Although the bank is accusing him of contempt of court, Walter Akpani, the CEO of faces a possible jail sentence. The bank is charged with failing to release the freeze on the accounts of Applause Global Services Nig, Ltd. and Energen Oil and Gas Limited.
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Three additional banks have joined Providus Bank Limited as defendants. Justice M. Savage of the Lagos State High Court has ordered the four banks to promptly cooperate and unfreeze the bank accounts of Energen Oil and Gas Limited and Applause Global Services Nig, Ltd., threatening them with repercussions for disobeying the court order.
The banks are also not allowed to impose any limitations or restrictions on the applicants’ accounts without a valid reason, according to the court’s ruling. After examining the initial motion on notice dated June 25, 2024, the court made the order.
After hearing arguments from Abayomi Alagbada, the applicant’s attorney, the court ordered the respondents to remove the limitations and grant complete access to the bank accounts.
Providus Bank was specifically ordered by the court to permit the applicants’ beneficiaries to use their accounts without any restrictions.
