In a decisive ruling, Justice M.A. Savage of the Lagos State High Court has mandated that three commercial banks lift restrictions on accounts held by Energen Oil and Gas Limited and Applause Global Services Nig, Ltd. The court’s order comes after the companies accused Providus Bank Limited and its CEO, Walter Akpani, of flouting earlier court directives.
The banks implicated in this decision include Globus Bank Ltd., Zenith Bank Plc., and Access Bank Plc. The court’s ruling not only requires these institutions to remove any liens or restrictions but also prohibits them from imposing further limitations without valid legal grounds.
The case against Providus Bank and its CEO has escalated to contempt proceedings, with Justice Savage warning of potential imprisonment should the court’s orders not be followed. The legal action, filed on June 25, 2024, under various constitutional and human rights provisions, highlighted the need for immediate compliance.
Energen Oil and Gas and Applause Global Services have been granted full access to their accounts, including those at Providus Bank and other listed banks. Furthermore, the court has imposed damages of N100,000,000.00 and additional legal costs of N20,000,000.00 on the respondents for the wrongful restrictions.
The case will continue on October 16, 2024, as the court monitors compliance and further legal proceedings.
