Lagos — The Federal High Court in Ikoyi, Lagos, has ordered the freezing of assets and funds worth ₦448,263,172.41 in a debt recovery action filed by Keystone Bank Limited against five defendants.
Justice Chukwujekwu Aneke issued the order on March 26, 2026, following an ex parte application by Mofesomo Tayo‑Oyetibo, SAN, against 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 from withdrawing, transferring, or dealing with funds, shares, dividends, and other financial instruments up to the disputed sum in any Nigerian bank or financial institution.
The court also directed all banks to preserve any funds belonging to the defendants and file affidavits within seven days disclosing balances and account statements.
Additionally, the defendants were barred from disposing of or encumbering any movable or immovable property up to the value of the alleged debt.
The dispute stemmed from a ₦500 million overdraft facility granted to Relic Resources in March 2023, with a one‑year tenure and 32% interest rate.
Keystone Bank alleged that the loan, secured by cash collateral and later a mortgaged property in Epe, Lagos, was diverted for personal use and channelled into associated companies.
As of October 31, 2024, an outstanding sum of ₦448,263,172.41 remained unpaid, according to the bank.
The financial institution further claimed the borrower had ceased operations and ignored multiple repayment demands between May and October 2025.
Justice Aneke adjourned the matter to April 9, 2026, for mention.
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