Justice Akintayo Aluko of a Federal High Court, Lagos, has restrained all banks operating in the country, from dealing, releasing, further releasing in any manner whatsoever, with any and all monies and/or whatsoever assets due to an India businessman, Mr. Arun Goswami and his companies, Metwest Steel Limited and Eastern Metals Limited, over alleged unpaid debts totaling N9, 503,012,155.29 billion.
The India-born businessman and his companies were alleged to have be indebtedness to two banks, First City Monument Bank (FCMB) and Union Bank Plc and a company, United Capital Trustees Limited.
Specifically, they were alleged to be owing FCMB and United Capital Trustees Limited of the sum of N4, 540, 325, 140.36 billion. While they were accused of owning Union Bank Plc and United Capital Trustees Limited of the sum of N4, 962, 687, 044.93 billion.
The judge also made an Order Of Mareva Injunction, restraining the businessman’s companies, their directors, agents, servants, officers, privies or any other person natural or artificial howsoever called under their control from transferring or otherwise dealing with any and all of the monies standing to the credit in any of Nigeria banks, wherever situate up to the amount of the banks’ total claims, as at as at June 17, 2025; being the outstanding financial obligations owed by the businessman and his companies, in respect of the Bank Guarantee, Short Term Finance, Overdraft and CBN Term Loan facilities availed them by the FCMB and Union Bank, Counter-claim, which were guaranteed by the 2nd & 3rd Defendants to Counter-claim and collateralized by the property belonging to 1st Defendant to Counter-claim, situate at Km 16, Asaba, Benin Expressway, Azagba, Delta State vide a duly executed Mortgage Debenture Deed dated August 3, 2022, pending the hearing and determination of this suit is hereby granted.
Justice Aluko made above orders while granting separate motion on notice filed by the two banks, FCMB and Union Bank Plc, who were Counter-claimants in two suits numbered FHC/L/CS/798/2025 and FHC/L/CS/800/2025.
The two motions filed were filed and argued by Barrister A. Adedoyin-Adetunji, lawyer to both Union Bank Plc and FCMB.
In praying the Court for the orders and others, Adedoyin-Adetunji, told the court that the two motion Exparte were pursuant to Pursuant to Order 28 Rules 1 (2) and 2 (1): Order 26(6)(1) of the Federal High Court (Civil Procedure) rules 2019; Sections 10, and 13 of the Federal High Court Act and Under the court inherent jurisdiction, As Preserved By Section 6 (6)(b) of the Constitution of the Federal Republic Of Nigeria, 1999 {As Amended}.
The lawyer also told the court that that two motion on notice were supported with affidavits deposed by Osobase Michael, written address and some documentary exhibits.
In granting the two motions, Justice Aluko held that: “…. and the court having A. Adedoyin Adeniyi Esq., with Sarah Nwobodo Esq., and T. Alade Esq.. for the 1st Defendant/Counter-claimant/ Applicant.
“And the court having also heard T.
Olopade Esq., for the Plaintiff/1st defendant to Counter Claim/respondent on their counter affidavit before the Court….
“…… it is hereby orders as follows; “that an order of mareva injunction restraining the following Commercial Banks in Nigeria to wit: Guaranty Trust Bank Limited, Access Bank Pic, Citi Bank Nigeria Limited, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank Of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, Palmpay Nigeria, Piggyvest, Momo Agent, Polaris Bank Limited, Providus Bank, Signature Bank, Stanbic Ibtc Bank Nigeria Limited, Standard Chartered Bank, Sterling
Bank Plc, Suntrust Bank Limited, Union Bank Of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc, and all other financial institutions operating in Nigeria from releasing, further releasing or dealing in any manner whatsoever with any and all monies and/ or whatsoever assets due to the Defendants to Counter-claim from any account whatsoever maintained by them and also all accounts with BVN: 22206681429 (2nd Defendant to Counter-Claim) their agents, privies or the like with any of the said Banks wherever situate up to the amount of the Counter Claimant/Applicant’s total claim in the sum N4, 962, 687, 044. 93 {Four Billion, Nine Hundred and Sixty-Two Million, Six Hundred and Eighty-Seven Thousand, FortyFour Naira, Ninety-Three Kobo} as at as at 17th June, 2025; being the outstanding financial obligations owed by the Defendants to Counter-claim in respect of the Bank Guarantee, Short Term Finance, Overdraft and CBN Term Loan facilities availed to the Plaintiff/1st Defendant to Counter-claim, which were guaranteed by the 2nd and 3rd Defendants to Counter-claim and collateralized by the property belonging to the 1st Defendant to Counter-claim situate at Km 16, Asaba, Benin Expressway, Issele-Azagba, Delta State vide a duly executed Mortgage Debenture Deed dated 3rd August 2022, pending the hearing and determination of this suit is hereby granted.
“That an order of mareva injunction restraining the Defendants to all Counter-claim, the directors of the Plaintiff/1st Defendant to Counter-claim, their agents, servants, officers, privies or any other person natural or artificial howsoever called under the control of the Defendants to Counter-claim from transferring or otherwise dealing with any and all of the monies standing to the credit of the Defendants to Counter-claim in any account whatsoever maintained by the Defendants to Counter-claim with any of the aforementioned Banks wherever situate up to the amount of the Counter Claimant’s total claim of the sum of N4, 962, 687, 044.93 {Four Billion, Nine Hundred and Sixty-Two Million, Six Hundred and Eighty-seven Thousand, Forty-Four Naira, Ninety-Three Kobo}, And N4, 540, 325,140. 36 (Four Billion, five Hundred and forty Million, three Hundred and twenty-five Thousand, one hundred and Forty Naira, thirty-six Kobo )as at as at 17th June, 2025; being the outstanding financial obligations owed by the Defendants to Counter-claim in respect of the Bank Guarantee, Short Term Finance, Overdraft and CBN Term Loan facilities availed to Plaintiff/1st Defendant to Counter-claim, which were guaranteed by the 2nd & 3rd Defendants to Counter-claim and collateralized by the property belonging to 1st Defendant to Counter-claim situate at Km 16, Asaba, Benin Expressway, Azagba, Delta State vide a duly executed Mortgage Debenture Deed dated 3 August 2022, pending the hearing and determination of this suit is hereby granted.
“That an order directing the abovenamed Banks to file and serve the 1st Defendant/Counter-claimants Counsel within seven (7) days of service of the order on them, an affidavit disclosing the balance on the Defendants to Counterclaim’s accounts whatsoever maintained with the Banks as at the date of the Order is hereby granted.
“That an order restraining the defendants to Counter-claim from selling, transferring, assigning and/or dealing with any properties of the Defendants to Counter-claim that can be traced and located by the 1st Defendant/Counterclaimant including landed properties Km 16, Asaba, Benin Expressway, Issele-Azagba, Delta State being the property belonging to the Plaintiff/1st Defendant to Counter-claim used as security for the Bank Guarantee, Short Term Finance, Overdraft and CBN Term Loan facilities granted to the Plaintiff/ist Defendant to Counter-ciaim; during the pendency of this suit is hereby granted.
“That the Counter-claimant shall enter into an undertaking as to damages to indemnify the Defendants to the counter-claim.”
The matter has been adjourned to February 23, 026, 2026, for further hearing.
