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TSA breach: FG withdraws suit against seven banks

TSA breach: FG withdraws suit against seven banks
August 08
13:00 2017
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The federal government on Tuesday filed a notice of discontinuance of the suit it filed against seven commercial banks seeking the remittance of $793.2 million, which it claims is a breach of the treasury single account (TSA) policy.

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

According to Channels TV, the notice, which was dated August 7, was filed in accordance with order 50 rule 2 subsection 1, federal high court civil procedure rules of 2009.

Chuka Obiozor, a judge of the federal high court, Lagos, had earlier ordered the banks to remit the various amounts allegedly kept in their custody to the designated CBN asset recovery dollars account.

In the new application, Yemi Akinseye-George, counsel to the federal government, told the presiding judge that the government was making the move in public interest as it decided to explore an ‘out of court settlement’ with the banks.

Lawyers to the banks have no objections to the notice of discontinuance but they insisted that the proper application is for the court to dismiss the suit and award cost against the federal government.

The presiding judge has adjourned till Wednesday on whether to strike out the suit or to dismiss it.

All the banks, except Skye Bank, had denied possession of the money.

The Nigerian National Petroleum Corporation, to whom the money belongs, had said it informed the presidency and other authorities of the funds.

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September 20, 2018USDGBPEUR
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