I Don’t Do Politics Part 1

OUTSIDE THE BOX BY ALEX OTTI

“One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors” Plato (428BC to 347BC).

Those were the wise words of Plato donkey years ago. If those words were true in those days, they are even truer today. Today’s title is derived from a conversation between two bankers. A management staff of a bank was trying to get the attention of his director to join him in prospecting a big government business for their bank. The director retorted: “I don’t do politics and would not visit the politically exposed person”. The younger banker was very disappointed wondering if his boss appreciated the enormity of government and that it is the largest spender in the economy. His contention is that anyone who ignores government, does so at his own peril. But what could the poor guy do if his boss had declared that he doesn’t do politics? Even in the era of Treasury Single Account (TSA), the money must still leave the central bank to pay vendors, contractors, suppliers and salaries and eventually end up in a commercial bank. You may not like government but somehow, someday, somewhere, if not everywhere, you must encounter government.

There is a story told by one of the very wealthy politicians in the South-east about how he joined politics. The chief had travelled to the US where he met with a business associate and major politician in that country. His host wanted to know his take on the political situation in Nigeria. Our chief was at the verge of dismissing the topic with the response, “I don’t get involved in politics, I am focused on my business” when his host laughed him to scorn. “You don’t do politics? Then politics will do you” Just one policy made by a politician may send you out of business. Our chief reflected on this encounter and could not wait to return to Nigeria, to join politics. Don’t ask me how his business is doing, but I can confirm, he has remained an influential politician.

A few weeks ago, I was a speaker at a panel of the Nigerian Bar Association (NBA) Section on Business Law, 10th Annual Conference at the Hilton Hotel, Abuja. The Minister of Finance, Mrs. Kemi Adeosun, who was on the same panel with me, made a very brilliant presentation on the state of the economy. She concluded her remarks by calling on all the lawyers in the room to endeavour to join politics at any level to ensure that the current system is rescued. She lamented the quality of skills in the public sector in Nigeria and argued just like Plato that the refusal by those who know, to join politics is responsible for the poor quality of governance across the country. It was as if the minister read my mind as that was the same message I had planned to pass on to our “learned gentlemen” in the room. It is the message I have also been giving at several fora where I have an opportunity to speak.

I must make an attempt to share part of my little experience in politics with readers. I had had a very prolific and successful career in the banking industry spanning over two decades and a half, rising from clerical positions to my final job as group managing director and chief executive officer. I had just started on my second tenure when I voluntarily resigned my position to contest for the governorship of my state in the last general election. It was as if all hell was let loose. I received calls and visits from friends, family and other concerned people, trying hard to dissuade me from making what some termed a suicidal move. I will share two very interesting encounters. An uncle of mine (and you know how a close older person who may or may not be related to you is called uncle) called me and went into a tirade. What are you planning to do? Are you out of your mind? Do we need to send you to a psychiatrist to have your head examined? By the way, who gave you approval to resign your job to gamble with your future and that of your many dependants? Responding, I simply asked him if I sought his approval before taking on the job in the first place. That question helped remind him that he was delving into a territory that he was not competent to handle. He quickly retreated and apologised. The next was a delegation of concerned friends who came to plead with me not to leave banking. They argued I was still young and had several more years to give to the industry, given the resounding success of the transformation I led in the bank within a period of less than four years.  Besides, they reasoned that it was a very risky environment that I was going into, where they maim, kidnap and kill people and it did not make sense to leave my comfort zone for uncertainty. Finally, they went on, I was not a politician and would not be able to play the game that is required to ensure success. As I responded, it was clear to me that none of them was listening as they seemed to have made up their minds, so I adjourned the meeting. But before they dispersed, I left them with the words of Charles De Gaulle to wit “Politics is too serious a matter to be left with politicians”. The rest of my experience thereafter, is a story for another day.

