Finance Act 2020: Lagos Activist Omirhobo drags AGF, CBN, NDIC, SEC, plus 22 Nigerian Commerical Banks to Federal High Court

Finance Act 2020: Lagos Activist Omirhobo drags AGF, CBN, NDIC, SEC, plus 22 Nigerian Commerical Banks to Federal High Court


By Paul Nnoromele

A Lagos based activist, Chief Malcolm Omirhobo has dragged the Attorney General of the Federation, the Central Bank of Nigeria, The National Deposit Insurance Corporation and others before a Federal High Court Lagos over the novel Finance Act 2020

Joirned as defendants are:
The Federal Government of Nigeria, Attorney General of the Federation, The Accountant General of the Federation, The Minister of Finance, The National Deposit Insurance Corporation (NDIC), The Securities and Exchange Commission (SEC), THE Crisis Intervention Fund, and The Central Bank of Nigeria (CBN).

Others are: Union Bank of Nigeria, First City Monument Bank, (FCMB) United Bank for Africa (UBA)
City Bank Nigeria Ltd, Polaris Bank, Sterling Bank, Standard Chartered Bank, among others.


Omirhobo wants the court to decide WHETHER by the construction and interpretation of the provisions of Section 44(1) of the 1999 Constitution the Plaintiff and Nigerian citizens are entitle to own private and moveable properties ?

WHETHER by the construction and interpretation of section 44(1) of the 1999 Constitution dividends of public limited liability companies quoted on the Nigerian Stock Exchange and amount in bank accounts maintained in banks and belonging to the Plaintiff and Nigerian citizens constitutes moveable property as contemplated by the Nigerian constitution?


WHETHER by the construction and interpretation of the provisions of Section 77 of the Finance Act 2020 which empowers the Defendants to transfer all unclaimed dividend of public limited liability companies quoted on the Nigerian Stock Exchange worth N158 billion and all the unutilised amount in all dormant bank accounts maintained in or by deposit money bank worth N737.5 billion totaling the sum of N895.5 billion which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in bank accounts throughout Nigeria in lawful custody of the Defendants to the crisis intervention trust fund or any Trust , as a Sub-Fund, or Crisis Intervention Fund or Unclaimed Funds Trust Fund in Nigeria, is in conflict with the provisions of Sections 1(1)(3), 4, (The second schedule, Legislative powers part I, exclusive legislative list and part ii, concurrent legislative list ), 40 and 44 (1)(2)(h)(i) of the 1999 constitution of the Federal Republic of Nigeria (As Amended) and therefore illegal, unlawful, unconstitutional incompetent, invalid , null and void?

WHETHER by the construction and interpretation of Section 41(1)(2)(i) of the 1999 Constitution and sections 75, 76, 77, 78 and 79 of the Finance Act 2020 all unclaimed dividend of public limited liability companies quoted on the Nigerian Stock Exchange worth N158 billion and all the unutilised amount in all dormant bank accounts maintained in or by deposit money bank worth N737.5 billion totaling to the sum of N895.5 billion which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in bank accounts in the lawful custody of the Defendant banks belonging to the Plaintiff and Nigerian Citizens as their private properties can be limited, extinguish or taken away from them by the general law relating to limitation of action ?


WHETHER by the construction and interpretation of Section 41(1)(2)(i) of the 1999 Constitution and sections 75, 76, 77, 78 and 79 of the Finance Act 2020 all unclaimed dividend of public limited liability companies quoted on the Nigerian Stock Exchange worth N158 billion and all the unutilised amount in all dormant bank accounts maintained in or by deposit money bank worth N737.5 billion totaling to the sum of N895.5 billion which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in bank accounts in the lawful custody of the Defendant Banks belonging to the Plaintiff and Nigerian Citizens as their private properties can be limited, extinguish or taken away from them by the general law relating to trusts and trustees ?



WHTHER by the community construction and interpretation of Sections 1(1)(3), 4, (the second schedule , legislative powers Part I, exclusive legislative list and part II, concurrent Legislative list ) and sections 75,76,77, 78 and 79 of the Finance Act 2020 it is proper, legal , lawful and constitutional for the Defendants their servants , agents and/or privies to usurp the responsibilities of the Administrator General and Public Trustees of the 36 Federating States of Nigeria by administering the estates of deceased Nigerians in the nature of money deposit in bank accounts and unclaimed dividends which has remained unclaimed or unutilized for a period of not less than six years from the date of declaring the dividend or domiciling the funds in bank accounts which forms the lion share of the N895.5 billion worth of unclaimed dividends and unutilized bank deposits in the lawful custody of the 9th to 39th Defendants ?


