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Nigeria to drop $793M case against 7 private banks, pursue settlement

The Nigerian state is planning to withdraw a case seeking around $793 million that it claimed it is owed by seven private banks, and will look to settle it out of court instead, Reuters reported, citing government lawyer Yemi Akinseye-George.

On July 21, United Bank for Africa Plc, Fidelity Bank Plc, Sterling Bank Plc, Keystone Bank Ltd., Diamond Bank Plc, First Bank of Nigeria Ltd. and Skye Bank Plc were ordered by the Lagos division of Nigeria's Federal High Court to release around $793 million worth of remittances due to the government under its treasury single account policy, introduced in 2015, The Premium Times reported at the time.

However, the government has now decided to withdraw the case, ahead of the court's scheduled ruling in the matter, Reuters reported Aug. 9. The banks claim that they have either paid the government what they owe already or that they do not owe anything.