The concerned banks are United Bank for Africa; Diamond Bank Plc; Skye Bank Plc; First Bank Limited; Fidelity Bank Plc; Keystone Bank Limited; and Sterling Bank Plc.

According to court papers filed by counsel for the Attorney General of the Federation, Prof. Yemi Akinseye-George (SAN), a total of $367.4m was illegally hidden by three government agencies in UBA, while a sum of $41m was illegally kept in a NAPIMS fixed deposit account with Skye Bank.

The court papers stated that $277.9m was hidden in Diamond Bank; $18.9m in First Bank; $24.5m in Fidelity Bank; $17m in Keystone Bank; and $46.5m in Sterling Bank.

A lawyer from Akinseye-George’s law firm, Vincent Adodo, who deposed to a 15-paragraph affidavit in support of an ex parte application filed by the AGF, stated that seven banks colluded with Federal Government officials to hide the funds in breach of the government’s TSA policy.

The funds, he said, were revenues, donations, transfers, refunds, grants, taxes, fees, dues, tariffs etc accruable to the Federal Government from different ministries, departments, parastatals and agencies.

Adodo said the banks failed to remit the funds to the TSA domiciled in the CBN in violation of the guidelines issued by the Accountant General of the Federation which fixed September 15, 2015, as the deadline for such funds to be moved.