Justice Akintayo Aluko of the Federal High Court, Lagos, has issued an order restraining all banks operating in Nigeria from dealing with any funds or assets belonging to an Indian businessman, Arun Goswami, and his companies, Metwest Steel Limited and Eastern Metals Limited, over alleged unpaid debts amounting to N9,503,012,155.29.
Goswami and his firms are alleged to be indebted to First City Monument Bank (FCMB), Union Bank Plc, and United Capital Trustees Limited.
According to the claims, they owe FCMB and United Capital Trustees Limited a combined sum of N4,540,325,140.36, while their indebtedness to Union Bank and United Capital Trustees Limited reportedly stands at N4,962,687,044.93.
Justice Aluko also granted a Mareva injunction restraining the companies, their directors, agents, officers, privies, or any person acting under their authority, from transferring or tampering with any funds standing to their credit in Nigerian banks.
The order relates to outstanding financial obligations arising from bank guarantees, short-term finance facilities, overdrafts, and CBN term loans extended by FCMB and Union Bank.
The court further granted the counter-claims filed by the banks, noting that the facilities were guaranteed by the second and third defendants and secured by a property belonging to the first defendant, located at Km 16, Asaba–Benin Expressway, Azagba, Delta State, through a Mortgage Debenture Deed executed on August 3, 2022.
The orders will subsist pending the hearing and determination of the substantive suit.
The rulings were made in two separate suits—FHC/L/CS/798/2025 and FHC/L/CS/800/2025—filed by FCMB and Union Bank. The applications were argued by counsel to both banks, A. Adedoyin-Adetunji.
Adedoyin-Adetunji informed the court that the motions were brought pursuant to Order 28 Rules 1(2) and 2(1), Order 26(6)(1) of the Federal High Court (Civil Procedure) Rules 2019, Sections 10 and 13 of the Federal High Court Act, and the court’s inherent jurisdiction under Section 6(6)(b) of the 1999 Constitution (as amended).
The motions were supported by affidavits deposed to by Osobase Michael, along with written addresses and documentary exhibits.
The court held that the counter-claimants must enter an undertaking to indemnify the defendants against damages should the orders be found to have been improperly granted.
The matter was adjourned to February 23, 2026, for further hearing.