When I see some people struggle to separate themselves from non-politicians and make a lot of fuss about being politicians, I always try to find out what their professions are. Most of them to all intents and purposes, do not have a job and that explains why they can do anything to remain relevant or win elections. It also explains why some of them do not consider that in any career, there is progression. We have situations where a former National Assembly member would accept an appointment as a commissioner in a debt ridden state. There is a story of someone who was a governor in one administration accepting a job as a local government acting chairman in another. We also have a situation where a former minister would become a local government councilor. To them, it is about survival. You may now want to ask what these politicians were doing prior to the return of democratic rule in 1999. This question also takes us to how we ended up with the style of politics and the kind of politicians we have been “blessed” with since 1999. When Sani Abacha died in 1998 after the unending transition programme of the Ibrahim Babangida years, General Abdulsalmi Abubakar promised to hand over to a democratically elected government in 1999. Many serious politicians did not want to participate. The reasons included the fact that most of them were tired of the circus of endless transition to civil rule. The other reason was that a lot of the politicians did not believe that Abdulsalami was going to hand over after one year. But alas, he kept to his word and handed over. In a lot of places, the people that emerged could not be said to belong to what I may for want of a better term refer to as the “first eleven”. Having emerged, these fellows used the first four years to, not only empower themselves and their cronies, but also consolidate their hold on power to the exclusion of others. Securing a second term for most of them was almost automatic. After eight years, they used both the resources they had amassed and the coercive forces they had built to determine who would succeed them in the case of the executive, while taking shots at the National Assembly. Opposition was silenced either by brute force or by economic emasculation. For instance, some people had their properties either destroyed or seized while others had their businesses taken over by government or outright castrated. By the time they were through with picking up the pieces, elections would have come and gone. So we had a situation where incompetent mediocre politicians entrenched themselves as politicians and leaders at different levels of governance. In not a few states, the only people that seem to be doing well are scarcely educated charlatans and thugs who parade themselves as “honourables”. It has become so bad that some of our young ones will drop out of schools to swell the ranks of “honourables” since it had become the fastest route to wealth. The unfortunate thing about situations like this is that they become self-reinforcing vicious circles. Because poor quality people are in power, they give poor quality service or no service at all which translates to poor quality results which in turn produces poor quality resources that can only produce poor quality manpower which in turn gives rise to poor quality “leadership” who will succeed the outgoing poor quality people in power.

So how can this vicious circle be broken? Can we really get out of it? To proffer solutions to this, it is important to understand that just like Isaac Newton propounded in his first law of motion, “every object remains in its state of rest or uniform motion unless impressed forces act on it”. There is no doubt that we need impressed forces to break the mediocre leadership that has seized our body politic. When you drill into the quality of the people representing us, you will agree with me that many of them have no business with the places that they had invaded. Some members of our national and state legislators are like sitting docks, making no statements day in day out. Some simply warm the benches while others have converted the assembly into their bedrooms, snoring from one session to the other. The executive arm is not left out as some have no clue about why they have taken leadership positions while others simply lack vision and direction. Some don’t even understand the jobs they have signed on to and are simply unprepared for governance. Meanwhile, we all agree that many of the people leading or representing us are not fit for the roles that they have assumed, but we seem to be handicapped. Still, it is said that every society gets the type of leadership it deserves. It therefore behoves those who know, who hitherto had refused to participate in politics to show interest in how they are governed. This is exactly what took me into politics. This is what should take you into politics. Elsewhere, politics is not where people go to look for money. It is a place where accomplished people go to contribute their wealth of experience and knowledge for the benefit of the larger majority. If that is not why you are in politics, then I’m afraid, you’ve boarded the wrong bus.

WINDOW STORY

THISDAY SPECIAL RELEASE

Access Bank Wins Karlsruhe Sustainability Award

Obinna Chima

Barely a week after winning the 2016 Euromoney Best Bank Transformation Award in London, Access Bank Plc has just received the award for the Outstanding Business Sustainability at the 2016 Karlsruhe Sustainable Finance awards in Germany.

The award recognises the bank’s outstanding success in incorporating economic, social and environmental aspects into its corporate strategy and business processes.

A statement by the bank’s management at the weekend said the prestigious award was conferred on Access Bank, making it the first African financial institution to win the award in recognition of its ability to holistically embed sustainability across the financial institution.

