Federal High Court freezes N448m assets in Keystone Bank debt recovery suit, restraining defendants from withdrawing or disposing of funds and properties

The Federal High Court in Lagos has ordered the freezing of funds and assets worth N448,263,172.41 in a debt recovery suit filed by Keystone Bank Limited against five defendants.

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The ruling was delivered on March 26, 2026, by Justice Chukwujekwu Aneke following an ex parte application by Keystone Bank’s counsel, Mofesomo Tayo-Oyetibo (SAN).

The defendants include Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

Justice Aneke granted a Mareva injunction restraining the defendants, directly or through agents, from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, or other financial instruments in any bank or financial institution in Nigeria up to the disputed sum.

The court directed all banks and financial institutions within its jurisdiction to preserve any funds belonging to the defendants and file affidavits within seven days detailing account balances and statements.

A preservative order was also issued to prevent the defendants from disposing of or encumbering any movable or immovable property, including future interests, equivalent to the debt.

Additionally, the court permitted substituted service of court processes on the second and third defendants via courier to their last known addresses.

The matter is scheduled for mention on April 9, 2026.

According to the court filings, the case arises from a N500 million overdraft facility granted to the first defendant on March 28, 2023, for a 365-day tenure at 32 per cent annual interest.

The facility was initially secured with a $200,000 cash collateral and later by a mortgaged property in Itunu City, Epe, Lagos.

The bank claims an outstanding balance of N448,263,172.41 as of October 31, 2024.

Keystone Bank alleged that the facility was misappropriated by the third defendant and channelled through the fourth and fifth defendant companies.

The bank further stated that the first defendant is no longer operational and has failed to repay despite repeated demands.

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Expressing concern that the defendants might dissipate or conceal assets, the bank urged the court to grant protective orders to safeguard any potential judgment. Justice Aneke granted all reliefs sought and adjourned the matter to April 9, 2026, for further proceedings.