The Federal Government on Tuesday filed a notice to withdraw its suit against seven commercial banks for not remitting $793.2 million to the Treasury Bill Account.

The banks are Skye Bank Plc, First Bank Plc, Keystone Bank Plc, Diamond Bank Plc, Sterling Bank Plc and Fidelity Bank Plc.

Punch reports that the notice dated August 7 was filed on Tuesday.

Yemi Akinseye-George, counsel to the federal government, told the presiding judge that the government was exploring an ‘out of court settlement’ with the banks.

Lawyers to the banks did not object to the notice of discontinuance but insisted that the court should dismiss the suit.

The presiding judge adjourned till Wednesday on whether to strike out the suit or to dismiss it.

Azeez