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Court Orders Temporary Seizure of $793.2m Hidden In Seven Banks

The presiding Judge, Justice Chuka Obiozor, on Thursday directed the seven banks to remit to the designated Central Bank Nigeria (CBN) Asset Recovery Dollars Account, various amounts allegedly kept in their custody illegally.

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The Federal High Court sitting in Lagos has granted a temporary order for seven banks in Nigeria to remit a total of $793,200,000, allegedly hidden with them in violation of the Treasury Single Account (TSA) policy of the Federal Government.

The presiding Judge, Justice Chuka Obiozor, on Thursday directed the seven banks to remit to the designated Central Bank Nigeria (CBN) Asset Recovery Dollars Account, various amounts allegedly kept in their custody illegally.

Obiozor gave the order after the court listened to an application filed by counsel to the Attorney General of the Federation, Professor Yemi Akinseye-George.

Akinseye-George said it would best serve the interest of justice for the court to order the banks to remit the funds to the Federal Government to prevent the funds from being diverted, misapplied, stolen or misappropriated.

He noted that the withheld funds are urgently required by the Federal Government for executing the 2017 budget.

The Federal Government had in August 2015 directed all Ministries, Departments, and Agencies (MDAs), including to make payments into a TSA.



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