The award was presented to the Bank in Karlsruhe, Germany’s most sustainable city, at an award ceremony attended by global CEOs, senior executives of winning institutions and top German government officials.

Speaking at the presentation ceremony, Herbert Wigwe, Group Managing Director/CEO of the bank, said: “Winning the Outstanding Business Sustainability Achievement award is a validation of Access Bank’s commitment, leadership and practice in sustainability.

“For this, I would like to thank the board, management and staff of the bank. We are delighted to be presented with this highly coveted award. It is a testimonial to the unwavering support we have enjoyed from customers over the past few years and the hard work we have done in line with our five-year strategy to become the world’s most respected African Bank.

“At Access Bank, we believe our operations, loans and project finance must have the barest environmental footprint. Indeed, we believe the net impact of our activities must be positive on the environment. As such, we are champions of climate change mitigation and adaptation.”

He said that the bank would be further motivated and maintain profitable growth while embracing sustainability.

The conveners said the 2016 awards focused on honouring organisations that have made outstanding contributions in the field of sustainable finance, stimulated the interest of financial institutions and other stakeholders in integrating sustainability in their core business strategy.

It also recognised candidates who promote growth of sustainable financial instruments and markets worldwide, particularly in the fields of green finance and investments, financial inclusion and social finance, and green equity and holistic integration of sustainability in the financial services institutions.

LEAD STORY

CBN Finally Frees the Naira, Funds Forward Contracts

Obinna Chima

Following the pressure mounted by the financial markets and analysts on the Central Bank of Nigeria (CBN) to allow the naira to be truly market determined so as to attract offshore investors who have continued to remain on the sidelines, the CBN has finally freed the nation’s currency so that its rate on the Nigeria Interbank Foreign Exchange (NIFEX) will be determined by the interplay of demand and supply.

The central bank will equally fund the one-month forward contracts of $697 million this week, meaning that authorised dealers that bid on behalf of their customers for the contracts last month would be making a kill of almost N10 to the dollar, given that the naira fell to N292.25 on the interbank market last Friday.

On the first day of trading under the revised rules for the NIFEX on June 20, the CBN had intervened in the market through the Special Secondary Market Intervention Sales (SMIS) to clear the backlog of  $4.02 billion pent-up demand for FX.

According to the CBN, it sold $532 million on the spot market and $3.487 billion in the forwards market.

A breakdown of the $3.487 billion forward sales by the central bank showed that $697 million was for one month (1M), $1.22 billion for two months (2M) and $1.57 billion for three months (3M).

On the full liberalisation of the interbank FX market, THISDAY learnt that pressure was brought to bear on the CBN when it was discovered that since the launch of the revised rules for the NIFEX market last month, the CBN through its interventions had pegged the naira within the range of N281-N284/$.

A banking industry source informed THISDAY that the central bank retained the peg despite announcing that it had floated the naira because of the continuing opposition by President Muhammadu Buhari to the devaluation of the Nigerian currency.

He said: “President Buhari only sanctioned the introduction of the flexible exchange rate regime when he saw the damning data released by the NBS showing that the Nigerian economy had contracted in the first quarter of this year and had effectively slumped into a recession.

“He was a very reluctant convert, so when he expressed his opposition again after the market had been partially liberalised, the CBN slammed the breaks on the naira and started pegging it again.

“But pressure was mounted on the central bank to allow the naira find its true level because offshore investors had taken note and refused to bring their money, thus exacerbating the FX scarcity in the market which the flexible exchange rate regime was meant to resolve.”

Signalling the move towards a proper free float of the naira, THISDAY learnt from treasurers of some of the commercial banks that the central bank held a conference call on Friday with authorised dealers in the FX market, during which the information was communicated to them.

Also, just as the conference call was taking place, the CBN Governor, Mr. Godwin Emefiele, was at a lunchtime meeting with investors in London, where he was said to have told foreign investors that the flexible exchange rate would now operate fully.

