THE Federal High Court, Abuja Division Thursday dismissed an action, seeking to compel former military president, Gen. Ibrahim Badamasi Babangida to account for how his leadership expended the $12.5 billion oil windfall between 1988 and 1994.
In reaching the decision, the court presided over by Mr. Justice Gabriel Kolawole said the applicants lacked the legal right to institute the action as they failed to adduce any cogent reason that confers them with the right to sustain the action.
The action was taken out by six civil society groups against the Attorney General of the Federation (AGF) and the Central Bank of Nigeria (CBN) at the Federal High Court, praying it to compel them to bring Babangida to account for the said oil windfall.
The groups are the Socio-Economic Rights and Accountability Project, Women Advocates and Documentation Centre, Committee for Defence of Human Rights, Access to Justice, Human and Environmental Development Agenda and Partnership for Justice.
Applicants' counsel, Femi Falana (SAN) had prayed the court to make an order of mandamus compelling the AGF and CBN to publish a detailed statement of account showing how the money was spent between 1988 and 1994.
After several adjournments, Justice Kolawole finally delivered the judgment.
Dismissing the suit, Justice Kolawole held that the suit was statute barred because it was not filed within the statutory 12 months period after the Okigbo panel report was produced and submitted.
He further held that SERAP failed to tender the Okigbo panel report as exhibit but only relied on uncertified photocopies of TheNEWS magazine's report on the contents of the Okigbo panel report, which, according to the judge, was "of no value to the court."
Justice Kolawole 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 proof the existence of anything like a consolidated and special accounts where the oil windfall was allegedly paid into.
He also said that the plaintiffs failed to proof how their fundamental rights were infringed upon by the dedicated and special accounts said to be existing at the CBN.
The judge however praised the courage and dedication of SERAP in instituting the matter, calling the group a serious minded organisation desirous of ridding Nigeria of all forms of corruption.
He also made no order as to cost.
The Okigbo panel was set up by the Federal Government in 1994 after the exit of Babangida, to investigate the activities of the CBN and recommend measures for the re-organisation of the apex bank.
In the course of its assignment, the panel discovered that the $12.5 billion in the Dedicated and Special Accounts had been depleted to a mere $200 million by June 1994.
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 account as other funds accruing to the federation and that the money was subsequently divided among all tiers of government just like other revenues.
