Court Freezes N448m Assets of Firms, Individuals in Keystone Bank Debt Recovery Suit

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery action filed by Keystone Bank Limited against five defendants.

The order, granted on March 26, 2026, followed an ex-parte application filed and argued by Mofesomo Tayo- Oyetibo, SAN, against Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

In his ruling, Justice Aneke issued a Mareva injunction restraining the defendants, whether by themselves or through agents, from withdrawing, transferring, or otherwise dealing with funds, shares, dividends, and other financial instruments up to the disputed sum in any bank or financial institution in Nigeria.

The court also directed all banks and financial institutions to immediately preserve any funds belonging to the defendants upon service of the order.

The institutions are further required to file affidavits within seven days disclosing the balances in all accounts linked to the defendants, along with relevant account statements.

In addition, the court granted a preservative order restraining the defendants from disposing of or encumbering any movable or immovable property, including future or contingent interests, up to the value of the alleged debt.

Justice Aneke further granted leave for substituted service of court processes on the second and third defendants through courier delivery to their last known addresses.

The matter was adjourned to April 9, 2026, for mention.

According to court documents, the dispute stems from a N500 million overdraft facility granted to Relic Resources on March 28, 2023, with a tenure of 365 days and an interest rate of 32 percent per annum.

The bank stated that the facility, initially secured by a $200,000 cash collateral and later by a mortgaged property in Itunu City, Epe, Lagos, expired on March 27, 2024. It said an outstanding sum of N448,263,172.41 remained unpaid as of October 31, 2024.

In an affidavit supporting the application, the bank alleged that the loan was diverted for personal use by the third defendant and channelled into the fourth and fifth defendant companies.

It also claimed that the borrower is no longer a going concern and has failed to honour multiple repayment demands issued between May and October 2025.

The bank argued that there was a real risk the defendants could dissipate or conceal assets, thereby frustrating the enforcement of any eventual judgment.

It urged the court to preserve the assets pending the determination of the suit.

After considering the application and submissions of Mofesomo Tayo-Oyetibo, SAN, the court granted all the reliefs sought.

Justice Aneke adjourned further proceedings to April 9.