New Telegraph

SERAP sues FG over plans to borrow N895bn from dormant accounts

Socio-Economic Rights and Accountability Project (SERAP) at the weekend sued the Federal Government at a Federal High Court sitting in Abuja over its bid to borrow estimated N895billion of Nigerians’ money in the form of their unclaimed dividends and balances in dormant accounts under the guise of the patently unlawful, unconstitutional and discriminatory legislation known as ‘the Finance Act, 2020.”

 

SERAP is asking the court to restrain and stop President Muhammadu Buhari and the Federal Government from borrowing the said amount.

 

The suit was prompted by a recent move by the Federal Government to take over and borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country.

 

In the suit number marked FHC/ABJ/CS/31/2021 SERAP is praying for “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.

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