A Federal High Court in Abuja on Tuesday lifted the embargo placed on Benue State Government bank accounts domiciled in about 12 banks over a disputed N784m debt.
The bank accounts were frozen on September 30, 2021, by Justice Inyang Eden Ekwo following an ex-parte application argued by the Federal Government-owned Asset Management Corporation of Nigeria (AMCON).
The ex-parte application was granted against Benue State Government following its persistent refusal to honour the debt obligations obtained more than 20 years ago.
However, in a dramatic turn of events, the state government entered a Memorandum of Understanding MoU, after a crucial meeting with the creditor, stating that it has agreed to pay the judgment sum and the accruing interest.
Based on the terms of the MoU filed on January 26 but brought to court on Tuesday and following the adoption of same by the parties, Justice Ekwo ordered that all the accounts domiciled in various banks be unfrozen.
The respite came the way of the state government after four months of fierce legal fireworks at the Federal High Court.