The Federal High Court in Lagos has ordered seven commercial banks to temporarily remit more than seven hundred and ninety million dollars allegedly hidden with them.
This is in contravention of the government’s Treasury Single Account policy.
Justice Chuka Obiozor told them to remit the funds to designated Asset Recovery dollars account domiciled with the Central Bank of Nigeria.
The concerned banks are United Bank for Africa; Diamond Bank Plc; Skye Bank Plc; First Bank Limited; Fidelity Bank Plc; Keystone Bank Limited; and Sterling Bank Plc.
According to the court, the funds were gotten from revenues, donations, transfers, and monies accruable to the Federal Government from different ministries, departments, parastatals and agencies.
