The Federal High Court in Lagos has ordered commercial banks to freeze funds in accounts belonging to the Osun State Government over a $13.9 million arbitration award in favour of Gamji Nigeria Company Limited.
Justice D.E. Osiagor issued the interim order following an application by Gamji through its counsel, Yunus AbdulSalam, SAN, in suit No. FHC/L/CS/1233/2026.
The court directed the banks to place a “Post No Debit” restriction on the accounts and preserve up to $13,924,343.32 and N157.5 million pending the hearing and determination of the motion on notice.
Gamji said the sums were awarded to it by an arbitral panel on July 24, 2026, over a dispute arising from water infrastructure projects it executed for the Osun State Government in Ilesa West Local Government Area.
The company said the state government failed to pay the award by the August 24, 2026 deadline, prompting it to approach the court for enforcement.
The affected banks 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.
The court adjourned the matter until October 22, 2026, for hearing of the motion on notice.
