopilot.
Assalam alaikum.

8 Likes

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Ifeoluwa93: 11:47am On Jan 10
This Buhari na figure head

2 Likes

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Korllami007: 11:48am On Jan 10
So person wey go prison go come back and he no go meet him money for account. This was how Lebanese government started borrowing money from dormant accounts and they graduated to borrowing from active accounts.

52 Likes 4 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Weedhustler: 11:48am On Jan 10
He should also borrow for dead peoples account too.....nonsense govt

3 Likes 1 Share

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Childrentablets: 11:49am On Jan 10
cheesy
Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by NaijaFutbol: 11:49am On Jan 10
borrow borrow government

7 Likes 1 Share

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Sunnycliff(m): 11:49am On Jan 10
Buhari that has an ear infection or another Buhari'?

2 Likes

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by NeoWanZaeed(m): 11:50am On Jan 10
Our amiable president. Funding 2023 campaign next up

4 Likes

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Giovanni2332(m): 11:50am On Jan 10
Buhari wey get confirmed ear problems . Serap una never know wasup abi, he will take the funds on Monday and nothing to happen.
Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Deathissweet: 11:50am On Jan 10
How much is the country ??
Sorry it has been sold grin

11 Likes 3 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by karzyharsky(m): 11:51am On Jan 10
Na borrow from dormant account remain after all d stamp duty with VAT increase

3 Likes

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Sunnycliff(m): 11:51am On Jan 10
GamalNasser:
You can't borrow someone's money without the persons permission , doing this is outright armed robbery...Dormant account is a faux there is nothing like that ..No account can be said to be abandoned when all accounts have Next of Kin ...why are banks not informing next of kins as the law suggest

Can't you openly say that Buhari want to steal people's money through this dubious act?

14 Likes 1 Share

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by kambili999(f): 11:51am On Jan 10
Buhari and borrowing are like identical twins


This man just wants to sell us in this country angry

1 Like

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Sweeterthansuga: 11:51am On Jan 10
slawormiir:
Damnnn niggarrrr
Isoright

No its not its absurd

2 Likes

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by damiloladuke: 11:51am On Jan 10
ok
Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Drabeey(m): 11:51am On Jan 10
sehtap lipsrsealed serap

WOMEN DON'T MARRY WHO THEY LOVE, THEY MARRY WHO IS AVAILABLE TO BE F***ING WHO THEY LOVE! Period!
Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by ecolime(m): 11:51am On Jan 10
Thieves

They want to borrow funds from dormant accounts and unclaimed dividends to fund this 2021 budget. The foreign loans and local borrowings are no longer enough.

2022.. They might consider borrowing from churches, mosques, NGOs, NURTW and our salaries.

2023.. Sell off some states to Niger, Cameroon, Benin Republic, Chad etc.

2024.. China will seize whatever is left of Nigeria.


Whoever has sense and doesn't have something to fall back on should better start thinking of leaving this country. Your children and those yet unborn will forever be grateful for that decision.

12 Likes 2 Shares

Re: SERAP Asks Buhari To Drop Plan To Borrow Dormant Account Balances by Maskyy(m): 11:51am On Jan 10
This is bad. Not cool at all.

----------------
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Just for 3k. My Whatsapp contact on my signature.

1 Like 1 Share

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