Federal High Court Places Restriction on Osun Bank Accounts over $13.9m Arbitration Award

A Federal High Court in Lagos has placed restrictions on the bank accounts of the Osun State Government, according to reports from Premium Times Nigeria and Punch Newspapers. The decision follows an arbitration award of $13.9 million against the state government by Gamji Nigeria Company Limited. The court order requires banks to place a ‘Post No Debit’ restriction on the affected accounts pending enforcement of the outstanding payment award.

The move is significant as it underscores the judiciary’s role in enforcing contractual obligations and safeguarding business interests. Osun State Government has not yet commented on the matter, but the development may have implications for the state’s financial operations and public service delivery.