Wednesday 2 November 2016

Human Rights Lawyer Falana to FG: Don't Worry About the $30B Loan

Mr President please do not return to the Senate with the same request to borrow approximately $30 Billion after it was rejected Tuesday.
First let me commend your efforts yesterday in meeting with some Niger Delta Leaders with a view to finding a solution to the problems in the region and to halt blowing up of  gas and oil pipelines by N-D militants.
Mr President that meeting was a step in the right direction hopefully should find a solution soon.
With respect to Senate turning down the $30 Billion loan request, which accords with the views of Mr Falana SAN and other public interest litigators that borrowing would jeopardize the future generation.
Mr President ask the frontline human rights Lawyer Falana to see you in Aso Rock chambers with his position paper ASAP. He is saying from the Premium Times report read this morning 2nd Nov that Nigeria has some $11 Billion (add interest over years)  in the hands of Banks which AMCON failed to recover.

He said he also wrote to your Finance Minister on tracing/recovery of billions of dollars abroad belonging to our country Nigeria on steps to repatriate these funds without conditionalities. He enthused that World Bank, Swiss Bank etc must not keep recovered loots a day longer than today. In the interest of our national development you may please call him to discuss this matter, moving forward.
Call him now!
Thank you
Attorney Carol Ajie

PREMIUM TIMES 2ND NOV
Human rights lawyer, Femi Falana, has challenged the Nigerian government to take the rejection of the $30 billon (N9.61 trillion) loan request by the Senate as a challenge to review the recovery of the nation’s looted wealth.
In a statement on Tuesday, Mr. Falana said the decision of the Senate to turn down the borrowing plan should spur investigation into the criminal diversion of billions of dollars from the Federation Account.
The Senate on Tuesday rejected Mr. Buhari’s request to borrow $29.9 billion as part of its external borrowing plan for 2016 to 2018, asking for all relevant documents to be submitted.
“A few months ago, I had urged the Minister of Finance to embark on an aggressive recovery policy,” said Mr. Falana, a Senior Advocate of Nigeria.
“Apart from acknowledging the letter and assuring me that the letter was receiving attention no measure has been put in place to recover the looted wealth of the nation.
“In frustration I was compelled to submit a petition to the Economic and Financial Crimes Commission to recover the fund and prosecute the indicted individuals and corporate organisations.”
Mr. Falana said his petition led to a former Central Bank governor demanding an apology for saying that he gave out a loan of $7 billion to 14 banks sometime in 2006.
“Since he admitted that the money was a ‘deposit’ and not a loan I rejected his demand for apology,” he said.

“More so that the $7 billion and the bailout of $4 billion given to the same banks in 2008 have not been refunded.
“Curiously, the Asset Management Corporation of Nigeria has not demanded the repayment of the said sum of $11 billion from the banks.”
The Senate’s rejection came despite the support of Nigeria’s Debt Management Office for an approval of the loan to help address the huge infrastructure deficit across the country.
But Mr. Falana insisted that if efforts were intensified to recover the billions of dollars looted or diverted from the Federation Account, the government would not need to plunge the nation into “another toxic debt”.
“I have also just confirmed that one of telecommunication companies operating in the country recently engaged in money laundering and successfully but illegally transferred the sum of over $25 billion out of Nigeria,” Mr. Falana said.
“Since the Money Laundering Act, 2011, as amended, requires that the entire proceeds of the crime be forfeited to the Federal Government, it is hoped that the highly placed public individuals involved in the criminal enterprise will not compromise the interests of the nation this time around.”





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