Walter Akpani, CEO of Providus Bank, risks a jail term due to alleged contempt of court.
The bank is accused of refusing to unfreeze the accounts of Energen Oil and Gas Limited and Applause Global Services Nig, Ltd.
Providus Bank, along with three other banks, is named as a defendant in this case.
Justice M. Savage of the Lagos State High Court has issued a notice of consequences of disobedience to the court order, directing the four banks to unfreeze the accounts of Energen Oil and Gas Limited and Applause Global Services Nig, Ltd.
The court has prohibited the banks from placing any restrictions or limitations on the accounts without lawful justification.
The order was issued following the review of the originating motion on notice dated June 25, 2024.
The court, considering the arguments presented by the applicant’s counsel, Abayomi Alagbada, mandated the respondents to lift the restrictions and grant full access to the accounts.
Providus Bank has been specifically instructed to ensure the beneficiaries of the applicants can operate their accounts without any hindrance.
