High Court strikes out FG’s suit against 7 banks

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A Lagos Federal High Court on Wednesday in Lagos struck out a suit filed by the Federal
Government seeking to recover 793.2 million dollars allegedly kept by seven commercial banks in violation of the Treasury Single Account (TSA) policy.

The defendants are: Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank, Sterling Bank and the defunct Keystone Bank (now Heritage Bank).

The vacation judge, Justice Chuka Obiozor, struck out the suit following a motion of
discontinuance filed by the federal government.

Counsel to FG, Prof. Yemi Akinseye-George (SAN), on Tuesday informed the court that he had the instruction of the Attorney-General of the Federation to discontinue the case in the “overall interest of the public”.

Consequently, he filed a motion of discontinuance in accordance with Order 50, Rule 2,
Subsection 1, of the Federal High Court Civil Procedure Rules 2009, asking the court to strike out the suit.

The federal government had in the suit alleged that the banks connived with some government agencies to illegally conceal 793.2 million dollars meant to have been transferred to the TSA domiciled in the Central Bank of Nigeria.

But the banks, through their counsel, had denied the allegation. The banks were represented by Dr Ajibola Muraina (UBA) Mr Seyi Sowemimo (SAN), (Fidelity Bank);
Mrs Abimbola Akeredolu, (SAN), (Sterling Bank); Mr N.A Oragwu (Diamond Bank), Mr E.A Okorie (First Bank) and Mr Babatunde Ogungbamila (Keystone Bank).

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