Asked to suspend sovereign wealth MD, order forensic audit of
accounts
An Abuja-based Lawyer, Mr Johnmary Jideobi, has approached the
Federal High Court in Abuja through an application for
interlocutory injunction which the Plaintiff filed on Friday along
with the main suit, marked FHC/ABJ/CS/628/2020, urging the Court to
suspend the Managing Director/Chief Executive Officer of the
Nigeria Sovereign Investment Authority(NSIA), Uche Orji, and order
a forensic audit of the Authority’s accounts from inception.
The suit is challenging the legality of the NSIA, which was
created by the NSIA (establishment) Act 2011 during the former
President Goodluck Jonathan administration to receive, manage and
invest some of the Federation Account funds to prepare for the
eventual depletion of Nigeria’s oil reserve.
In addition, the plaintiff argued in his suit that various
provisions of the NSIA Act violated the provisions of sections 80
and 162 of the Nigerian 1999 Constitution which created the
Federation Account/Consolidated Revenue Fund Account, which provide
that all revenues accruing to the Federal Government must be paid
into them and shared by the tiers of governments.
According to the suit, the Plaintiff contends that the National
Assembly lacks the jurisdictional competence to make a Law like the
NSIA Act which authorizes a flagrant infraction of sections 80 and
162 of the 1999 Constitution.
In the interlocutory application which he filed along with the
main suit, the Plaintiff prayed for an order:
“suspending the Managing Director/Chief Executive Officer of the
5th defendant, NSIA, from office forthwith to pave way for a
forensic audit into all the accounts and all the investments made
by the 5th defendant commencing from June, 2011 to the date”.
Besides, he also sought for an order:
“appointing a reputable auditing firm like Pricewaterhouse
Coopers Limited or Deloitte Touche Tohmatsu Limited to undertake a
forensic audit of all the accounts and all the investments of the
5th defendant from June, 2011 to the date.”
In addition, the Plaintiff prayed the Court to order the
Minister of Finance to “defray the expenses arising from the
forensic audit.”
According to him, he sought the Court orders “to enable the
Nigerian nation to understand what has happened to their humongous
wealth allocated to the 5th defendant (NSIA) in the midst of
massive want, abject poverty and especially in this unfortunate era
of the coronavirus (COVID-19) pandemic further impoverishing the
Nigerian people.”
The Plaintiff noted that recently, on March 10, 2020, the Senate
Committee on Finance was informed by the Accountant-General of the
Federation “that the National Economic Council agreed to invest
$250,000,000 from the Excess Crude Account into the Nigerian
Sovereign Investment Authority.”
Furthermore, the Plaintiff sought amongst others, an order
striking down the various provisions of the NSIA Act which he
argued violated sections 4, 7, 80 and 162 of Nigerian 1999
Constitution.
In another development, he also sought a mandatory order
“commanding the Federal Government of Nigeria, represented by the
6th defendant (AGF), to immediately dispose of all the assets and
investments of the Nigeria Sovereign Investment Authority, sweep
same into the Federation Account”.
Notably, the defendants in the suit include the Senate
President, Ahmad Lawan; the Speaker of the House of
Representatives, Femi Gbajabiamila; the National Assembly, and its
Clerk, Mohammed Sani-Omolori.
Also, the other defendants are the NSIA, the NSIA’s Managing
Director, Uche Orji; the Attorney-General of the Federation, Mr
Abubakar Malami (SAN), and the Minister of Finance, Mrs Zainab
Ahmed.
Asked to suspend sovereign wealth MD, order forensic audit of
accounts
An Abuja-based Lawyer, Mr Johnmary Jideobi, has approached the
Federal High Court in Abuja through an application for
interlocutory injunction which the Plaintiff filed on Friday along
with the main suit, marked FHC/ABJ/CS/628/2020, urging the Court to
suspend the Managing Director/Chief Executive Officer of the
Nigeria Sovereign Investment Authority(NSIA), Uche Orji, and order
a forensic audit of the Authority’s accounts from inception.
The suit is challenging the legality of the NSIA, which was
created by the NSIA (establishment) Act 2011 during the former
President Goodluck Jonathan administration to receive, manage and
invest some of the Federation Account funds to prepare for the
eventual depletion of Nigeria’s oil reserve.
In addition, the plaintiff argued in his suit that various
provisions of the NSIA Act violated the provisions of sections 80
and 162 of the Nigerian 1999 Constitution which created the
Federation Account/Consolidated Revenue Fund Account, which provide
that all revenues accruing to the Federal Government must be paid
into them and shared by the tiers of governments.
According to the suit, the Plaintiff contends that the National
Assembly lacks the jurisdictional competence to make a Law like the
NSIA Act which authorizes a flagrant infraction of sections 80 and
162 of the 1999 Constitution.
In the interlocutory application which he filed along with the
main suit, the Plaintiff prayed for an order:
“suspending the Managing Director/Chief Executive Officer of the
5th defendant, NSIA, from office forthwith to pave way for a
forensic audit into all the accounts and all the investments made
by the 5th defendant commencing from June, 2011 to the date”.
Besides, he also sought for an order:
“appointing a reputable auditing firm like Pricewaterhouse
Coopers Limited or Deloitte Touche Tohmatsu Limited to undertake a
forensic audit of all the accounts and all the investments of the
5th defendant from June, 2011 to the date.”
In addition, the Plaintiff prayed the Court to order the
Minister of Finance to “defray the expenses arising from the
forensic audit.”
According to him, he sought the Court orders “to enable the
Nigerian nation to understand what has happened to their humongous
wealth allocated to the 5th defendant (NSIA) in the midst of
massive want, abject poverty and especially in this unfortunate era
of the coronavirus (COVID-19) pandemic further impoverishing the
Nigerian people.”
The Plaintiff noted that recently, on March 10, 2020, the Senate
Committee on Finance was informed by the Accountant-General of the
Federation “that the National Economic Council agreed to invest
$250,000,000 from the Excess Crude Account into the Nigerian
Sovereign Investment Authority.”
Furthermore, the Plaintiff sought amongst others, an order
striking down the various provisions of the NSIA Act which he
argued violated sections 4, 7, 80 and 162 of Nigerian 1999
Constitution.
In another development, he also sought a mandatory order
“commanding the Federal Government of Nigeria, represented by the
6th defendant (AGF), to immediately dispose of all the assets and
investments of the Nigeria Sovereign Investment Authority, sweep
same into the Federation Account”.
Notably, the defendants in the suit include the Senate
President, Ahmad Lawan; the Speaker of the House of
Representatives, Femi Gbajabiamila; the National Assembly, and its
Clerk, Mohammed Sani-Omolori.
Also, the other defendants are the NSIA, the NSIA’s Managing
Director, Uche Orji; the Attorney-General of the Federation, Mr
Abubakar Malami (SAN), and the Minister of Finance, Mrs Zainab
Ahmed.