Group Sues Gov. Jang, Plateau Speaker, 17 Others Over N28.2b Bond

The Association of Plateau Professionals has dragged Governor Jonah David Jang and 18 others to court over a N28.2 billion Bond. The case is before the Federal High Court in the Jos Judicial Division, holding in Jos. The suit number is: FHC/J/CS/54/2015. The suit which was instituted by Luka D. Dalang (President), Isaac Dimka (Secretary) and Shem Damisa (Treasurer) for themselves and as representatives of the Association of Plateau Professionals. Joined in the suit are the Commissioner of Finance for Plateau State; the Speaker of the Plateau State House of Assembly; the Security and Exchange Commission; the Nigerian Stoke Exchange; the Federal Ministry of Finance; the Revenue Mobilization, Allocation and Fiscal Commission; Eco Bank Plc; Zenith Bank Plc; First City Monument Bank Plc; Oceanic Bank Plc; Planet Capital Limited; FCMB Capital Market Limited; Zenith Capital Limited; FBN Trustees Limited; Skye Trustees Limited; UBA Trustees Limited; and Union Trustees Limited. The Association of Plateau Professionals is an association of citizens of Nigeria who hail from Plateau State and are engaged in various professions. According to the plaintiff, before his assumption of office as the Governor of Plateau State for a second term, the second defendant, Governor Jonah David Jang, on May 29, 2011 subscribed to a oath of office and oath of allegiance, by which he swore to: “Uphold and defend the Constitution of the Federal Republic of Nigeria; and not to allow his personal interest influence his official conduct or decision. “Since his assumption of office on 29th May, 2011, the 2nd defendant in flagrant breach of his oath of office embarked upon senseless but selfish and extravagant borrowing from many commercial banks at exorbitant interest rates. “As at the date of filing this action, the 2nd defendant with the action and palpable connivance of the 1st – 3rd defendants, has with unprecedented callousness plunged Plateau State  deep into historic and monumental external debt of over N400, 000, 000, 000.00 (Four Hundred Billion.  Naira). “In embarking on, negotiating and receiving the many loans which have piled up a huge pyramid of debts for Plateau State, the 2nd defendant did not follow due process in that the approval of the Plateau State House of Assembly was never sought and obtained. “The Plateau State House of Assembly did not at any time sit to approve the offer of the bonds. “The plaintiffs said that over 70% of the funds collected as loans have been syphoned into the private and secret pockets of 2nd defendant, Jonah David Jang and members of his family, notably: Talatu Jang – wife, Yakubu Jonah Jang – son, Paul Jonah Jang – son, Peter Jonah Jang – son, Yakubu Jonah Jang – daughter in-law. “The syphoning and looting of funds borrowed in the name of Plateau State has been made possible through the awards of bogus or sham contracts to entities which masquerade as construction companies, examples of which are: Rick Rock Construction; Jodalsam (Nig.) Ltd. – an acronym for Jonah David and Sam Ale; Jodalsam Global (Nig.) Ltd, Tilley Gyado & Co. (Nig.) Ltd. Kamba Construction Company Limited and JDB Eng. Limited – alphabets “J” and “D” standing for Jonah David.” The plaintiffs said Jang was first elected into that office in 2007 and subsequently 2011. The current and last tenure of Jang expires on May 29, 2015 and is not renewable, the plaintiffs said. The plaintiffs averred that with less than two months to the end of his tenure, Jang has embarked upon a grand stratagem to massively loot the treasury of Plateau State, so as to leave behind colossal debts that will impoverish the state. The plaintiffs aver that as a result of the large scale looting of the State, Plateau State is now impecunious to the extent that civil servants in the State and Local Governments are being owed salaries for upward of seven months. The plaintiffs aver that the situation has become so disturbingly unbearable that many churches have made a crucial prayer point for God to intervene in the severity of the hardship which civil servants and other workers are passing through. At the trial, the plaintiffs will tender church bulletins to substantiate this averment. The plaintiffs aver that the recent dastardly and invidious move by the 1st, 2nd and 3rd defendants is to raise a mind-blowing loan of N28.2 billion by way of FIXED RATE BOND from 2015 to 2022. At the trial, the plaintiffs shall tender and rely on RED HERRING PROSPECTUS in respect of PLATEAU STATE OF NIGERIA OFFER FOR SUBSCRIPTION OF N28.2 billion FIXED RATE BONDS DUE 2022. The co-operation, assent, approval or participation of the 5th and 6th defendants is required for the offer of subscription of N28.2 billion to be implemented. The plaintiffs aver that “ostensible list of projects to be financed by the loan is a sham, and, attempt to hoodwink the public and facade