Court Orders Banks to Restrict Osun Government 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 an unpaid arbitration award of $13.9 million in favour of Gamji Nigeria Company Limited.

Justice D.E. Osiagor issued the interim preservation order following an application 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 N157.5 million awarded to it after an arbitration proceeding arising from water infrastructure projects in Ilesa West Local Government Area of Osun State.