COURT FREEZES N448M ASSETS IN KEYSTONE BANK DEBT RECOVERY SUIT
Read Time:1 Minute, 8 Second
By Aishat Momoh. O.
The Federal High Court in Lagos has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery case filed by Keystone Bank Limited against five defendants.
Justice Chukwujekwu Aneke issued the order on March 26, 2026, following an ex parte application moved by the bank’s counsel, Mofesomo Tayo-Oyetibo (SAN). The suit was filed 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, their agents, or associates from withdrawing, transferring, or dissipating funds, shares, dividends, and other financial instruments held in any bank or financial institution across Nigeria, up to the disputed sum.
The court further directed all banks and financial institutions to immediately preserve any funds linked to the defendants upon service of the order. These institutions are also required to file affidavits within seven days, disclosing account balances and statements related to the defendants.
Additionally, the court issued a preservative order barring the defendants from selling, transferring, or otherwise dealing with any movable or immovable property, including future or contingent assets, up to the value of the alleged debt.
The court also granted leave for substituted service of court processes on two of the defendants through courier delivery to their last known addresses.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0