in that: The completion date for most of the projects ended in 2014; Some of the projects have been completed 100% since 2013; “Some of the completed projects, e.g. repairs works on Mban and Bapkwal Bridge in Langtang North awarded to EEC Int. Ltd. for N287,121,299.45, have been fully paid for. “Some of the contracts, such as Construction of Jibam Bridge and Access Road to Chip in Pankshin Local Government Area awarded for N1,608,961,767.29 has been over-paid by N1,000,000,000.00 in that the total payment made is N2,608,961,767.29. This contract was completed in 2013, two years ago. “The incumbent of the office of the 2nd defendant shall vacate office on 29th May, 2015 and cannot have had time to execute any meaningful project within the few weeks remaining.” The plaintiffs aver that quite contrary to the overt intention of the defendants, their covert and real intention and purpose is to steal a larger part, if not the whole money, under the unwise guise of project financing. Disturbed by the treacherous nature of the grand plan by the 1st – 3rd defendants to rip the State, the plaintiffs addressed a letter to the CEO of Nigeria Stock Exchange on 6th April, 2015 not to go on with the issuance. They averred: “It is unconstitutional, illegal, immoral, unjust, in equitably, unreasonable, unconscionable and devilish, contrary to all known civilized norms and practices for Jonah David Jang who is leaving office in May, 2015 to superimpose on a yet to be elected government and children yet to be born such astronomical debt in the of N28, 200, 000, 00.00 Twenty Eight Billion, Two Hundred Million Naira) hitherto unheard of. “In addition to existing liabilities, all of which will continually attract interests at 3% above the CBN interest rate. “It will be tantamount to a grand fraud practiced on the entire populace of Plateau State and those yet unborn or too young to have a say for the defendants to embezzle the mind-boggling loan and pass the proceeds to his children, children’s children up to the 4th generation making them V.I.P.s and leave the burden of repayment on poor innocent victims. At the trial, the plaintiffs will contend that it is incumbent on them as patriots, nay, on every citizen of Nigeria resident or carrying on business in Plateau State to take every step to prevent the imminent unprecedented monumental executive robbery, clothed or baptized with the name of bonds issue. The plaintiffs aver that the dying days of the misrule of Jonah David Jang has been characterized by multifaceted crisis-ranging from political, socio-economic, et cetera. The plaintiffs aver that by accepting the bonds offered for issuance, the 12th to 19th defendants are not acting bona fide, as bankers or finance houses, but are colluding with the 1st, 2nd and 3rd defendants to defraud Plateau State. The plaintiffs will at the trial contend that the 5th and 6th defendants being statutory bodies have constitutional and legal responsibilities to disapprove and out rightly stop the kleptomaniacal and insatiable propensity of the 2nd defendant, the Governor of Plateau State in the person of Jonah Jang, to turn himself and his clan into billionaires on loan received in the name of Plateau State. The plaintiffs further aver that by embarking upon the instant epochal loan drive for the purpose of illegally enriching himself, his immediate family and clan, the 2nd defendant, Jonah David Jang has placed his personal interest over and above the interest of the public and has acted in breach of his oath of office and oath of allegiance. The Plaintiff however declared that the offer for subscription of N28.2 billion FIXED RATE BONDS DUE 2022 by Plateau State Government at the instance of 1st, 2nd and 3rd defendants is not made bona fide and therefore unconstitutional, unlawful, unjust, null, void and of no effect whatsoever. And  that the 4th, 5th and 6th defendant have a statutory duty to ensure probity due process and prudence and the prevention of fraud in the Bonds subscription between the 1st, 2nd and 3rd defendants on one hand and the 12th to 19th defendants on the other hand. That the 12th to 19th defendants as bankers, capital markets and finance houses, are duty bound to act in good faith, in accordance with professional ethics and etiquette and best practice of the banking and finance industry. AN ORDER setting aside the OFFER FOR SUBSCRIPTION OF N28,200,000,00.00 FIXED RATE BONDS DUE 2022 made by 1st, 2nd and 3rd defendants. AN ORDER compelling the 4th – 8th defendants to decline consent or approval of the OFFER FOR SUBSCRIPTION OF N28,200,000,00.00 FIXED RATE BONDS DUE 2022 made by 1st, 2nd and 3rd defendants. AN ORDER OF PERPETUAL INJUNCTION restraining the 12th – 19th defendants from issuing the N28,200,000,00.00 offered by the 1st – 3rd defendants to the target investors stated in the RED HERRING PROSPECTUS or any other individual, entities or members of the public for subscription.