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Report: Nigerian court dismisses state funds case on government's request

A Nigerian court dismissed a lawsuit against seven local banks accused of withholding $793 million owed to the state, after the government filed a notice to halt the case, Reuters reported Aug. 9.

A government lawyer told the court that the state aims to settle the case out of court. The banks were awarded 200,000 Nigerian naira each as compensation.

Some of the seven lenders, which are United Bank for Africa Plc, Diamond Bank Plc, Skye Bank Plc, First Bank Nigeria Holdings Plc, Fidelity Bank Plc, Keystone Bank Ltd. and Sterling Bank Plc, have said they have already paid or that they do not owe the government any money, Reuters added.

As of Aug. 10, US$1 was equivalent to 368.25 Nigerian naira.