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Providus Bank CEO Risk Jail Term over Alleged Contempt of Court

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.

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Akinlade I. WAHAB is a dedicated journalist and the proprietor of I-WAHAB Media. He embarked on his career at Murhi International TV (MiTV) and subsequently joined Radio Nigeria as a Judicial Correspondent.With a profound interest in legal reporting, he currently holds the positions of Chairman at the National Association of Judicial Correspondents (NAJUC), Ikeja Branch, and Chairman at the Nigeria Union of Journalists (NUJ), Radio Nigeria Chapel.As the owner of I-WAHAB Media, he has successfully established Top Court News, a platform renowned for providing comprehensive coverage of court cases and legal developments, with the aim of promoting transparency within the judicial system.Akinlade's diligent work and unwavering commitment to ethical reporting have earned him immense respect within the Nigerian journalism community.

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