Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Ruling on $12.4bn gulf oil windfall adjourned

23 November 2012, 15:01

Lagos - Justice Gabriel Kolawole of the Federal High Court in Abuja on Friday further adjourned delivery of judgment to Thursday, Nov. 29 in a suit filed by a civil society group.

The group, the Socio-Economic Rights and Accountability Project (SERAP) filed a suit praying for a definite legal pronouncement and accountability for the missing $12.4 billion oil windfall recorded between 1988 and 1994.

Also joined, as defendants, were the Attorney-General of the Federation (AGF) and the Central Bank of Nigeria (CBN).

Kolawole, who was supposed to deliver judgment in the suit, said the judgment was not yet ready to be delivered.

``I am sorry that the judgment is not yet ready. I have to give priority to other serious criminal cases which are very important.

``I have a backlog of judgments which are older than this case. I regret the delay.

``My court has been overwhelmed with cases.

``Besides, the AGF, on Monday, filed a motion challenging the jurisdiction of the Court to entertain the suit.

``I will have to look at their arguments and also look at the reply from the plaintiff’s counsel,’’ Kolawole said.

He subsequently adjourned the case to Nov. 29 to deliver final judgment.

It will be recalled that the case, for which re-adoption of written addresses was fixed on March 16, was not heard as the Court did not sit.

The parties re-adopted their final arguments in the suit in September.

The plaintiffs, through their counsel, Mr Femi Falana (SAN) asked the court to grant an order compelling the apex bank and the AGF to publish detailed accounts relating to the spending of the sum.

The group also sought for an order of the Court compelling the respondents to diligently and effectively bring to justice anyone suspected of corruption and mismanagement of the 12.4 billion dollars oil windfall.

The group also wants an order directing the respondents to provide adequate reparation, which may take the form of restitution and compensation.

It further said that the need for information regarding the spending of the $12.4 billion oil windfall was important to promote transparency and accountability in the management of public resources and to fulfil Nigeria's international obligations.

In the suit, the group said that access to information of this nature was especially important.

It further said that the right of access to information was also crucial to the realisation of all other human rights, including the people's right to their wealth and natural resources.’’

In its arguments, the defendants, through their counsel, Francis Nwosu insisted that it could not find the Okigbo report on the spending of the oil windfall.

The defendants argued that because the Okigbo report was not available, it had no duty to render account on the spending of the accrued revenue.

The defendants further argued that only the AGF as a defender of public interest has the right to seek information on the spending of the oil windfall and not SERAP.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...