Court Orders Banks to Freeze Osun Accounts over $13.9m Arbitration Award
Justice D.E. Osiagor ordered banks to freeze Osun State accounts to secure $13.9 million and N157.5 million after the state missed a compliance deadline.
- On Saturday, the Federal High Court in Lagos ordered commercial banks to place a "Post No Debit" restriction on Osun State Government accounts, enforcing a $13.9m arbitration award in favor of Gamji Nigeria Company Limited.
- The dispute stems from two 2017 water infrastructure contracts in Ilesa West; Gamji claims 93 per cent completion, but the state government failed to satisfy the final award issued by an arbitral panel on July 24, 2026.
- Following an application by Gamji's counsel, Yunus AbdulSalam, SAN, Justice D.E. Osiagor issued the interim order covering $13.9m plus N157.5m in fees, with 20 per cent annual interest on any outstanding balance.
- Banks including Access Bank, Zenith Bank, and First Bank must immediately restrict the state's accounts, while the court adjourned the suit until October 22, 2026, for a hearing on the motion on notice.
- Funded through an Islamic Development Bank loan facility facilitated by the Federal Ministry of Finance, the water projects underscore enforcement challenges as the legal impasse persists pending the October 22 hearing.
16 Articles
16 Articles
Premium Times Nigeria
Court places restriction on Osun bank accounts
The restriction follows a suit filed by Gamji Nigeria Company Limited seeking an order to preserve funds in the state government’s accounts pending enforcement of the outstanding payment award.
Vanguard News
LeadershipCourt freezes Osun accounts over $13.9m arbitration award
By Nnamdi Ojiego 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 issued the interim order following an application filed by Gamji through its counsel, […]
Daily Post Nigeria
THE HARMATTAN NEWSCourt 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, […] Court orders banks to freeze Osun accounts over $13.9m arbitration award
Osun govt challenges order freezing state accounts
The government traced the underlying dispute to a 2017 contract entered into during the administration of former Governor Gboyega Oyetola, saying the disagreement arose, among other issues, from a variation request by Gamji.
“Post No Debit Restriction Placed On Osun Government Accounts” — Court Freezes Funds Over $13.9m Arbitral 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, preserving funds up to $13,924,343.32 and ₦157.5 million in connection with an arbitral award obtained by Gamji Nigeria Company Limited. Justice D.E. Osiagor granted the interim preservation order following an […]
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