A Federal High Court sitting in Lagos has issued an order freezing all bank accounts and assets linked to Indian businessman Mr. Arun Goswami and his companies — Metwest Steel Limited and Eastern Metals Limited — over alleged unpaid debts amounting to ₦9.5 billion.
The interim order, granted by Justice Akintayo Aluko on October 31, 2025, restrains all commercial banks and financial institutions in Nigeria from releasing, transferring, or dealing with any funds or assets belonging to the businessman and his companies pending the determination of the substantive suits.
The decision followed separate applications filed by First City Monument Bank (FCMB) and Union Bank Plc, both of which accused Goswami and his firms of failing to repay substantial credit facilities that had been jointly guaranteed by United Capital Trustees Limited. According to court filings, FCMB and United Capital Trustees are jointly owed ₦4.54 billion, while Union Bank and United Capital Trustees are owed ₦4.96 billion, bringing the total debt to ₦9.5 billion.
Justice Aluko, in granting the Mareva injunction, ordered all Nigerian banks — including major commercial and digital financial institutions — to immediately restrict access to any funds standing to the credit of the defendants. The banks affected by the order include GTBank, Access Bank, Zenith Bank, UBA, Fidelity Bank, First Bank, Stanbic IBTC, Sterling Bank, Wema Bank, Globus Bank, Jaiz Bank, Keystone Bank, Polaris Bank, Providus Bank, Signature Bank, Standard Chartered Bank, SunTrust Bank, Union Bank, Unity Bank, as well as fintech platforms such as Opay, Palmpay, PiggyVest, and Momo Agent.
The court further directed all the listed banks to disclose the balances in any accounts operated by Goswami or his companies within seven days of receiving the court order. Additionally, the judge restrained the defendants, their directors, representatives, and agents from transferring or tampering with any of their funds or properties within Nigeria.
Among the assets affected is a property located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, which was reportedly pledged as collateral under a Mortgage Debenture Deed dated August 3, 2022.
The restrained funds and assets represent the outstanding obligations arising from bank guarantees, overdraft facilities, short-term loans, and Central Bank of Nigeria term loans extended to Goswami and his companies.
Justice Aluko also ordered that the banks’ claims — ₦4.54 billion and ₦4.96 billion, respectively — remain secured until the resolution of the suits. The judge further directed the plaintiffs to file an undertaking for damages in the event that the injunction is later determined to have been wrongfully granted.
An additional directive ordered the affected banks to file and serve affidavits disclosing the balance of all accounts belonging to the defendants as of the date of the ruling, within seven days of service.
The case has been adjourned to February 23, 2026, for further hearing, as the court moves to determine the substantive dispute surrounding the unpaid debt and the enforcement of the financial obligations owed to the applicant banks.
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