By Our Correspondent

National News – A Federal High Court sitting in Lagos has ordered the freezing of funds and assets worth N448,263,172.41 in a debt recovery case filed by Keystone Bank Limited against five defendants.

The order was granted on March 26, 2026, by Chukwujekwu Aneke of the Federal High Court, following an ex parte application presented by the bank’s counsel, Mofesomo Tayo-Oyetibo.

The lawsuit involves Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited, who were accused of failing to repay a loan facility granted by the bank.

According to court documents, Keystone Bank provided a N500 million overdraft facility to the first defendant on March 28, 2023, with a tenure of 365 days and an interest rate of 32 per cent per annum.

The loan was secured with a $200,000 cash collateral and later backed by a mortgaged property located in Epe.

The bank told the court that the facility expired on March 27, 2024, leaving an outstanding debt of N448,263,172.41 as of October 31, 2024.

In his ruling, Justice Aneke issued a Mareva injunction, preventing the defendants, their agents, or associates from withdrawing, transferring, or dealing with funds, shares, dividends, or financial instruments linked to them in any financial institution in Nigeria up to the value of the disputed debt.

The court also ordered all banks and financial institutions in the country to immediately preserve any funds belonging to the defendants once served with the order.

These institutions were further directed to file affidavits within seven days, disclosing account balances and statements connected to the defendants.

Additionally, the court granted a preservative order restraining the defendants from selling, transferring, or encumbering any movable or immovable property, including assets or interests that may arise in the future.

The claimant alleged that the loan facility was diverted for personal use by the third defendant and channelled through the fourth and fifth companies.

It also claimed the primary borrower was no longer operational and had failed to repay the loan despite repeated demands between May and October 2025.

Justice Aneke adjourned the matter to April 9, 2026, for further proceedings.