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

The Federal High Court in Lagos has ordered commercial banks to place a “Post No Debit” restriction on accounts operated by the Osun State Government over a $13.9m arbitration award in favour of Gamji Nigeria Company Limited.
Justice D.E. Osiagor granted the interim order following an application filed by Gamji through its counsel, Yunus AbdulSalam, SAN, in a suit marked FHC/L/CS/1233/2026.
A certified true copy of the ruling was issued to journalists on Saturday.
The company is seeking to preserve $13,924,343.32 and N157.5m awarded to it after an arbitration arising from water infrastructure projects executed in Ilesa West Local Government Area of Osun State.
The financial instit...