Lagos Court freezes Indian businessman’s accounts over N9.50bn debt

Friday, November 7, 2025 - A Federal High Court in Lagos has issued an order restraining all banks in Nigeria from releasing or dealing with funds and assets belonging to an Indian businessman, Mr Arun Goswami, and his companies, Metwest Steel Limited and Eastern Metals Limited, over alleged unpaid debts totalling N9.50bn.

Justice Akintayo Aluko made the order on 31 October 2025, following applications by First City Monument Bank and Union Bank Plc, which accused Goswami and his companies of defaulting on credit facilities jointly guaranteed by United Capital Trustees Limited.

According to court documents obtained by our correspondent, Goswami and his firms allegedly owe FCMB and United Capital Trustees Limited the sum of N4.54bn, while a separate debt of N4.96bn is owed to Union Bank Plc and United Capital Trustees Limited.

Justice Aluko granted the Mareva injunction after hearing separate motions filed by the two banks in suits FHC/L/CS/798/2025 and FHC/L/CS/800/2025, both argued by counsel A. Adedoyin-Adetunji.

The judge restrained all commercial banks in Nigeria, including GTBank, Access Bank, Zenith Bank, UBA, Fidelity Bank, First Bank, Stanbic IBTC, Sterling Bank, Wema Bank, Globus Bank, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, Palmpay Nigeria, PiggyVest, Momo Agent, and Polaris Bank Limited.

Providus Bank, Signature Bank, Standard Chartered Bank, SunTrust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, and several others are prohibited from releasing or dealing in any manner with any funds standing to the credit of Goswami and his companies, pending the determination of the suits.

The order also directed the listed banks to disclose the balances in all accounts operated by the defendants within seven days of being served with the court order.

Justice Aluko further restrained GoLagos Court freezes Indian businessman’s accounts over N9.50bn debtswami, his companies, their directors, agents, servants, privies, or any other person, natural or artificial, however described, under their control, from transferring or otherwise dealing with any of the monies standing to their credit in any Nigerian bank, including a property located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, which had been used as collateral under a Mortgage Debenture Deed dated 3 August 2022.

The restrained funds and assets, according to the court, represent outstanding obligations from bank guarantees, short-term finance facilities, overdrafts, and Central Bank of Nigeria term loans granted to the defendants.

While granting the application, Justice Aluko directed that the banks’ claims, amounting to N4.96bn and N4.54bn respectively, remain secured pending the conclusion of the cases.

The court also ordered the banks to file an undertaking as to damages should the injunction later be found to have been improperly granted.

An order directing the above-named banks to file and serve on the first defendant/counterclaimants’ counsel, within seven days of service of the order on them, an affidavit disclosing the balance on the defendants’ counterclaim accounts whatsoever maintained with the banks as at the date of the order, is hereby granted.

The matter was adjourned to 23 February 2026 for further hearing.