The Federal High Court in Lagos has granted an interim order for seven
commercial banks in Nigeria to remit a total of $793,200,000, allegedly
hidden with them in violation of the Constitution and the Treasury Single
Account (TSA) policy of the Federal Government.
Presiding Justice Chuka Obiozor on Thursday directed the banks to remit to
the designated CBN Asset Recovery Dollars Account, various amounts
allegedly kept in their custody illegally.
The interim order was given after the court listened to an ex-parte
application filed by counsel to the Attorney General of the Federation,
Professor Yemi Akinseye-George.
While arguing the application, Professor 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 also stressed that the withheld funds are urgently required by the
Federal Government for executing the 2017 budget.
After listening to him, Justice Obiozor granted the interim orders.
He also directed that the order should be published in a national daily
newspaper.
In early August 2015, the Federal Government had directed all Ministries,
Departments, and Agencies (MDAs), including to make payments into a
Treasury Single Account (TSA).
The government had expressed optimism that the directive would promote
transparency and facilitate compliance with Sections 80 and 162 of the
1999 Constitution.
The Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation
(NNPC), Nigerian Ports Authority (NPA) and Nigerian Maritime
Administration and Safety Agency (NIMASA) were also affected by the
policy.
Other agencies include the Security and Exchange Commission (SEC), Nigeria
Communication Commission (NCC), Federal Airport Authority of Nigeria,
(FAAN) and Nigeria Civil Aviation Authority (NCAA) among other government
agencies.