A source, who was at the London meeting, said what they gathered from the meeting with Emefiele was that banks were now free to set pricing at a level where supply would match demand for forex.

The central bank anticipates that this new policy would encourage those that have forex to bring it and sell, now that they can get more naira.

As a result of the development, banks made higher bids for forex on Friday, thereby leading to a depreciation of the naira.

Indeed, the naira depreciated against the United States dollar across all FX market segments on Friday. On the interbank market, it fell to an all-time low of N292.25 to a dollar and depreciated at the Bureau De Change and parallel market segments by 2.9 per cent and 3.13 per cent to N355/$1 and N365/$1 respectively, as demand at the interbank market spilled over to the alternative market segments.

Speaking in a phone interview with THISDAY, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, welcomed the decision to finally allow market forces to determine the value of the naira, saying: “It is about time they did the real thing.”

“Every other thing they were doing was to a large extent a rigged system under the flexible exchange rate system. That did not allow the naira to find its true equilibrium.

“You intervene in the market and naira finds its price. Then you intervene to influence that price. You don’t set a price by starting an intervention before the price emerges. By doing that, you will not know whether you are supporting the currency at an unsustainable rate.

“To me, I am relieved that finally we have gotten to this point. I understand it was done out of pressure from the international community. I learnt international investors said they were not going to do anything with us until we show some seriousness.

“So I think it is the most welcome development since this forex regime started. Now, you are going to see the parallel market depreciate initially, and then appreciate significantly and the difference between the parallel and interbank market would narrow.

“This will also solve the problem of dollar liquidity in the market because a lot of people would bring dollars in officially. Before, people were taking it to the parallel market. So there would be much more supply.”

A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun also predicted that the naira might depreciate to about N350 to a dollar on the interbank market this week, just as he aligned with Rewane, saying: “That is what they should have done when they introduced the flexible exchange rate policy.”

“The central bank ought to have allowed the naira to find its level, and then it would appreciate gradually to about N280 to a dollar. Foreign investors were not comfortable with the N280 to a dollar, considering what the value of the naira is on the parallel market.

“With this now, the CBN would still be intervening as a player in the market, but not as frequently as we have seen since the new guidelines for NIFEX were introduced,” he added.

According to Ezun, if the naira is allowed to trade freely and reflect its true value, foreign investors would come in droves.

He added: “If we say we are operating a flexible exchange rate regime, we should allow the market to trade to reflect the level of liquidity in the market, which is between N300/$1 and $350/$1, then over time, with inflows from foreign investors, the naira may appreciate to about $250 to a dollar. But it shouldn’t be a controlled rate.

“A lot of people believed that the CBN was controlling the market at an interbank rate of around N280 to a dollar. So with what the CBN has done, there is no restriction on the 50 kobo spread between the bid and offer again. This means banks can trade based on what they have.”

The Emir of Kano and former CBN Governor, Alhaji Muhammad Sanusi II, last week said the flexible exchange rate regime was not being fully implemented, just as he warned that targeting a pegged rate would not resolve the current FX problem.

He urged the central bank to allow the forces of demand and supply to determine the true value of the nation’s currency, in line with the flexible exchange rate policy.

“There is a fantastic document by the central bank on the flexible exchange rate. We need to implement that document properly. So long as the implementation is not total and faithful to the document itself, you would have residual market risks.

“You have to let the market decide where the naira is going to be to start with, before inflows come in and then when the inflows are in, you have an appreciation of the naira.

“So you have to live with a devaluation to N300/$1 plus and then it will firm up to N270/$ or N280/$1 or whatever. But so long as you target a rate of N280/$1, you are just moving the peg,” he had argued.

He, however, pointed out that with the new forex policy, the central bank was able to reduce the arbitrary opportunities in the market as well as improving its liquidity.

Emefiele flew to Britain and the United States on a road show last Friday to try to lure investors. Investors had welcomed the move but many said they were steering clear until the economy shows signs of concrete recovery.

