GPC Energy and Logistics Limited has been facing significant challenges in its attempts to lift a restriction order imposed on its accounts by a Lagos Federal High Court. Unfortunately, the company’s recent application to lift this order was dismissed, leaving the situation unresolved.

The company is reportedly owing Ecobank Nigeria Limited a substantial amount of $4,454,348.28. Following GPC’s failure to settle this alleged debt, Ecobank, represented by Dr. Kemi Pinheiro, SAN, along with Chukwudi Enebeli, SAN, and additional legal counsel, approached the court on August 6. They sought an Ex-Parte motion for a court order against GPC and its principal, Chukwudi Elvis Okonji. This order was intended to prevent the specified banks—acting through any of their offices, directors, or agents—from processing any transactions or withdrawals related to the company’s accounts until the ongoing proceedings are resolved and the debt is secured.

The banks that have been instructed to comply with this order include major financial institutions such as Guaranty Trust Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, and several others. The list extends to a total of 34 banks, encompassing both well-known names and smaller institutions, including Unity Bank Plc, Wema Bank Plc, and Kuda Microfinance Bank.

During the latest hearing of this matter on October 16, Justice Ambrose Lewis-Allagoa presided over the proceedings. Professor Fidelis Oditah, KC, SAN, and Innocent Ukpai represented GPC Logistics and its principal.

To streamline the court process, the judge instructed both parties to submit their previously filed documents regarding the Motion for Interlocutory Injunction and the Defendant’s Reply. The court then scheduled the next hearing for November 7, 2024, when a ruling will be made on the matter.