The Federal Government has filed
a notice of discontinuance of the suit it filed 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.
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