Court freezes Osun accounts over $13.9m arbitration award
A Federal High Court in Lagos has frozen the accounts of the Osun State Government following a $13.9 million arbitration award in favor of Gamji Nigeria Company Limited. The dispute stems from unpaid water infrastructure projects in Ilesa West.
Why it matters
This highlights legal risks for state governments regarding contract enforcement and the potential impact of arbitration on public funds.
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, Yunus AbdulSalam, SAN, in a suit marked FHC/L/CS/1233/2026. The company is seeking to preserve $13,924,343.32 and N157.5m which, it said, were awarded to it following an arbitration arising from water infrastructure projects in Ilesa West Local Government Area of Osun State. The financial institutions named in the application include 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.
Also covering this story
One other newsroom covered this event. We read that version too.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in