SECOND LEAD

NJC Sacks Osun Judge for Writing Petition against Aregbesola

• Justice Yunusa also kicked out

Tobi Soniyi in Abuja 

For daring to write a petition against the Osun State Governor, Rauf Aregbesola, Justice‎ Olamide Folahanmi Oloyede of the High Court in the state has been recommended for compulsory retirement by the National Judicial Council (NJC).

The council also stated that ‎Justice Mohammed Nasiru Yunusa of the Federal High Court, Lagos Division, has been kicked out of the bench for alleged misconduct.

The council said pending the time President Muhammadu Buhari and Aregbesola confirm the compulsory retirement, the NJC, in the exercise of its disciplinary powers under the constitution has suspended the two judges.

A statement issued yesterday in Abuja by the council’s acting Director of Information, Mr Soji Oye‎, said: “The council under the chairmanship of the Hon. Chief Justice of Nigeria, Hon. Justice Mahmud Mohammed at its 77th meeting which was held on 15th July, 2016 recommended the compulsory retirement from office of Hon. Justice Mohammed Nasiru Yunusa of the Federal High Court of the Lagos Division and Hon. Justice Olamide Folahanmi Oloyede of the High Court of Justice, Osun State.

“‎Justice Yunusa was recommended for compulsory retirement from office to President Muhammadu Buhari pursuant to the findings by the council following the allegations contained in petitions written against him by the Civil Society Network Against Corruption that His Lordship granted interim orders and perpetual injunctions, restraining the Attorney-General of the Federation, the Inspector General of Police, the Independent Corruption Practices and Related Offence Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) from arresting, investigating and prosecuting some persons accused of corruption in the following seven cases: FHC\L\CS\1471\2015: between Simon John Adonimere & 3 Ors Vs. EFCC; FHC\L\CS\477\14: FRN V Michael Adenuga;  FHC\L\CS\1342\15: Senator Stella Oduah Vs. AG Federation, EFCC, ICPC & IGP; FHC\L\CS\1285\15: Jyde Adelakun & Anor Vs. Chairman EFCC & Anor; FHC\L\CS\1455\: Dr. Martins Oluwafemi Thomas Vs. EFCC; FHC\L\CS\1269\15: Hon Shamsudeen Abogu Vs. EFCC & Ors; and FHC\L\CS\1012\15: Hon. Etete Dauzia Loya Vs. EFCC.”

The statement said that during‎ deliberations, council found as follows: “That Justice Yunusa assumed jurisdiction in the Federal High Court, Lagos, in suit FHC\L\CS\1342\15 wherein the infringement of the applicant’s rights occurred in Abuja contrary to Section 46 (1) of the 1999 Constitution of Nigeria (as amended).

“That His Lordship contravened Rule 3.1 of the Code of Conduct for Judicial Officers in Suit FHC\L\CS\1445\15 by claiming ignorance of the provisions of the Money Laundering Act when he made an order stopping EFCC from carrying out an investigation into a money laundering case involving $2.2 million against the applicant.

“That Hon. Justice Yunusa’s decision restraining the anti-graft agencies from carrying out their statutory functions in the first six cases mentioned is contrary to the judgment of the Court of Appeal in A.G Anambra State Vs. UBA which His Lordship quoted but did not apply in his rulings.”

On the allegations levelled against Justice Oloyede by a group, Osun Civil Societies Coalition, the council also recommended her compulsory retirement from office to the Osun governor sequel to the findings of its fact-finding committee that: “The judge failed to conduct herself in such a manner as to preserve the dignity of her office and the impartiality and independence of the judiciary when she wrote a petition against the Osun State governor and his deputy to the members of the state House of Assembly and circulated same to 36 persons/organisations.

“The petition written by the judge was said to contain political statements, unsubstantiated allegations and accusations aimed at deriding, demeaning and undermining the government of Osun State, the person and character of the governor (as one who is cruel, a liar and a traitor), his deputy and aides.

“The council also found that the petition contained statements calculated to incite the residents of Osun State against the state government and its elected officers.”

NJC added: “Justice Oloyede crossed the fundamental right of freedom of speech and created a negative perception of the Nigerian judiciary to the public.

