Osun disputes accounts restriction over $13.9m award
The Osun State Government has filed an application to set aside a court order restricting its bank accounts over a $13.9m arbitration award. Read More: https://punchng.com/osun-disputes-accounts-restriction-over-13-9m-award/
The Osun State Government has filed an application to set aside a court order that restricts its bank accounts due to a $13.9m arbitration award. According to the Daily Post Nigeria, the Federal High Court in Lagos ordered commercial banks to place a "Post No Debit" restriction on the state's accounts after Gamji Nigeria Company Limited, which was awarded the $13.9m, sought to preserve the funds pending enforcement of the payment.
The dispute originated from two contracts awarded to Gamji by the Osun State Government in June 2017 for water infrastructure projects in Ilesa West Local Government Area. The contracts covered the construction of transmission mains, booster pump stations, and water reservoirs. Gamji Nigeria Company Limited was awarded $13,924,343.32 and N157.5m after an arbitration.
The court order affects several banks, including Guaranty Trust Bank, Access Bank, and Zenith Bank, among others. The Osun State Government is contesting the court order by seeking to have it set aside.
Brief written by urgent.news from Punch, Punch Nigeria, Premium Times, Daily Post Nigeria — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Court orders banks to freeze Osun accounts over $13.9m arbitration award dailypost.ng
- Court places restriction on Osun bank accounts premiumtimesng.com
- Osun disputes accounts restriction over $13.9m award punchng.com
