A Federal High Court in Lagos has ordered seven banks to transfer the combined sum of $793, 200,000 million to the government immediately for alleged breach of the Treasury Single Account (TSA) policy of the government.
The presiding Judge, Chuka Obiozor on Thursday ordered the banks to remit to the designated CBN Asset Recovery Dollars Account, various amounts allegedly kept in their custody in breach of the TSA.
The court sitting in Lagos granted an interim order, pending when the banks show cause why the monies should not be (remitted) to the government. The banks will appear in court on August 8 to explain why why they had withheld the money.
