Court freezes N448m in debt recovery case against five defendants
The Federal High Court in Lagos has ordered the freezing of assets worth N448,263,172.41 in a suit filed by Keystone Bank Limited. The order was made by Justice Chukwujekwu Aneke after an ex parte application by Mofesomo Tayo-Oyetibo (SAN). The case involves several defendants and relates to an overdraft facility that allegedly remains unpaid. The court also issued several directives to banks and financial institutions regarding the preservation and disclosure of the defendants’ assets.
What we know
- On March 26, 2026, Justice Chukwujekwu Aneke ordered the freezing of funds and assets in a suit by Keystone Bank Limited against five defendants.
- The court directed all banks and financial institutions to preserve any funds belonging to the defendants and to disclose account balances within seven days of service.
- The suit stems from a N500 million overdraft facility granted on March 28, 2023, which expired on March 27, 2024, leaving an outstanding debt of N448,263,172.41 as at October 31, 2024.
- The claimant alleges that the facility was diverted for personal use by the third defendant and routed through the fourth and fifth defendant companies.
- The matter was adjourned to April 9, 2026, for mention, after the court granted all reliefs sought by the claimant.
