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Court Strikes out IBB $12.4 billion Gulf Oil Windfall Case

By on November 30, 2012

Another attempt to bring accountability into the governance structure of Nigeria, suffered a setback as a suit seeking to unravel how the $12.5 billion oil windfall spent during the administration of General Ibrahim Babangida was dismissed by an Abuja Federal High Court.

It will be recalled that since 1990 various groups and human rights activists like the Civil Liberties Organization (CLO), Late Gani Fawehinmi, etc had initiated moves and pressurized investigations into the expenditure of the whooping sum and were it went to.

Even the Pius Okigbo report that revealed the whole Oil windfall during the periodwas declared missing by former Secretary to the Federal Government Chief Ufot Ekaette, truncating attempts to review the report during the Olusegun Obasanjo Civilian administration.

This time, six civil society groups sued the Accountant General of the Federation (AGF)  and the Central Bank of Nigeria demanding clear explanation and detailed information on what the $12.5 billion Gulf Oil windfall was used for.

The controversial case has been shrouded in mystery and uncertainty as every attempt to investigate or inquire into what actually happened to the amount has proved abortive and unproductive.

It was not surprising that Justice Gabriel Kolawole said the applicant had no locus standi to initiate the case, and did not have the necessary facts and proofs to validate the why the suit should be entertained.

The groups that initiated the suit are the Socio-Economic Rights and Accountability Project, Women Advocates and Documentation Center, Committee for Defence of Human Rights, Access to Justice, Human and Environmental Development Agenda and Partnership for Justice.

Speaking through their counsel Femi Falana (SAN) they sought the court to compel the Central Bank of Nigeria and the Accountant General of the Federation (AGF) to reveal how the Oil windfall proceeds between 1988 and 1994 was spent.

This development once again brings a challenge to the issue of transparency, accountability, and transparency of the Federal Government over the years in giving proper information and account on the proceeds from the Oil and Gas Sector.

One Comment

  1. SickJungle

    November 30, 2012 at 3:24 pm

    Can God please stop that train (Nigeria) to abyss, His children want to get off!