A Federal High Court sitting in Lagos has ordered the freezing of assets and funds worth ₦448,263,172.41 in a debt recovery case involving Keystone Bank.
The order was granted by Justice Chukwujekwu Aneke following an ex parte application filed by the bank against five defendants, including Relic Resources and other individuals and companies linked to the transaction.
According to court documents, the judge issued a Mareva injunction, restraining the defendants from withdrawing, transferring, or dealing with any funds, shares, or financial instruments in their possession up to the disputed amount.
The court also directed all banks and financial institutions across Nigeria to immediately preserve any accounts linked to the defendants once served with the order. In addition, the institutions are required to file affidavits within seven days, disclosing account balances and statements.
Beyond freezing funds, the court extended the restriction to all movable and immovable properties belonging to the defendants, preventing any sale, transfer, or disposal of assets pending the outcome of the case.
The suit stems from a ₦500 million overdraft facility granted in March 2023, which reportedly expired in March 2024. The bank told the court that an outstanding debt of over ₦448 million remained unpaid as of October 2024.
Keystone Bank further alleged that the loan was diverted for personal use and routed through associated companies, raising concerns that the defendants might dissipate assets if no immediate action was taken.
The case has been adjourned to April 9, 2026, for further mention.
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