Nigeria’s government has asked a court to withdraw its case against seven local banks over the non-remittance of $793 million due to the state, the government lawyer told the court on Tuesday.
Yemi Akinseye-George told the court the government would seek an out-of-court settlement in the matter, on which the court was due to rule on Wednesday.
A court last month ordered the banks to transfer a combined $793 million due to the government immediately and accused the lenders of withholding funds collected on behalf of the state.
Several of the lenders have said they have remitted all funds due to government.
