The embargo on Benue State Government bank accounts in roughly 12 banks was removed on Tuesday by a Federal High Court in Abuja over a disputed N784 million debt.
Justice Inyang Eden Ekwo froze the bank accounts on September 30, 2021, after the Federal Government-owned Asset Management Corporation of Nigeria filed an ex-parte application (AMCON).
The ex-parte application was granted against the Benue State Government after it continued to refuse to honour debt obligations dating back more than two decades.
After a significant meeting with the creditor, the state administration entered a Memorandum of Understanding MoU, declaring that it has committed to pay the judgement sum as well as the accumulating interest.
Justice Ekwo ordered that all accounts domiciled in various banks be unfrozen, based on the provisions of the MoU submitted on January 26 but brought before court on Tuesday and adopted by the parties.
The state government was granted a reprieve after four months of legal fireworks at the Federal High Court.
More information will be provided later.