- The Federal Government has filed a notice of discontinuance of its suit against seven commercial banks seeking the remittance of the sum of seven hundred and ninety-three-point-two million dollars allegedly hidden with them in contravention of the Treasury Single Account policy. The government had accused the lenders of withholding funds collected on behalf of the state.
- Counsel to the Federal Government, Professor Yemi Akinseye-George, told Justice Chuka Obiozor that the government is making the move in the public interest as it has 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 is for the court to dismiss the suit and award cost against the Federal Government.
- Justice Chuka Obiozor has adjourned until tomorrow, Wednesday, August ninth on whether to strike out the suit or to dismiss it.
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