By By Elizabeth Ugbo
A Federal High Court in Abuja is examining allegations that commercial banks aided fund concealment in a garnishee case involving Ameena Indimi-Dalhatu and Zara Indimi against Oriental Energy Resources Limited; the issue arose after a January 2026 judgment ordered payment of $43.51 million in dividends, and the dispute escalated during enforcement proceedings when the plaintiffs accused banks of violating court orders and enabling withdrawals.
Background of the Dispute
The case stems from a long-running shareholders’ disagreement between the Indimi sisters and Oriental Energy.
The plaintiffs claimed unpaid dividends declared in 2015. However, the company’s financial records showed the dividends were paid.
Despite that, the sisters insisted they never received their entitlements.
On 2 January 2026, Justice N.E. Maha ruled in their favour. The court ordered Oriental to pay $43,510,000, plus 10% annual interest until full settlement.
Garnishee Proceedings Initiated
Following the judgment, the sisters began garnishee proceedings to recover the funds.
The case, filed under Suit No. FHC/ABJ/CS/96/2026, listed several banks as garnishees.
On 13 February 2026, Justice P.O. Lifu ordered the banks to disclose and freeze all accounts linked to Oriental nationwide.
This directive covered savings, current, domiciliary, and fixed deposit accounts.
Allegations Against the Banks
During a court session on 13 March 2026, plaintiffs’ counsel, Mr. Mene-Josiah, raised serious concerns.
He alleged that some banks gave inaccurate disclosures.
Furthermore, he claimed others allowed withdrawals after receiving the garnishee order.
Court filings also showed that one bank failed to disclose two accounts with substantial funds.
In addition, another bank reportedly permitted multiple withdrawals despite the court directive.
Disputed Court Order in Akwa Ibom
One of the banks relied on a garnishee order nisi issued by a High Court in Akwa Ibom State.
However, an independent search revealed that the order was set aside on 9 July 2025.
Despite this, the bank allegedly failed to inform the court.
The plaintiffs argued that the bank acted deliberately and misled the court.
Claims of Collusion and Legal Risks
The plaintiffs argued that these actions indicate possible collusion to conceal funds.
They also said the conduct undermines enforcement of the court’s judgment.
Legal experts stressed that banks must fully disclose all funds tied to a judgment debtor.
They also warned that banks must not allow withdrawals once a garnishee order is served.
Failure to comply may lead to contempt proceedings and serious legal consequences.
Oriental Files Appeal
Meanwhile, Oriental Energy has filed an appeal against the judgment.
The company also applied to set aside the garnishee order.
In one affidavit, a bank claimed Oriental owed about N900 million under a credit facility.
The bank argued that this debt justified withholding the disclosed funds.
Court Adjourns for Further Hearing
After reviewing the allegations, the court adjourned the matter to 16 April 2026.
The adjournment will allow the banks to respond to possible contempt proceedings.
As of now, none of the banks has issued a public response.
What Garnishee Proceedings Mean
Garnishee proceedings help enforce monetary judgments.
They allow courts to attach funds held by third parties on behalf of a debtor.
Banks must comply strictly once served with such orders.
