Court Freezes Indian Businessman’s Accounts Over N9.5bn Debt

Justice Akintayo Aluko of the Federal High Court in Lagos has issued an order restraining all banks operating in Nigeria from releasing or dealing with any funds or assets belonging to Indian businessman Mr. Arun Goswami and his companies — Metwest Steel Limited and Eastern Metals Limited — over an alleged debt of N9.5 billion.

The court’s order followed applications filed by First City Monument Bank (FCMB), and Union Bank Plc, which accused Goswami and his companies of defaulting on various credit facilities guaranteed by United Capital Trustees Limited.

According to court documents, the defendants allegedly owe FCMB and United Capital Trustees Limited a total of N4.54 billion, and Union Bank and United Capital Trustees Limited another N4.96 billion.

Justice Aluko granted a Mareva injunction freezing all accounts linked to Goswami and his companies across Nigerian banks, including GTBank, Access Bank, Zenith Bank, UBA, and others, up to the value of the claimed debts. The court also barred the defendants, their directors, agents, or privies from transferring, selling, or otherwise disposing of any funds or properties tied to them pending determination of the suit.

The judge further directed all affected banks to disclose within seven days the balances in the defendants’ accounts as of the date of the order. The property used as collateral for the facilities — located at Km 16, Asaba-Benin Expressway, Issele-Azagba, Delta State.

— is also covered by the order.

The motions were argued by Barrister A. Adedoyin-Adetunji, counsel to both banks, who relied on provisions of the Federal High Court (Civil Procedure) Rules 2019 and the court’s inherent jurisdiction under the 1999 Constitution.

Justice Aluko adjourned the case to February 23, 2026, for further hearing.