Federal High Court in Lagos Thursday ordered
seven banks to remit a total of $793,200,000 (about N249,659,700,000.00),
allegedly hidden with them in breach of the Treasury Single Account (TSA)
policy, to the Federal Government.
A vacation judge, Justice Chuka Obiozor, made the interim order following an ex parte application by the office of the Attorney-General of the Federation (AGF).
The judge warned that the remittance order would be made permanent
on August 8, unless cause was shown why it should not.
The AGF through a counsel, Prof. Yemi Akinseye-George (SAN), accused
the commercial banks of illegally keeping the sums in their custody for
“unknown government officials.”
Justice Obiozor ordered the banks to remit the various amounts to
the designated Federal Government’s Asset Recovery dollars account domiciled
with the Central Bank of Nigeria (CBN).
The banks are United Bank for Africa (UBA), Diamond Bank Plc, Skye
Bank Plc, First Bank Limited, Fidelity Bank Plc, Keystone Bank Limited and
Sterling Bank Plc.
According to court processes filed by Akinseye-George (SAN), a total
of $367.4m was illegally hidden by three government agencies in UBA.
Another $41m was allegedly illegally kept in a National Petroleum
Investment Management Services (NAPIMS) fixed deposit account with Skye Bank.
The documents stated that $277.9m was hidden in Diamond Bank, $18.9m
in First Bank, $24.5m in Fidelity Bank, $17m in Keystone Bank, and $46.5m in
Sterling Bank.
The AGF’s application was supported by a 15-paragraph affidavit
deposed to by a lawyer from Akinseye-George’s law firm, Vincent Adodo.
Adodo averred that the banks colluded with Federal Government
officials to hide the funds in breach of the TSA policy.
The funds, he stated, were revenues, donations, transfers, refunds,
grants, taxes, fees, dues, tariffs etc accruable to the Federal Government from
different ministries, departments, parastatals and agencies.
Adodo said the banks failed to remit the funds to the TSA domiciled
in the CBN in violation of the guidelines issued by the Accountant-General of
the Federation which fixed September 15, 2015 as the deadline for such funds to
be moved.
“The 1st to 7th respondents (banks), in collaboration with and/or
collusion with unknown officials of the Federal Government, conspired to
disobey the relevant constitutional provisions, thereby depriving the
Government of the Federal Republic of Nigeria of funds belonging to it, which
are needed urgently to fund pressing national projects under the 2017 budget,”
Adodo said.
Among the allegedly culpable government agencies is National
Petroleum Developing Company (NPDC).
Moving the ex parte application yesterday, Akinseye-George
said it would best serve the interest of justice for Justice Obiozor to order
the banks to remit the funds to the Federal Government, to prevent the funds
from being moved or dissipated.
“The withheld funds are urgently required for the implementation of
the 2017 budget. The budget has a lifespan of 12 months and we are already in
the middle of the year.
“By hiding these hidden funds, the Federal Government is being
forced to borrow money from these commercial banks at exorbitant interest
rates,” Akinseye-George added.
After listening to the SAN, Justice Obiozor granted the interim
orders.
He directed that the order should be published in a national daily
newspaper.
The judge adjourned till August 8, “for anyone interested in
the funds to appear” before him “to show cause why the interim orders should
not be made permanent.”
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