Federal High Court Orders Asset Freeze in N448 Million Debt Dispute
Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, has issued a significant ruling to freeze funds and assets valued at N448,263,172.41. This action stems from a debt recovery lawsuit initiated by Keystone Bank Limited against five defendants, including Relic Resources and associated individuals and companies.
Court Grants Mareva Injunction and Preservative Orders
On March 26, 2026, following an ex-parte application argued by Senior Advocate of Nigeria Mofesomo Tayo-Oyetibo, Justice Aneke granted a Mareva injunction. This order restrains the defendants—Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited—from withdrawing, transferring, or dealing with funds, shares, dividends, and other financial instruments up to the disputed amount in any Nigerian bank or financial institution.
The court also directed all banks and financial institutions to immediately preserve any funds belonging to the defendants upon service of the order. These institutions are required to file affidavits within seven days, disclosing balances in all accounts linked to the defendants and providing relevant account statements.
Background of the Debt and Allegations
According to court documents, the dispute originates from a N500 million overdraft facility granted to Relic Resources on March 28, 2023. The facility had a tenure of 365 days and an annual interest rate of 32 percent. Initially secured by a $200,000 cash collateral and later by a mortgaged property in Itunu City, Epe, Lagos, the facility expired on March 27, 2024. Keystone Bank claims that 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 channeled into the fourth and fifth defendant companies. It further stated that the borrower is no longer operational and has failed to honor multiple repayment demands issued between May and October 2025. The bank argued there was a real risk the defendants could dissipate or conceal assets, potentially frustrating any eventual judgment enforcement.
Additional Court Directives and Adjournment
Justice Aneke also 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. Additionally, the court granted leave for substituted service of court processes on the second and third defendants through courier delivery to their last known addresses.
The matter has been adjourned to April 9, 2026, for mention. After considering the application and submissions by Tayo-Oyetibo, the court granted all reliefs sought, emphasizing the need to preserve assets pending the determination of the suit.
