Stories by Vivian Okejeme Abuja
Justice Chuka Obiozor of the Federal High Court, Lagos, has 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. Th e judge 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. Th e concerned banks in question are: United Bank for Africa, Diamond Bank Plc, Skye Bank Plc, First Bank Limited, Fidelity Bank Plc, Keystone Bank Limited and Sterling Bank Plc. According to counsel for the Attorney General of the Federation, Prof. Yemi Akinseye-George (SAN), a total of $367.4million was illegally hidden by three government agencies in UBA, while a sum of $41million was illegally kept in a NAPIMS fi xed deposit account with Skye Bank. Th e court papers also stated that $277.9million was hidden in Diamond Bank; $18.9million in First Bank; $24.5million in Fidelity Bank; $17million in Keystone Bank; and $46.5million in Sterling Bank. Deposing to a 15-paragraph affi davit in support of an ex parte application fi led by the AGF, by Vincent Adodo, stated that seven banks colluded with Federal Government offi cials to hide the funds in breach of the government’s TSA policy. Th e funds, he said, were revenues, donations, transfers, refunds, grants, taxes, fees, dues, tariff s etc accruable to the Federal Government from diff erent 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 fi xed September 15, 2015, as the deadline for such funds to be moved. “Th e 1st to 7th respondents (banks), in collaboration with and/or collusion with unknown offi cials 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.
A k i n s e y e – G e o r g e , while moving the ex parte application, 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. “Th e withheld funds are urgently required for the implementation of the 2017 budget. Th e 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. In a short ruling, Justice Obiozor granted the interim orders adding that the order should be published in a national daily newspaper. He adjourned till August 8, 2017, for anyone interested in the funds to appear before him to show course why the interim orders should not be made permanent.
