Justice Akintayo Aluko of the Federal High Court, Ikoyi, Lagos, has restrained all banks in Nigeria from dealing with or releasing any monies and assets belonging to Indian businessman Mr. Arun Goswami and his companies, Metwest Steel Limited and Eastern Metals Limited, over alleged unpaid debts totaling ₦9,503,012,155.29.
The businessman and his companies are accused of owing First City Monument Bank (FCMB), Union Bank Plc, and United Capital Trustees Limited. Specifically, they allegedly owe FCMB and United Capital Trustees Limited ₦4,540,325,140.36, and Union Bank Plc and United Capital Trustees Limited ₦4,962,687,044.93.
Justice Aluko also issued a Mareva injunction restraining the businessman, his companies, their directors, agents, officers, and any persons under their control from transferring or dealing with any monies in Nigerian banks up to the total amount of the outstanding claims as of June 17, 2025. The obligations relate to Bank Guarantee, Short Term Finance, Overdraft, and CBN Term Loan facilities granted by FCMB and Union Bank, collateralized by property belonging to Goswami at Km 16, Asaba-Benin Expressway, Issele-Azagba, Delta State, under a Mortgage Debenture Deed dated August 3, 2022.
The orders were made following motions on notice filed by FCMB and Union Bank Plc, who are counter-claimants in two suits (FHC/L/CS/798/2025 and FHC/L/CS/800/2025). The motions were argued by Barrister A. Adedoyin-Adetunji, counsel to both banks, supported by affidavits deposed by Osobase Michael, written addresses, and documentary exhibits.
Justice Aluko ordered that the following banks and financial institutions in Nigeria are restrained from releasing or dealing with the funds or assets of the defendants and their accounts: Guaranty Trust Bank, Access Bank Plc, Citi Bank Nigeria Limited, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, Palmpay Nigeria, Piggyvest, Momo Agent, Polaris Bank Limited, Providus Bank, Signature Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, Suntrust Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc, and all other financial institutions operating in Nigeria.
The Court also directed the banks to file affidavits disclosing the balances in the defendants’ accounts within seven days of service of the order. Additionally, the Court restrained the defendants from selling, transferring, assigning, or dealing with any traceable properties, including the Asaba-Benin Expressway property used as security for the bank facilities, pending the hearing and determination of the suit.
Finally, the Court ordered that the counter-claimants enter into an undertaking as to damages to indemnify the defendants.
The matter has been adjourned to February 23, 2026, for further hearing.
