TSA: Court orders 7 banks to remit N2.9tn hidden with them

Justice Chuka Obiozor of the Federal High Court in Lagos on Thursday granted an interim order for seven commercial banks in Nigeria to remit a total of N2.87 trillion ($793 million) said to have been hidden with them.

According to the judge, their action is in violation of the Treasury Single Account (TSA) policy of the Federal Government.

The court ordered that the funds be remitted into the Asset Recovery Dollars Account of the Central Bank of Nigeria (CBN).
Details later…

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