Court Freezes FDGS Energy Assets Over $7.9m, N399m Keystone Bank Debt

The Federal High Court of Nigeria sitting in Lagos has granted sweeping interim orders freezing the assets and operations of FDGS Energy Group of Companies Limited over an alleged indebtedness of $7,999,405.19 and N399,893,550.44 to Keystone Bank Limited.

Justice A. Lewis-Allagoa made the orders following an ex parte application filed on behalf of the Plaintiffs/Applicants by Mofesomo Tayo-Oyetibo, SAN, who also moved the motion before the court.

The suit, marked FHC/L/CS/2567/2025, lists FDGS Energy Group of Companies Limited (in receivership) and its Receiver/Manager, Mr. Paul Mgbeoma, as Plaintiffs/Applicants, while Chijioke Arinze Onyeagba and Tijjani Ahmad Aliyu, identified as current directors of the company, are named as defendants.

In a ruling delivered on January 20, 2026, the court granted an interim injunction restraining the defendants, their agents, or privies from interfering with the Receiver/Manager in the discharge of his statutory functions over the company’s assets.

The court restrained the defendants from entering into or remaining in possession of the company’s assets and offices now under receivership, collecting proceeds, income, or receivables due to the company, removing, dissipating, selling, leasing, or otherwise dealing with the company’s assets, and accessing any funds standing to the credit of the company in any financial institution up to the amount allegedly owed to Keystone Bank.

Justice Lewis-Allagoa also ordered all banks and financial institutions served with the order to file, within seven days, affidavits disclosing sums standing to the credit of the company, along with relevant account statements.

In addition, the court directed the Inspector-General of Police, the Commissioner of Police for Lagos State, and other law enforcement agencies, including Interpol units of the Nigeria Police Force, to assist the Receiver/Manager in enforcing the orders and maintaining law and order in relation to the company’s assets.

The matter was adjourned to March 16, 2026, for hearing of the Motion on Notice.

According to the affidavit filed in support of the ex parte motion by Akeem Oloyede, a unit head in Keystone Bank’s Specialised Assets division, the bank granted FDGS Energy multiple loan facilities beginning in June 2021.

The facilities, initially totaling $3.85 million, were reportedly granted to finance the construction and acquisition of marine vessels, including a 23-metre fast crew boat and a 56-metre barge.

The loans were restructured on several occasions between 2021 and 2024 at the company’s request.

Despite the restructuring, the bank alleged that the company failed to meet its repayment obligations.

As of August 8, 2025, the outstanding indebtedness under one of the facilities had risen to $7,999,405.19, while a second facility stood at N399,893,550.44.

The bank subsequently issued demand letters in May, June and August 2025. Following continued default, it appointed Mr. Paul Mgbeoma as Receiver/Manager on October 14, 2025, pursuant to a Deed of All Assets Debenture executed in July 2021 and registered with the Corporate Affairs Commission.

Court documents show that the receivership covers all fixed and floating assets of the company, including properties located at Ibasa-Imore (Snake Island), Satellite Town, Apapa, and Victoria Island, Lagos.

Also covered are three vessels mortgaged to the bank, namely MV Blufin 1 (Official No. SR 4039), MV Safari (Official No. SR 4026), and Dangana Z (Official No. 4429).

The vessels were secured under separate Deeds of Vessel Mortgage and registered with the Nigerian Maritime Administration and Safety Agency and the Corporate Affairs Commission.

The security package also includes a Deed of All Assets Debenture charging the company’s undertaking, goodwill, bank accounts, receivables, shares, and other present and future assets in favour of the bank.

In the affidavit, the Applicants alleged that the defendants were making surreptitious moves to alienate or dispose of charged assets, which could frustrate the Receiver/Manager’s ability to realise the security and recover the debt.

They argued that delaying the application to allow service of a motion on notice could result in irreparable damage, as the assets might be dissipated before the court could intervene.

The court granted leave for substituted service of court processes by delivery to an adult person or by pasting the documents at Plot 1676, Kaita Gardens, Oladele Olashore Street, Victoria Island, Lagos, said to be the defendants’ last known business address.

The interim orders are to remain in force pending the hearing and determination of the Motion on Notice for interlocutory injunction.

At the next adjourned date, the court is expected to consider whether to make the injunctive orders permanent pending the final determination of the substantive suit.

The case underscores the increasing recourse by financial institutions to receivership proceedings under the Companies and Allied Matters Act 2020 to enforce security over distressed corporate borrowers, particularly in capital-intensive sectors such as oil and gas and marine logistics.