The Federal Government has filed a notice of discontinuance of its suit against seven commercial banks seeking the remittance of the sum of $793.2 million allegedly hidden with them in contravention of the Treasury Single Account policy.
The notice of discontinuance dated the 7th of August was brought pursuant to Order 50 Rule 2 Subsection 1, Federal High Court Civil Procedure Rules of 2009.
Counsel to the Federal Government, Professor Yemi Akinseye-George, told Justice Chuka Obiozor that the government is making the move in the public interest as it has decided to explore an ‘out of court settlement’ with the banks.
Lawyers to the banks have no objections to the notice of discontinuance but they insisted that the proper application is for the court to dismiss the suit and award cost against the Federal Government.
Justice Chuka Obiozor has adjourned until tomorrow, Wednesday, August 9 on whether to strike out the suit or to dismiss it.