A Federal High Court in Lagos has ordered all commercial banks in Nigeria to freeze the accounts of Indian businessman Arun Goswami and his companies, Steel Limited and Eastern Metals Limited over alleged unpaid debts totalling ₦9.5 billion.
Justice Akintayo Aluko, presiding at the Ikoyi division, issued a Mareva injunction restraining Goswami, his companies, directors, agents, and associates from withdrawing or tampering with any funds in their bank accounts pending the resolution of two substantive suits.
The order followed applications by First City Monument Bank and Union Bank Plc, alongside United Capital Trustees Limited, seeking to recover outstanding loan facilities guaranteed by Goswami and his firms.
Court documents show the defendants allegedly owe ₦4.54 billion to FCMB and United Capital Trustees, and an additional ₦4.96 billion to Union Bank and United Capital Trustees.
Justice Aluko ruled that the injunction was necessary to protect the financial institutions’ interests, directing all Nigerian banks including GTBank, Access Bank, Zenith Bank, UBA, Fidelity, Wema Bank and others to block any funds linked to the defendants up to the debt amount. The banks must also file affidavits within seven days disclosing balances in the frozen accounts.
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The court further barred Goswami and his companies from selling or transferring assets, including a property at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, pledged as collateral for the loans.
The applications were moved by Barrister A. Adedoyin-Adetunji, counsel to both FCMB and Union Bank, relying on the Federal High Court (Civil Procedure) Rules 2019, the Federal High Court Act, and Section 6(6)(b) of the 1999 Constitution.
The matter was adjourned to February 23, 2026, for further hearing.