“The allegations against the judge constitute a misconduct contrary to Section 292(1) (b) of the 1999 Constitution of the Federal Republic of Nigeria, as amended and Rules 1(1) and 5 of the 2016 Revised Code of Conduct for Judicial Officers of the Federal Republic of Nigeria.”

PAGE 10

FG, Integrated Energy Agree on $87.8m as Refund for Yola Disco

Chineme Okafor in Abuja

The federal government has renegotiated and reached an agreement with Integrated Energy and Distribution Marketing Company (IEDM) on a payout of $87.8 million as against the $186 million earlier approved as compensation to the company after it returned the Yola Electricity Distribution Company (YEDC) to the federal government in 2015, THISDAY has learnt.

Integrated Energy, a firm fronted by Mr. Tunde Ayeni, Capt. Osa Okunbor, and a former military head of state, Gen. Abudulsalami Abubakar, had acquired the Yola and Ibadan Discos for $228 million in 2013 under the privatisation programme.

A year later, however, Integrated Energy was forced to declare force majeure and returned Yola Disco to the federal government on the grounds that it was impossible to operate and access the assets of the electricity distribution firm in the North-east due to the Boko Haram insurgency.

After a joint evaluation of the electricity asset, as provided under the terms of the share purchase agreement, the Bureau of Public Enterprises (BPE) and Ministry of Power, in the twilight of the Goodluck Jonathan administration, had approved $186 million as the sum to be refunded to Integrated Energy.

But the payment of the sum was stalled over concerns that the $186 million was too high, forcing the parties to the transaction to renegotiate the compensation to be paid to Integrated Energy.

The non-payment of the refund to Integrated Energy has been linked to some of the non-performing loans (NPLs) on the books of Skye Bank Plc, as the promoters of Integrated Energy had borrowed from the bank to acquire and inject capital into Yola and Ibadan Discos.

However, their inability to service the loan for Yola Disco was one of the factors that led to the erosion of Skye Bank’s capital adequacy and liquidity ratios and ultimately the sack of its former chairman, Ayeni, and other directors of the bank by the Central Bank of Nigeria (CBN) penultimate week.

It was gathered from a reliable source, who was privy to the fresh negotiations yesterday in Abuja, that the Permanent Secretary in the Ministry of Power, Works and Housing, Mr. Louis Edozien, led the negotiations on the new payout terms which Integrated Energy’s principals have agreed to as full and final payment for their acquisition and investment in Yola Disco.

It was further learnt that the new payout was negotiated outside the original clause provided in the share purchase agreement that the government signed with Integrated Energy when it sold the power asset in 2013 and which allowed the investor to ask for compensation for its investment in power asset and had declared force majeure.

“Ten days ago, there were negotiations with the permanent secretary for power. The government has negotiated with Integrated and it was $87.8 million they agreed with the company,” said the source.

Providing further details on the agreement, the source stated: “They have signed with the company already,” adding that negotiations were outside the provision of the share purchase agreement the company signed with the government.

“The permanent secretary said the negotiation was outside the agreement, and that agreement included opportunity cost and everything that it provided for, but the government begged that the company should go outside the agreement.

“The company was supposed to be paid about $186 million which the former president, Goodluck Jonathan approved but it was not paid.

“If they had released 50 per cent down payment to the company’s bank at that time when the first payment was approved, the crisis Skye Bank has now might have been averted, because that would have reduced its exposure to the power sector,” added the source.

He also stated that the BPE, which superintended the sale and subsequently recommended the payout to Integrated energy, was involved in the renewed negotiations and agreement.

“The BPE has signed but nobody knows when the payment will be paid. The vice-president and president would have to approve this. We don’t know how long that will take even though it is subject to their approval, but the company believes that the vice-president is a lawyer and understands the complexities of respecting the sanctity of contracts,” the source explained.

The BPE, had at the time Integrated Energy declared the force majeure, justified government’s approval of $186 million, saying it was upholding the sanctity of the contract it entered with the company.

According to the BPE, Integrated Energy, which was the core investor in the Yola Disco, was entitled to the money which included 20 per cent of its five years projected profit.

