Court orders banks to freeze Osun accounts over $13.9m arbitration award

The Federal High Court in Lagos ordered commercial banks to place a 'Post No Debit' restriction on accounts operated by the Osun State Government over a $13.9 million arbitration award in favor of Gamji Nigeria Company Limited. The company aims to preserve the awarded funds following disputes over water infrastructure projects in Ilesa West, originally contracted in 2017 and financed through an Islamic Development Bank loan. Disagreements over claims, scope changes, and delays led to arbitration, which resulted in the court order to freeze the funds.