Two firms, Energen Oil and Gas Limited, and Applause Global Services Nig, Ltd have initiated a contempt proceeding against the Chief Executive Officer of Providus Bank Limited, Walter Akpani over alleged disobedience to the orders of the court.

In a notice of consequences of disobedience to the order of court (Form 48), Justice M. A. Savage of the Lagos State High Court, ordered the bank to immediately unfreeze bank accounts belonging to the two companies. Joined as defendants in the suit marked ID/17628MFHR/2024 are Globus Bank Ltd, Zenith Bank Plc, and Access Bank Plc.

The court further restrained the respondents either by themselves, any officers or privies from restricting any of the applicants’ accounts domiciled with any of the respondents without any lawful justification.

In the Form 48, addressed to Akpani, the court states: “Take notice that unless you purge yourself of the contemptuous act of your refusal to lift the lien/restriction/Post-No-Debit placed on the accounts of the applicants herein, as ordered by this court on July 11, 2024, by Justice M.A. Savage, you shall be guilty of contempt of court and will be liable to be committed to prison.”

The court gave the order upon reading the originating motion on notice dated June 25, 2024, brought pursuant to the relevant provisions of court rules, fundamental rights enforcement rules, the constitution and the African Charter.

After hearing counsel appearing for the applicant, Abayomi Alagbada, who moved the application, the court ordered the respondents to immediately lift the restriction and accordingly allow the applicants to operate and have full access to their bank accounts.

Justice Savage also ordered each of the respondents to pay the sum of N100 million in favour of the applicants as damages for the illegal and unlawful restrictions placed on their accounts without justification.

In addition, the court ordered the respondents to pay N20 million as the cost of the action and adjourned to October 16, 2024, for a hearing.