Providus Bank MD Faces Imprisonment for Allegedly Ignoring Court Order

Managing Director of Providus Bank risks imprisonment for allegedly defying a court order, highlighting the legal challenges and potential consequences for the bank’s leadership.

Providus Bank Limited’s Managing Director/Chief Executive Officer, Walter Akpani could be imprisoned for alleged noncompliance with a court order to unfreeze accounts owned by Energen Oil and Gas Limited and Applause Global Services Nigeria Ltd.

Justice M. Savage, presiding over the Lagos State High Court, issued a notice emphasizing the consequences of failing to comply with its order.

Providus Bank and three other banks were directed by this notice to promptly release the frozen accounts of said companies.

Read Also: Banks mandated to deposit any extra FX by CBN

The court has also mandated that the banks and their agents cannot place any restrictions or liens on the applicants’ accounts without lawful justification.

On June 25, 2024, the court reached a decision after considering a motion. Abayomi Alagbada, legal counsel for the applicants presented their case and as per the court’s ruling, all restrictions on accounts imposed by respondents were to be lifted immediately allowing full access of funds to applicants.

One of the specific accounts at Providus Bank that was included is Account No. 1305009826 belonging to Energen Oil and Gas Ltd.

Additionally, the court mandated that Fadima Talo Global Enterprise and Noorie Global Multi-Trade be granted accessibility to their accounts at Providus Bank with account numbers 5400875119 and 5401867467 correspondingly.