A Lagos court has frozen the bank accounts of Indian businessman Arun Goswami and his firms over ₦9.5bn debt claims filed by FCMB and Union Bank

The Federal High Court in Lagos has issued a Mareva injunction restraining all commercial banks in Nigeria from releasing or dealing with funds and assets belonging to Indian businessman Mr Arun Goswami and his companies, Metwest Steel Limited and Eastern Metals Limited, over alleged unpaid debts totalling ₦9.50 billion.

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Justice Akintayo Aluko granted the order on 31 October 2025 after considering applications by First City Monument Bank (FCMB) and Union Bank Plc, which accused Goswami and his firms of defaulting on credit facilities jointly guaranteed by United Capital Trustees Limited.

According to court filings obtained by The Punch, Goswami and his companies allegedly owe ₦4.54 billion to FCMB and United Capital Trustees Limited, while a separate ₦4.96 billion debt is owed to Union Bank Plc and the same guarantor.

The applications were filed in suits FHC/L/CS/798/2025 and FHC/L/CS/800/2025, both argued by counsel A. Adedoyin-Adetunji.

The court’s order restrains nearly all major Nigerian financial institutions, including:

GTBank, Access Bank, Zenith Bank, UBA, Fidelity Bank, First Bank, Stanbic IBTC, Sterling Bank, Wema Bank, Globus Bank, Jaiz Bank, Keystone Bank, Providus Bank, Signature Bank, Standard Chartered Bank, SunTrust Bank, Unity Bank, Polaris Bank, and Union Bank.

The injunction also extends to digital finance operators such as Opay Digital Services Limited, PalmPay Nigeria, PiggyVest, and Momo Agent, prohibiting them from releasing or transferring any funds linked to the defendants.

Justice Aluko directed all listed banks to disclose the balances in every account operated by Goswami and his companies within seven days of receiving the order.

The court further barred Goswami, his companies, directors, agents, or associates from disposing of any assets, including a property located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, which was used as collateral under a Mortgage Debenture Deed dated 3 August 2022.

The frozen assets reportedly stem from bank guarantees, short-term finance facilities, overdrafts, and Central Bank of Nigeria term loans granted to the defendants.

Justice Aluko directed that the banks’ claims — ₦4.96 billion and ₦4.54 billion respectively — remain secured pending the determination of the suits, and ordered the plaintiffs to file an undertaking as to damages should the injunction be deemed improper.

The judge also compelled the banks to file affidavits revealing the balances in the defendants’ accounts within seven days of service of the court order.