Providus Bank CEO Risk Jail Term For Alleged Contempt Of By Bank

The Chief Executive Officer, CEO of Providus Bank, Walter Akpani is facing the risk of a jail term due to an 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 Globus Bank Ltd, Zenith Bank Plc, and Access Bank Plc.

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.

Specifically, in a notice of consequences of disobedience to order of court (Form 48), addressed to the Chief Executive Officer of Providus Bank Limited, Walter 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 Honourable Court on the 11th Day of July 2024, by Honourable Justice M.A. Savage, you shall be guilty of contempt of court and will be liable to be committed to prison.”

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.