A Federal High Court in Lagos has issued a financial restraint order, effectively freezing all bank accounts and assets belonging to an India-born businessman, Mr Arun Goswami, and his two companies, Metwest Steel Limited and Eastern Metals Limited, across Nigeria.
The sweeping order is a protective measure over an alleged colossal unpaid debt totalling N9,503,012,155.29 billion owed to two major Nigerian banks and a financial institution.
Justice Akintayo Aluko granted the order, known as a Mareva Injunction, following applications filed by the creditor banks, First City Monument Bank (FCMB) Plc and Union Bank Plc, who are Counter-claimants in two separate suits (FHC/L/CS/798/2025 and FHC/L/CS/800/2025).
The debts are also linked to a third entity, United Capital Trustees Limited. The court’s order is far-reaching, restraining all commercial banks and financial institutions operating in the country, including Guaranty Trust Bank, Access Bank, Zenith Bank, OPay, Palmpay, and others, from dealing with, releasing, or further releasing any monies or assets due to Goswami and his companies up to the full amount of the claims.
This extends to all accounts maintained by the businessman and the companies, wherever situated, including those linked to a specific Bank Verification Number (BVN).
The total outstanding financial obligation of over N9.5 billion is broken down into two main claims: N4,540,325,140.36 billion owed to FCMB and United Capital Trustees Limited, and N4,962,687,044.93 billion owed to Union Bank Plc and United Capital Trustees Limited.
These debts, as at June 17, 2025, stem from financial facilities, including Bank Guarantee, Short Term Finance, Overdraft, and CBN Term Loan facilities, extended to the companies.
The obligations were reportedly guaranteed by Goswami and another entity, and collateralised by a property located at Km 16, Asaba-Benin Expressway, Issele-Azagba, Delta State, via a Mortgage Debenture Deed dated August 3, 2022.
The Mareva Injunction specifically restrained Goswami, his companies, their directors, agents, servants, officers, privies, or any person under their control from transferring, selling, assigning, or otherwise dealing with any of the monies standing to their credit in any Nigerian bank account up to the claimed amount.
The order also places an injunction on dealing with any properties traceable to the defendants, including the secured landed property in Delta State used as collateral, during the pendency of the suit.
A. Adedoyin-Adetunji, counsel for both Union Bank and FCMB, filed and argued the separate motions on notice, which were supported by affidavits and documentary exhibits.
The motions were brought pursuant to various rules of the Federal High Court (Civil Procedure) rules and sections of the Federal High Court Act, asserting the court's inherent jurisdiction to grant such protective orders.
Justice Aluko, in granting the motions, also directed the numerous commercial banks named in the order to file and serve the Counter-claimants’ counsel within seven days, an affidavit disclosing the current balance on all of the defendants' accounts as at the date the order was made.
Following the granting of the protective orders, the matter was adjourned to February 23, 2026, for further hearing and determination of the substantive suit.
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