The Federal High Court of Nigeria in Lagos has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery suit filed by Keystone Bank Limited against five defendants.
The order was issued on March 26, 2026, by Chukwujekwu Aneke following an ex parte application moved by the bank’s counsel, Mofesomo Tayo-Oyetibo (SAN).
The defendants listed in the suit are Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.
In his ruling, Justice Aneke granted a Mareva injunction restraining the defendants, whether by themselves, their agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, and other financial instruments standing to their credit in any bank or financial institution in Nigeria up to the value of the disputed sum.
The court further directed all banks and financial institutions within its jurisdiction to immediately preserve any funds belonging to the defendants once served with the order.
Financial institutions were also ordered to file affidavits within seven days of service, disclosing the balances in all accounts maintained by the defendants along with relevant statements of account.
In addition, the court issued a preservative order restraining the defendants from disposing of, alienating, or otherwise encumbering any movable or immovable property, including future or contingent interests, up to the value of the alleged debt.
Justice Aneke also granted leave for substituted service of the originating and other court processes on the second and third defendants through courier delivery to their last known addresses.
The matter was subsequently adjourned to April 9, 2026, for mention.
According to court documents, the dispute stems from a N500 million overdraft facility granted by Keystone Bank to the first defendant on March 28, 2023.
The facility had a tenure of 365 days and carried an interest rate of 32 per cent per annum.
The bank stated that the loan was initially secured with a $200,000 cash collateral and later backed by a mortgaged property located at Itunu City, Epe, Lagos.
However, the facility reportedly expired on March 27, 2024, leaving an outstanding debt of N448,263,172.41 as of October 31, 2024.
In an affidavit supporting the application, the claimant alleged that the loan facility was diverted for personal use by the third defendant and subsequently channelled through the fourth and fifth defendant companies.
The bank further claimed that the first defendant is no longer a going concern and has failed, refused, and neglected to liquidate the outstanding debt despite several demands made between May and October 2025.
According to the claimant, there is a risk that the defendants may dissipate or conceal their assets, which could render any future court judgment ineffective.
Justice Aneke, after reviewing the application and submissions by the claimant’s counsel, granted all the reliefs sought and scheduled further proceedings for April 9, 2026.
