⚖️ COURT UPDATE: Kam Industries Gets Relief as Judge Discharges Interim Order in $9.5M Dispute with Ecobank
In a major development in the high-profile credit dispute between Kam Industries Nigeria Ltd and Ecobank Nigeria Plc, the Federal High Court in Lagos has discharged a previous ex-parte order and lifted a Mareva injunction that had frozen Kam’s assets in Nigerian banks.
Why This Matters:
• The case revolves around a $9.5 million trade finance dispute, with Ecobank claiming outstanding debts of ₦3 billion and $6.8 million from Kam Industries and its affiliates.
• The Mareva injunction, granted in 2024, had restricted 25 banks from granting Kam access to its funds and financial instruments.
⚖️ Key Court Ruling (July 25, 2025):
Justice Daniel Osiagor ruled that:
• The Central Bank of Nigeria (CBN) plays a critical role in the FX transaction at the center of the case and must be involved for fair adjudication.
• The interim freezing order is now discharged, but Kam Industries must ring-fence ₦1.5 billion in its Fidelity Bank account as security.
• Polaris Bank has been struck out as a party to the suit.
️ “Any judgment without the CBN’s participation would be incomplete,” the judge said, highlighting the bank’s role in approving the disputed transaction.
Background:
Ecobank had filed the suit in 2024, seeking:
• A full judgment against Kam Industries, its Chairman Dr. Kamoru Yusuf, and Kamsteel Integrated Company Ltd.
• The court to vest control of all their assets in favor of the bank—until the alleged debt was fully settled.
But with the CBN now identified as a necessary party or witness, the court adjourned further hearing to January 26, 2026, and the prior injunction no longer holds.
⚠️ Bottom Line:
The legal tide has shifted for Kam Industries, with a partial relief granted—but the case is far from over. All eyes now turn to the CBN’s role in the matter as proceedings continue.
In a major development in the high-profile credit dispute between Kam Industries Nigeria Ltd and Ecobank Nigeria Plc, the Federal High Court in Lagos has discharged a previous ex-parte order and lifted a Mareva injunction that had frozen Kam’s assets in Nigerian banks.
Why This Matters:
• The case revolves around a $9.5 million trade finance dispute, with Ecobank claiming outstanding debts of ₦3 billion and $6.8 million from Kam Industries and its affiliates.
• The Mareva injunction, granted in 2024, had restricted 25 banks from granting Kam access to its funds and financial instruments.
⚖️ Key Court Ruling (July 25, 2025):
Justice Daniel Osiagor ruled that:
• The Central Bank of Nigeria (CBN) plays a critical role in the FX transaction at the center of the case and must be involved for fair adjudication.
• The interim freezing order is now discharged, but Kam Industries must ring-fence ₦1.5 billion in its Fidelity Bank account as security.
• Polaris Bank has been struck out as a party to the suit.
️ “Any judgment without the CBN’s participation would be incomplete,” the judge said, highlighting the bank’s role in approving the disputed transaction.
Background:
Ecobank had filed the suit in 2024, seeking:
• A full judgment against Kam Industries, its Chairman Dr. Kamoru Yusuf, and Kamsteel Integrated Company Ltd.
• The court to vest control of all their assets in favor of the bank—until the alleged debt was fully settled.
But with the CBN now identified as a necessary party or witness, the court adjourned further hearing to January 26, 2026, and the prior injunction no longer holds.
⚠️ Bottom Line:
The legal tide has shifted for Kam Industries, with a partial relief granted—but the case is far from over. All eyes now turn to the CBN’s role in the matter as proceedings continue.