at the Federal High Court, Lagos, challenging section 77 of the Finance Act 2020, which empowers Nigerian banks to transfer all unclaimed dividend of public limited liability companies quoted on the Nigerian Stock Exchange, totalling N895.5 billion, to crisis intervention fund.
Omirhobo argued that by the construction and interpretation of the provisions of Section 1 of the 1999 Constitution, the Constitution is the supreme law of Nigeria and its provisions have binding force on all the defendants and all persons and authorities throughout the country and that if any other law is inconsistent with the provisions of the constitution, the constitution shall prevail and that other law shall to the extent of the inconsistency be void.
He wants the court to declare that by the construction and interpretation of the provisions of Section 44 of the 1999 Constitution, the applicant and Nigerian citizens are entitled to own moveable properties in Nigeria.
He also seeks to get the court to declare as unconstitutional, any attempt by the federal government to compel, prosecute, convict and fine banks and registrars who did not transfer all unclaimed dividends of public limited liability companies quoted on the Nigerian Stock Exchange and all unutilised amounts in dormant bank accounts maintained in or by a deposit money bank, which has remained unutilized for a period of not less than six years from the date of declaring the dividend or domiciling...