In January 1970, the Federal Military Government of Nigeria led by General Yakubu Gowon made a decree to freeze all bank assets of Nigerians from the East. That included the three states that used to be Eastern Region prior to May 27, 1967 when Gowon split them into three states of East Central, South East and Rivers states
That law stands till date and was never reversed, abrogated, or compensation made for the victims. It was the screamer headline of the government’s newspaper, Daily Times the following year, on January 6, 1971. Being a military decree, it’s possible the contents had been implemented prior to public pronouncement or the decree was back dated.
It was named BANKING OBLIGATIONS (Eastern States) DECREE, 1970. Because of the target on accounts owned by citizens from the region in respect of accounts operated before the war, its application was decreed to be nationwide.
While the decree exempted Calabar from the blanket ban, it further ousted the courts from entertaining any civil processes or proceedings that may be brought by any affected party or parties to challenge the decree.
Whereas the military law covered the period between May 31 when Biafra was declared, it also extended to bank accounts that existed prior to the date, but were operated in any form during the war years. Those that existed before the war years, and were never operated were the ones that got a “compensation” of £20 in lieu.
The implication is that whatever amount such accounts had in excess of £20, even in millions, including those of Sir Louis Odumegwu Ojukwu who was the African richest man, were expropriated by the government of Nigeria, and the individual owners were stripped of their own money.