WHETHER by the construction and interpretation of Section 77(10) of the Finance Act 2020 it is proper, legal, lawful and constitutional for the 1st Defendant to prosecute, convict and/or fine the Defendant Banks for failing to transfer all unclaimed dividend of public limited liability companies quoted on the Nigerian Stock Exchange and any unutilized amounts in all dormant bank account maintained in or by money deposit in bank which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in all bank accounts in Nigeria belonging to the Plaintiff and Nigerian Citizens to the 7th Defendant or any Trust , as a Sub-Fund, or Crisis Intervention Fund or Unclaimed Funds Trust Fund ?

Omirhobo consequently, seeks a Declaration, that the Nigerian Constitution is the supreme law of Nigeria and its provisions have binding force on all the Defendants and all persons and authorities throughout the Federal Republic of Nigeria and that if any other law is inconsistent with the provisions of the Nigerian constitution, the constitution shall prevail and that other law shall to the extent of the inconsistency be void.

He seeks a Declaration that by the construction and interpretation of the provisions of Section 40 of the 1999 Constitution the Plaintiff and every Nigerian citizen are entitled to assemble freely and associate freely with other persons for the advancement and protection of their business and commercial interest without any undue interference from the 1st Defendant her servants , agents and/or privies ?

The Plaintiff, therefore, wants an Order restraining Defendant Banks from transferring all unclaimed dividend of public limited liability companies quoted on the Nigerian Stock Exchange and unutilised amounts in dormant bank accounts maintained in or by deposit money bank throughout Nigeria which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in bank accounts belonging to the Plaintiff and Nigerian Citizens as their private properties to a crisis intervention trust fund or any Trust , as a Sub-Fund, or Crisis Intervention Fund or Unclaimed Funds Trust Fund.


He wants an Order restraining the Defendants their servants, agents and/or privies from tinkering or tampering with and/or disbursing, using , utilizing or expending dividends of public limited liability company quoted on the Nigerian Stock Exchange and the amounts in dormant bank accounts maintained in or by deposit money bank belonging to the Plaintiff and Nigerian Citizens transferred to them as a Sub-Fund, or Crisis Intervention Fund or Unclaimed Funds Trust Fund by the Defendant Banks by virtue of the provisions of Sections 75, 76 ,77,78 and 79 of the Finance Act 2020 for being unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling of the funds in the bank accounts.


Plaintiff wants an Order, compelling the 1st and 7th Defendants their servants’ agents and/or privies to transfer all dividend of public limited liability companies quoted on the Nigerian Stock Exchange and all the amounts in dormant bank accounts maintained in or by deposit money bank belonging to the Plaintiff and Nigerian Citizens transferred to the crisis intervention trust fund or any Trust , as a Sub-Fund, or Crisis Intervention Fund or Unclaimed Funds Trust Fund by the Defendant Banks by virtue of the provisions of Sections 75, 76 ,77, 78 and 79 of the Finance Act 2020 for being unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling of the funds in the bank accounts back to the Defendant Banks for onward transfer to the Plaintiff and the affected Nigerian Citizens.


He seeks an Order, restraining the 1st Defendant her servants, agents and privies from prosecuting, convicting or fining the 9th to 39th Defendants their servants agents and/or privies for failing, refusing and/or neglecting to transfer unclaimed dividends of public limited liability companies quoted on the Nigerian Stock Exchange and unutilised amount in dormant bank accounts maintained in or by deposit money bank which has remained unclaimed or unutilised for a period of not less than six years
from the date of declaring the dividend or domiciling of the funds in the bank accounts throughout Nigeria to the 7th Defendant or to any Trust, as a Sub-Fund, or Crisis Intervention Fund or Unclaimed Funds Trust Fund in Nigeria .


He seeks an Order invalidating, voiding and/or expunging Sections 75, 76 , 77, 78, 79 and 80 of Finance Act 2020 as bad law and for being inconsistent with the provisions of sections1 (1)(3), 4, (the second schedule, legislative powers Part 1, exclusive legislative list and part II, concurrent legislative list), 40 and 44 (1)(2)(h)(i) of the 1999 constitution of the Federal Republic of Nigeria (As Amended) .


Plaintiff wants an Orderz restraining the 1st Defendant her servants, agents and privies from interfering in the administration of the properties of deceased Nigerians by way of money dormant in bank accounts and unclaimed dividend which falls outside the scope of the exclusive and concurrent legislative to the residual legislative list which is strictly within the purview of each of the 36 Federating States Administrator General and Public Trustees under their various administration of estates laws.

No date has been fixed for hearing of the new suit.