It also said Integrated Energy’s declaration of the force majeure on its operations in the four north-eastern states of Adamawa, Yobe, Borno and Taraba as a result of Boko Haram insurgency was catalogued in a process thus guaranteeing the payment.

It had stated then that the company declared force majeure on six occasions starting from November 10, 2013, just 10 days after the assets of Yola Disco were handed over to it. The last force majeure, it said, came on May 13, 2015.

BPE also said force majeure clause was a standard clause in most contracts and includes events like natural disasters; wars and other occurrences, adding: “So the existence of the clause in the contract is normal. The share sale and performance agreements are standard industry agreements signed by all the Discos, so YEDC is not being given any special treatment.”

PAGE 12

SERAP Sues FG over Failure to Name Suspected Looters

A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has sued the federal government for what it described as its failure to release the names of suspected looters of the country’s treasury and the circumstances under which the stolen public funds were recovered.

The suit filed last Friday at the Federal High Court in Lagos followed a Freedom of Information (FoI) request to the Minister of Information, Alhaji Lai Mohammed, asking him to provide information on the names of high ranking public officials from whom public funds were recovered and the circumstances under which the funds were recovered, as well as the exact amount of funds recovered from each public official.

The originating summons was brought pursuant to Section 4(a) of the FoI Act, and signed by SERAP’s Executive Director, Adetokunbo Mumuni.

Joined as defendants in the suit are Mohammed and the Federal Ministry of Information and Culture.

The plaintiff argued that by a letter dated 21 June, 2016, the Attorney General of the Federation (AGF) and Minister of Justice Abubakar Malami (SAN) confirmed that the FoI request by SERAP was brought to the attention of the defendants for handling.

It said since the receipt of the FoI request and the confirmation by Malami that the request was brought to the attention of the defendants for handling, and up till the time of filing of the suit, the defendants had refused to provide SERAP with the details of the information requested.

SERAP is asking the court to determine whether by virtue of the provision of Section 4(a) of the FoI Act, the defendants are under any obligation to provide the plaintiff with the information requested.

The suit read in part: “By virtue of Section 1(1) of the FoI Act 2011, the plaintiff is entitled as of right to request for or gain access to information which is in the custody or possession of any public official, agency or institution. Under the FoI, when a person makes a request for information from a public official, institution or agency, the public official, institution or agency to whom the application is made is under a binding legal obligation to provide the plaintiff/applicant with the information requested for, except as otherwise provided by the Act, within seven days after the application is received.

“The information requested by SERAP does not come within the purview of the type of information exempted from disclosure by the provisions of the FoI Act. The information requested for, apart from not being exempted from disclosure under the FoI Act, borders on an issue of national interest, public concern, social justice, good governance, transparency and accountability.

“The defendants will not suffer any injury or prejudice if the information is released to the members of the public. It is in the interest of justice that the information be released. Unless the reliefs sought herein are granted, the defendants will continue to be in breach of the FoI Act, and other statutory responsibilities.

“While the suspects generally are entitled to be presumed innocent until proven guilty by a court of competent jurisdiction, the FoI Act implicitly prohibits a blanket non-disclosure of names of high-ranking public officials from whom some of the funds were recovered.

“It is further submitted that the recoveries, specifically from high-ranking public officials (and not private individuals), are matters of public interest. Publishing the names of those public officials will provide insights relevant to the public debate on the ongoing efforts to prevent and combat a culture of grand corruption and the longstanding impunity of perpetrators in the country.”

In its FoI request, the plaintiff said: “The gravity of the crime of grand corruption, the devastating effects on the socially and economically vulnerable sectors of the population, and the fact that recovery of huge funds from high-ranking public officials entrusted with the public treasury raise a prima-facie case and therefore amounts to exceptional circumstances that justify naming those high-ranking officials in the public interest.”

It added: “SERAP believes that the right to the truth allows Nigerians to gain access to information essential to the fight against corruption and in turn the development of democratic institutions, as well as provides a form of reparation to victims of grand corruption in the country.”