Court orders remittance of $792.3m allegedly hidden in 7 banks
The Judge ruled that being in custody of the funds violated the Constitution and the Treasury Single Account (TSA) policy of the government.
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Justice Chuka Obiozor granted the interim order of remittance of the funds following an ex-parte application filed by Yemi Akinseye-George, professor and counsel to the Attorney-General of the Federation.
The Judge ruled that being in custody of the funds violated the Constitution and the Treasury Single Account (TSA) policy of the President Muhammadu Buhari administration.
The affected banks are Skye Bank Plc, First Bank Plc, Keystone Bank Plc, Diamond Bank Plc, Sterling Bank Plc and Fidelity Bank Plc.
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Akinseye-George prayed the court to give the order of remittance to avoid possible diversion, misapplication, and misappropriation of the funds.
He said the Federal Government urgently needs the funds to execute the 2017 budget.
The Federal Government had in August 2015 directed all ministeries, departments and agencies (MDAs) to make payments into the TSA.
The move, according to the government, was to promote transparency.
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