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Millions of dollars/naira: Abandonment/discovery principles of bona vancatia/res nullius/treasure trove

By Afe Babalola “The question however is whether the government can legitimately spend what legally is not its? Put in another way, can government without more proceed to spend the recovered monies merely because they were abandoned properties? Or is something else required to vest proprietary interests of these monies in government before it can
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Idle dollars outside the economy

For over five weeks now the Nigerian foreign exchange system has been on drama sketch. It is unbelievable that at a time of harsh economic circumstances manifesting in the form of sharp decline in foreign exchange earnings from oil revenue, soaring inflation and interest rates, a slump in gross domestic products (GDP), rising unemployment, mounting salary arrears amongst many economic woes, the banking industry is complaining of excess dollar cash up to US$5 billion (approximately N1 trillion) either stuck in some people’s hands or lying idle in bank vaults as a result of a foreign exchange directive.

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