By Jerry Uwah Lagos
Th e federal government has commenced moves for an outof-court settlement with the seven commercial banks ordered on July 20, 2017 to remit the sum of $793.2 million allegedly hidden by government agencies in defi ance of the Treasury Single Account (TSA) policy of government. Consequently, government has fi led a notice of discontinuance of the suit it fi led in a Federal High Court in Lagos against the seven commercial banks seeking the remittance of the sum of $793.2 million to the TSA. Th e notice of discontinuance dated August 7, 2017, was brought pursuant to Order 50, Rule 2, sub-Section 1, Federal High Court Civil Procedure Rules of 2009. Counsel to the federal government, Prof. Yemi Akinseye-George, told Justice Chuka Obiozor of a Federal High Court in Lagos that the government was making the move in the public interest, as it had decided to explore an ‘out-of-court settlement’ with the banks. Lawyers to the banks did not oppose the notice of discontinuance, but they insisted that the proper step was for the court to dismiss the suit and award cost against the federal government. Justice Obiozor adjourned the case till Wednesday, August 9 (today), to determine whether or not to strike out the suit. Th e federal on July 20 fi led papers in a Federal High Court in Lagos ordering United Bank for Africa, Diamond Bank, Skye Bank, First Bank, Fidelity Bank, Keystone Bank and Sterling Bank to remit the sum of $793.2 million allegedly hidden with them by government agencies. In a swift reaction, three of the banks released statements denying the government claim.
