Court Orders Freeze on Indian Businessman’s Bank Accounts Over ₦9.5bn Debt

A Federal High Court sitting in Lagos has ordered all Nigerian banks to freeze the accounts and assets of an Indian businessman, Mr. Arun Goswami, and his companies — Metwest Steel Limited and Eastern Metals Limited — over alleged unpaid debts amounting to ₦9.5 billion.

Justice Akintayo Aluko issued the order on October 31, 2025, following separate applications by First City Monument Bank (FCMB) and Union Bank Plc, who accused Goswami and his firms of defaulting on loans jointly guaranteed by United Capital Trustees Limited.

Court filings indicate that Goswami and his companies allegedly owe FCMB and United Capital Trustees ₦4.54 billion, while an additional ₦4.96 billion is owed to Union Bank and the same guarantor.

After considering motions filed by both banks in suits FHC/L/CS/798/2025 and FHC/L/CS/800/2025, Justice Aluko granted a Mareva injunction, restraining all commercial banks — including Access Bank, Zenith Bank, GTBank, UBA, Fidelity Bank, First Bank, Stanbic IBTC, Wema Bank, Sterling Bank, Polaris Bank, Opay, PalmPay, and PiggyVest — from releasing or tampering with any funds belonging to Goswami and his companies.

The order also directed these financial institutions to disclose within seven days the balances held in all accounts linked to the defendants. Additionally, the court barred Goswami, his companies, and their associates from transferring or dealing in any way with the frozen funds or assets, including a property at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, used as collateral under a Mortgage Debenture Deed dated August 3, 2022.

According to the court, the restrained funds represent outstanding liabilities from various credit facilities — including overdrafts, short-term finance, bank guarantees, and CBN term loans — extended to the defendants.

Justice Aluko ordered that the sums claimed by the two banks remain preserved until the final resolution of the cases and directed the claimants to provide an undertaking to cover potential damages if the injunction is later found to have been wrongfully granted.

The matter was adjourned to February 23, 2026, for further proceedings.