Court orders banks to freeze Osun accounts over $13.9m arbitration award

The Federal High Court successful Lagos has ordered commercialized banks to spot a “Post No Debit” regularisation connected accounts operated by the Osun State Government implicit a $13.9m arbitration grant successful favour of Gamji Nigeria Company Limited.

Justice D.E. Osiagor granted the interim bid pursuing an exertion filed by Gamji done its counsel, Yunus AbdulSalam, SAN, successful a suit marked FHC/L/CS/1233/2026.

A certified existent transcript of the ruling was issued to journalists connected Saturday.

The institution is seeking to sphere $13,924,343.32 and N157.5m awarded to it aft an arbitration arising from h2o infrastructure projects executed successful Ilesa West Local Government Area of Osun State.

The fiscal institutions listed successful the bid see Guaranty Trust Bank, Access Bank, First Bank, Zenith Bank, United Bank for Africa, Ecobank, Fidelity Bank, Stanbic IBTC, Sterling Bank, Union Bank and Wema Bank, among others.

According to an affidavit filed successful enactment of the application, the quality originated from 2 contracts awarded to Gamji by the Osun State Government successful June 2017 for h2o infrastructure projects.

The contracts covered the operation of transmission mains and booster pump stations nether Slot 1, arsenic good arsenic h2o reservoirs under...