Femi Falana (SAN), a prominent human rights lawyer, has made startling allegations, asserting that Nigeria is losing approximately $9 billion worth of gold illegally each year.
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Speaking during an interview on Channels Television’s Sunrise Daily, Falana shared his concerns regarding illicit gold activities and other pressing issues affecting the country.
Falana expressed astonishment over the government’s appointment of Dele Alake as the Minister of Solid Minerals, suggesting that the appointment should have been for the Information Ministry.
He pointed out that the implications of this choice are significant, particularly considering reports from former minister Dr. Ogah, which claim that around $9 billion worth of gold is illicitly extracted from Nigeria annually, often facilitated by private jets.
During the interview, Falana recounted a distressing incident involving a farmer who was displaced from his land and offered a meager ₦150,000 as compensation. In response to the injustice, Falana’s legal team took the case to court, resulting in a remarkable outcome where the judge awarded a compensation of ₦250 million. However, Falana emphasized the disparity in gains, revealing that the company responsible for the farmer’s displacement stood to profit a staggering $500 million in just five years.
Switching topics to Nigeria’s currency policy, Falana scrutinized the concept of “floating the naira,” labeling it as illegal. He challenged the notion that the value of the naira could be determined solely by market forces. Falana revealed that he had initiated legal action against the Central Bank of Nigeria at the Federal High Court, citing Section 16 of the Central Bank Act, which mandates the Central Bank to establish and ascertain the naira’s exchange rate in relation to other currencies.
Falana’s assertions underscore significant concerns surrounding illicit gold extraction, economic inequalities, and currency policies in Nigeria. His insights provide a thought-provoking perspective on these issues, sparking further discussions about transparency, accountability, and the country’s economic future.
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