Arthur Richard
Walter Akpani, the Chief Executive Officer, CEO of Providus Bank is facing the risk of a jail term due to the alleged contempt of court by the bank.
The bank is accused of refusing to unfreeze the bank accounts of Energen Oil and Gas Limited and Applause Global Services Nig, Ltd.
Joined defendants alongside Providus Bank Limited are three other banks.
In a notice of consequences of disobedience to the court order, Justice M. Savage of the Lagos State High Court has directed the four banks to immediately comply and unfreeze the bank accounts of Energen Oil and Gas Limited and Applause Global Services Nig, Ltd.
The court has also prohibited the banks from placing any restrictions or limitations on the accounts of the applicants without lawful justification.
The court issued the order after reviewing the originating motion on notice dated June 25, 2024.
Following the arguments made by the applicant’s counsel, Abayomi Alagbada, the court ordered the respondents to lift the restrictions and allow full access to the bank accounts.
The court specifically instructed Providus Bank to allow the beneficiaries of the applicants to operate their accounts without any hindrance.
