23 November 2012

Nigeria: U.S.$12.4 Billion Oil Windfall - Again, Judge Postpones Judgment

The presiding judge of the Federal High Court, Abuja , Gabriel Kolawole, Friday, postponed the delivery of judgement in the suit seeking to compel the Central Bank of Nigeria, CBN, and the Attorney General of the Federation, AGF, to disclose how the $12.4 billion oil windfall money that accrued to the Federal Government between 1988 and 1994, was spent.

The judge adjourned the matter to November 29 .

This is the 7th successive adjournments, since hearing was concluded on the matter on October 2011.

The suit was filed before the High Court by six civil society groups led by Socio-Economic Rights and Accountability Project, SERAP, under the Fundamental Rights (Enforcement Procedure) Rules 2009.

Though the verdict was stalled since October 2011, when hearing was concluded on the matter, however, Justice Gabriel Kolawole fixed the matter for judgment after all the parties, re-adopted the processes they filed before the court on September 26.

Some of the dates the judgement suffered sudden adjournments included October 20, 2011, April 27, 2012 and July 27.

It would be recalled that in 1994, the Federal Government constituted the Pius Okigbo Panel with a mandate to investigate the activities of the CBN and recommend measures for the re-organisation of the apex bank.

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