Victim Support Fund: Who Is Really Benefiting?

(Photo source: http://victimsupportfund.ng/causes/support/)

Like any other young nation, Nigeria has had its fair share of challenges over the years. In recent years, the foundational challenge of institutional corruption has been compounded by more recent threats like terrorism in an unholy synergy that threatens the very existence of the nation. This unholy synergy between corruption and terrorism is apparent in allegations of corrupt arms deals by the past administration of President Goodluck Jonathan, but even more so in the current controversy over the Victim Support Fund (VSF, #VictimSupportFund on Twitter).

Former President Goodluck Jonathan inaugurated the VSF on the 16th of July 2014 with a committee of eighteen well-known Nigerians:

• General Theophilus Danjuma

• Mr Fola Adeola

• Dr. Mohammed Indimi

• Alhaji Rabiu

• Alhaji Dauda

• Mrs. Folorunso Alakija

• Mr Cosmas Maduka

• Mr Wale Tinubu

• Air Marshal Jonah Wuyep

• Ms. Toyosi Akerele

• Alkassim Abdulkadir

• Chief Uche Secondus

• Alhaji Tijani Tumsa

• Alhaji Balarabe Musa

• Alhaji Sani Sidi

• Professor Bem Angwe

• Mrs. Nkechi Mba

• Mr Daouda Toure

According to the VSF Committee, the objectives of the fund are:

• To identify sources and ways of raising sustainable funding to support victims of Boko Haram terror activities

• To develop appropriate strategies for the fund raising

• To ascertain the persons, communities, facilities and economic assets affected by Boko Haram terror activities

• To assess and determine the appropriate support required in each case

• To manage, disburse and/or administer support to the victims as appropriate

• To address related challenges as may be appropriate

• To advise Government on other matter(s) necessary or incidental to support victims of Boko Haram terror activities.

The fund was launched with great fanfare in Abuja, with N58.8bn pledged by the Federal Government, various corporate organizations and private individuals. Records indicate that N24bn of these pledges have so far been redeemed. However, 90% of this amount has been idle in six banks for the last one year, with the remaining amount spent on the launch event itself (400m), office renovation and furnishing and administrative expenses. Only a minimal amount has been spent on the victims themselves. This raises a very serious question – who is really benefitting from the VSF?

If we look at the current deplorable conditions in IDP camps in Nigeria, it is obvious that the victims of terror are definitely not benefiting. As citizens of the Federal Republic of Nigeria, we have a right to question the Victim Support Fund committee as to why the money is being hoarded in banks when there are hundreds of thousands of Nigerian citizens who are in need of urgent help and support. Death tolls continue to rise in IDP camps on a daily basis while human rights abuses are rampant with recurring reports of child trafficking and sexual violence. Therefore, the hoarding of these funds is ironically helping to perpetuate the very human rights abuses it was established to prevent. Although President Buhari ordered the release of N5bn from the Victims Support Fund two weeks ago, we cannot ignore the fact that these funds have been held back when needed the most and we must demand an explanation as to why.

Are these funds really being held in the bank for safekeeping, or is this another act of corruption whereby a few are benefitting once again, with no concern for humanity? This is a possibility. Corruption is endemic in Nigeria; records indicate that four hundred billion dollars have been siphoned out of Nigeria since independence in 1960. Institutional corruption came to a head under President Jonathan with increasingly brazen and breathtaking acts of plunder and it's very likely that the VSF was not immune from this pandemic. In my humble opinion, President Buhari is duty bound to investigate members of the VSF Committee for corruption. This is the change that we voted for.

Thankfully, there is plenty of information now in the public domain that may help the President to shine a light on the VSF. For example, according to information released by a prominent member of the committee and Jonathan supporter, Ms. Toyosi Akerele, the banks that the money is currently being hoarded in are:

• Stanbic IBTC Bank

• Guarantee Trust Bank

• Skye Bank

• First Bank

• FCMB

• Sterling Bank

Ms. Akerele has also released information on how some of the money has been spent as follows:

At the end of February, the remaining amounts in the banks were N53.42 billion and $15 million.

It is only right to point out that the bank accounts for the Victim Support Fund are interest-bearing accounts. According to one of our whistle-blower sources who works in the banking sector, when public funds are hoarded in bank accounts, banks often agree to split the money with the accounting officer in charge at the MDA. For example, if the interest rate for the deposit is ten percent, they might offer the organisation two percent from that, in order for them to keep the money there for as long as possible. The bank is then of course loaning this money out to other customers at higher rates, while the cause that the money is supposed to be used for continues to languish. Corruption is prevalent in banks in Nigeria and banks tend to benefit because they have more money to play around with and record their perennially huge profits at the expense of the nation.

We must question the necessity of a Victim Support Fund if for a whole year after release; the fund has not had any impact on the lives of vulnerable citizens who are victims of terror across the country.

So, who is really benefitting? The victims of terror attacks are definitely not the lucky ones here. It would be unfortunate if the individuals behind the VSF or the banks that the funds are hoarded in are benefitting from this but one cannot jump to any conclusions. Nevertheless, it is devastating to see hundreds of thousands of Nigerians suffering daily without the adequate help being provided for them. The fact that foster homes and IDP camps have been set up for these victims is a step in the right direction, however we need to make sure that the victims benefit in order for them to progress with their lives from now on. As members of the Office of the Citizen, it is our duty to speak up for the rights of every Nigerian citizen and therefore, until corruption and terrorism have been defeated, we will not be silent.

References:

• "WE CAN CHANGE THE LIVES OF." Victim Support Fund RSS. VSF, n.d. Web. 13 Aug. 2015.

• "Disturbing Tales of Rape, Child Trafficking in IDPs Camps - Vanguard News." Vanguard News. Vanguard News, 17 Feb. 2015. Web. 13 Aug. 2015.

#victimssupportfund