Friday, September 21, 2018
Advertisement

TSA breach: Court orders remittance of $792.3m ‘hidden’ in seven banks

TSA breach: Court orders remittance of $792.3m ‘hidden’ in seven banks
July 20
19:13 2017
Advertisement

The federal high court in Lagos has granted an interim order for the remittance of a total of $793,200,000 allegedly hidden by seven commercial banks in violation of the constitution and the treasury single account (TSA) policy of the federal government.

Chuka Obiozor, the presiding justice, ordered the banks to remit the various amounts allegedly kept in their custody to the designated CBN asset recovery dollars account.

The affected banks are Skye Bank Plc, First Bank Plc, Keystone Bank Plc, Diamond Bank Plc, Sterling Bank Plc and Fidelity Bank Plc.

The interim order was given after the court listened to an ex-parte application filed by Yemi Akinseye-George, professor and counsel to the attorney general of the federation.

Akinseye-George said it was best for the court to order the banks to remit the funds to the federal government to avoid possible diversion, misapplication and misappropriation of the funds.

He said the funds were urgently required by the federal government for executing the 2017 budget.

After granting the interim order, Obiozor directed that the order should be published in a national daily.

In August 2015, the federal government directed all ministeries, departments and agencies (MDAs) to make payments into a treasury single account (TSA).

At that time, the government said the directive will promote transparency.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

September 21, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement