A Federal High Court in Lagos has lifted the freeze order placed on the bank accounts of Kam Industries Nigeria Limited over a disputed $9.5 million trade finance deal with Ecobank Nigeria.
Justice Daniel Osiagor ruled on Friday that the Central Bank of Nigeria (CBN), a major player in the transaction, was wrongly excluded from the suit. He said any decision taken without involving the apex bank would be flawed.
“The mutual recognition of the Central Bank of Nigeria’s role makes it essential for the court to understand the full scope of the bank’s involvement,” the judge said.
Although the freeze was lifted, the court directed that ₦1.5 billion in Kam Industries’ Fidelity Bank account be secured until the main case is resolved.
“By agreement of both parties, the ex parte order is discharged,” Osiagor ruled. “But the sum of ₦1.5bn is to be ring-fenced in the defendants’ Fidelity Bank account as security pending the conclusion of the matter.”
The court also struck out Polaris Bank from the suit and adjourned hearing to 26 January 2026.
Ecobank had obtained a Mareva injunction in October 2024, freezing assets linked to Kam Industries, its Chairman Dr Kamoru Yusuf, and Kamsteel Integrated Company Limited. The order had affected 25 banks and financial institutions, blocking access to over ₦3bn and $6.8m in funds.
The bank is seeking to recover what it claims is an unpaid facility, backed by personal and corporate guarantees, promissory notes, and a factory charge. It wants the court to vest all assets belonging to the defendants in its favour until the alleged debt is settled.
However, Kam Industries has denied owing the amount claimed. The company said the real figure is closer to ₦782 million, which it insists has already been cleared via a foreign exchange forward contract that involved the CBN.
The company also pointed to a domiciliation agreement and letters of credit that were meant to be honoured through CBN support. It said the apex bank’s failure to meet its side of the arrangement triggered the dispute.
Given the conflicting claims, Justice Osiagor ruled that the case could no longer proceed by originating summons, which is only used when facts are undisputed. He ordered a full trial, with pleadings and witness testimony, under the court’s general cause list.
