Breaking News: Court dismisses IBB $12.4bn Gulf oil windfall suit

Former dictator, Ibrahim Babangida

The government said the Pius Okigbo report on the $12.4bn Gulf oil windfall is missing.

A Federal High Court in Abuja has dismissed the suit filed by civil society groups against the Attorney General of the Federation, AGF, and the Central Bank of Nigeria, CBN.

The judge, Gabriel Kolawole, delivered the ruling on Thursday in Abuja. He said the applicants lack the locus standi to institute the case.

Mr. Kolawole however said the plaintiffs should not be seen as busy bodies but patriotic citizens.

Six civil society groups, including the Socio-Economic and Accountability Project (SERAP), sued the Attorney- General of the Federation (AGF) and the Central Bank of Nigeria (CBN) over the much publicised $12.4 billion oil windfall, which the country recorded between 1988 and 1992, while former military dictator, Ibrahim Babangida, was in power.

The groups wanted the court to compel the government to release a report of a probe panel headed by Pius Okigbo which probed the spending of the money by the government.

The Federal Government raised many arguments against the suit including: that the report was missing, only the AGF could demand for such a report, and the court had no jurisdiction to entertain the suit.

More details later

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