THE Federal High Court sitting in Abuja has fixed April 27 for judgment in a suit seeking to compel the Central Bank of Nigeria (CBN) and the Attorney-General of the Federation to disclose how the $12.4 billion oil windfall that accrued to the Federal Government between 1988 and 1994 was spent.The suit was instituted by six civil society groups led by the Socio-Economic Rights and Accountability Project (SERAP), under the Fundamental Rights (Enforcement Procedure) Rules 2009.
Justice Gabriel Kola-wole, on Wednesday, ordered all the parties to appear on the next
adjourned date, to re-adopt their processes to enable him to give verdict on the case.
The plaintiffs had prayed the court for “an order of mandamus compelling the respondents, individually and/or collectively, to publish detailed statement of account relating to the spending of $12.4 billion oil windfall between 1988 and 1994, and to publish in major national newspapers a copy of the statement of account.”
In 1994, the Federal Government constituted the Pius Okigbo Panel with a mandate to investigate the activities of the CBN.
In the course of its assignment, the panel reportedly uncovered that about $12.4 billion that was reserved in the “Dedicated and Special Accounts,” was depleted to $200 million by June 1994.
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