TSA: FG with­draws suit against 7 banks

Daily Trust - - NEWS - By Ade­lanwa Bamg­boye

The Fed­eral Govern­ment yes­ter­day with­drew the case it in­sti­tuted against seven com­mer­cial banks ac­cused of vi­o­lat­ing govern­ment’s Trea­sury Sin­gle Ac­count pol­icy.

The af­fected banks are, United Bank for Africa; Di­a­mond Bank Plc; Skye Bank Plc; First Bank Lim­ited; Fi­delity Bank Plc; Keystone Bank Lim­ited; and Ster­ling Bank Plc.

Jus­tice Chuka Obio­zor of the Fed­eral High Court in La­gos had July 20, 2017 granted an in­terim order in favour of the Fed­eral Govern­ment, di­rect­ing the seven banks to tem­po­rar­ily re­mit the funds to the TSA.

The Fed­eral Govern­ment had al­leged that the banks con­nived with some govern­ment agen­cies to il­le­gally hide in their cof­fers, a to­tal of $793,200,000, which was meant to have been trans­mit­ted to the TSA ac­count domi­ciled in the Cen­tral Bank of Nige­ria.

The judge had ad­journed till Tues­day for the banks to ap­pear be­fore him to show cause, why the in­terim order should not be made per­ma­nent.

But at the re­sumed pro­ceed­ings yes­ter­day, coun­sel for the Fed­eral Govern­ment, Pro­fes­sor Yemi Akin­seyeGe­orge (SAN), said he had been in­structed by the At­tor­ney Gen­eral of the Fed­er­a­tion to dis­con­tinue the case in the over­all in­ter­est of the pub­lic.

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