Ogun state has been ordered by the Federal High Court in Abeokuta to pay the sum of N4.185bn with 4% interest into its interest-yielding account within two weeks.
The court gave the order on Friday in a case involving the state government and Bond Investment and Holdings Limited.
The state government was ordered to pay the sum of the arbitral award with interest of four per cent within 14 days from July 23, 2021.
It was gathered that the plaintiff executed some projects for the state government under the administration of Ibikunle Amosun.
The government was dragged before the court by the firm who got a judgment in its favour, but the defendant did not pay the money and appealed the judgment instead.
In a bid to execute the judgment, the firm sued the state government to the Federal High Court to compel it to make the payment.
Justice O. Oguntoyinbo granted the prayers of the plaintiff/applicant on the enforcement of the arbitral award published by the Arbitral Tribunal on February 25, 2020.
According to Justice Oguntoyinbo, the arbitral award was granted during arbitral proceedings between the applicant and the respondent pursuant to the arbitration agreement between the parties on December 23, 2020.
The court ruled thus, “The prayer for the recognition of the award succeeds.
“That the respondents are hereby ordered to pay into an interest-yielding account of the Federal High Court the total award in the sum of N4,185,000,000 plus interest at the rate of four per cent from the date award until full payment within 14 days from today, Friday July 23, 2021.”