Justice Daniel Osiagor of a Federal High Court in Lagos has lifted an earlier order freezing the assets of a firm, Kam Industries Nigeria Limited, in relation to an alleged $9.5 million trade finance dispute with Ecobank Nigeria Plc.
The court discharged the mareva injunction on the grounds that the Central Bank of Nigeria (CBN), being a necessary party in resolving the dispute, was not joined in the suit.
Justice Osiagor held that both parties mutually acknowledged the critical role of the CBN in the transaction, and that any judgement rendered without its participation would be incomplete.
In the ruling delivered on July 25, 2025, the court also directed that the sum of N1.5 billion be ringfenced in Kam Industries’ Fidelity Bank’s account as security pending the final determination of the substantive suit.
“On the agreement of the parties, the ex-parte order is hereby discharged, and the assets of the company are not to be dissipated or transacted with.
“The sum of N1,500,000,000.00 is hereby ring-fenced in the Fidelity account of the defendants as security for the case”, Justice Osiagor ruled.
The court also struck out Polaris Bank as a party to the suit and adjourned further proceedings to January 26, 2026. The initial mareva injunction was granted on October 7, 2024, in favour of Ecobank.
The order restrained 25 licensed Nigerian banks and financial institutions from releasing or granting access to the defendants’ funds, shares, bonds, letters of credit, promissory notes, bills of lading, and other negotiable instruments, covering amounts equivalent to N3,000,681,722.97 and $6,824,638.75.
Besides Kam Industries Nigeria Limited, other defendants in the suit include its Chairman, Dr. Kamoru Yusuf, and Kamsteel Integrated Company Limited. Ecobank instituted the suit, marked FHC/L/ CS/1748/2024, via an originating summons dated September 27, 2024.
