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Court Strikes Out FG’s TSA Case Against Commercial Banks

The Federal High Court sitting in Lagos has struck out a suit filed by the Federal Government against seven leading commercial banks.

The FG had previously sought to seek the remittance of the sum of $793,200,000 allegedly hidden with them in contravention of the Treasury Single Account policy instituted by President Muhammadu Buhari in late 2015.

The banks concerned had said either that they do not owe the government money or have paid what is due.

Justice Chuka Obiozor struck out the suit on Wednesday morning and awarded a cost of N200,000 against the FG and in favour of all the affected banks except Skye Bank which was not represented in court.

The FG had told the court earlier that it planned to withdraw its case against and seek an out-of-court settlement instead.

State counsel, Yemi Akinseye-George told the court on Tuesday the government would seek an out-of-court settlement in the matter without elaborating. The court had reserved its ruling for today.

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