Stella Dimoko Korkus.com: Court Orders 7 Banks To Remit $793m To CBN

Advertisement

Advertisement - Mobile In-Article

Friday, July 21, 2017

Court Orders 7 Banks To Remit $793m To CBN

The Federal High Court in Lagos on Thursday ordered seven commercial banks in the country to temporarily remit a total of $793, 200, 000 allegedly hidden with them in contravention of the Federal Government’s Treasury Single Account policy.



Justice Chuka Obiozor ordered the seven banks to remit the various amounts being allegedly kept illegally in their custody to the designated Federal Government’s Asset Recovery dollars account domiciled with the Central Bank of Nigeria.


The concerned banks are 

United Bank for Africa; 

Diamond Bank Plc; 

Skye Bank Plc; 

First Bank Limited; 

Fidelity Bank Plc; 

Keystone Bank Limited; 

 Sterling Bank Plc.

According to court papers filed by counsel for the Attorney General of the Federation, Prof. Yemi Akinseye-George (SAN), a total of $367.4m was illegally hidden by three government agencies in UBA, while a sum of $41m was illegally kept in a NAPIMS fixed deposit account with Skye Bank.

The court papers 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.

A lawyer from Akinseye-George’s law firm, Vincent Adodo, who deposed to a 15-paragraph affidavit in support of an ex parte application filed by the AGF, stated that seven banks colluded with Federal Government officials to hide the funds in breach of the government’s TSA policy.

The funds, he said, 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 had 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.

He said, “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.”

Among the allegedly culpable government agencies is National Petroleum Developing Company.

Moving the ex parte application on Thursday, 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 exhorbitant interest rate,” 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.

He, subsequently, adjourned till August 8, 2017, for anyone interested in the funds to appear before him to show cause why the interim orders should not be made permanent.

from punch

9 comments:

  1. Hehehehe the bankers in the banks in charge will receive query.see their mouth like they need the funds for the 2017 budget, we are in July dammit. What will come out of this is that the banks will be fined just like old times.

    ReplyDelete
  2. @First bank too?



    MABASI. ..make I run go take my shipini money dere mbok

    The thing wen happen to my @Ancestors for @Society generale bank... Make e no happen for me mbok

    I can't shout



    .

    @Anonymous Orubebe

    ReplyDelete
  3. Na wa. CBN thief thief government workers. All the monies collected, what have they done with it?

    Only collect, collect.

    ReplyDelete
  4. Could this be the reason why Diamond bank steals customer's money these days?

    ReplyDelete
    Replies
    1. My dear the rate at which Diamond Bank is moving people money now a day is super scary...my neighbor lost a huge amount to them recently.

      Delete
  5. Serves them right , naija banks na page without gate

    ReplyDelete
  6. All I see is another round of job loss in the banking sector.

    ReplyDelete

Disclaimer: Comments And Opinions On Any Part Of This Website Are Opinions Of The Blog Commenters Or Anonymous Persons And They Do Not Represent The Opinion Of StellaDimokoKorkus.com

Pictures and culled stories posted on this site are given credit and if a story is yours but credited to the wrong source,Please contact Stelladimokokorkus.com and corrections will be made..

If you have a complaint or a story,Please Contact StellaDimokoKorkus.com Via

Sdimokokorkus@gmail.com
Mobile Phone +4915210329280