FG seeks out-of-court settlement with seven banks over TSA

The Federal Government has filed a notice of discontinuance of the suit it filed against seven commercial banks seeking the remittance of the sum of $793.2m allegedly hidden with them in contravention of the Treasury Single Account policy

The notice of discontinuance dated August 7, 2017 was brought pursuant to Order 50 Rule 2 Subsection 1, Federal High Court Civil Procedure Rules of 2009.

Counsel to the Federal Government, Prof. Yemi Akinseye-George, told Justice Chuka Obiozor 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 have no objections to the notice of discontinuance, but they insisted that the proper application was for the court to dismiss the suit and award cost against the Federal Government.

Obiozor has adjourned the case till Wednesday, August 9, to determine whether or not  to strike out the suit.