A Federal High Court sitting in Lagos has slapped a sweeping freeze on bank accounts and assets linked to Indian national Arun Goswami and his two firms, Metwest Steel Limited and Eastern Metals Limited, in a bid to secure repayment of N9.5 billion in defaulted credit facilities.
Presiding Judge Akintayo Aluko issued the Mareva injunction on October 31, 2025, following urgent applications by First City Monument Bank (FCMB) and Union Bank Plc. The lenders, backed by United Capital Trustees Limited as guarantor, claim the defendants owe N4.54 billion to FCMB and N4.96 billion to Union Bank.
The ruling, delivered in suits numbered FHC/L/CS/798/2025 and FHC/L/CS/800/2025, bars every commercial bank operating in Nigeria—from GTBank, Access Bank, Zenith Bank, UBA, and First Bank to fintech platforms such as Opay, Palmpay, and PiggyVest—from allowing any withdrawals, transfers, or dealings in funds belonging to Goswami or his companies until the cases are resolved.
Justice Aluko also mandated the institutions to submit sworn statements detailing account balances within seven days of receiving the order. The freeze extends to a parcel of land along Km 16, Asaba–Benin Expressway in Issele-Azagba, Delta State, previously pledged under a 2022 mortgage debenture.
The debts stem from a mix of bank guarantees, overdrafts, short-term loans, and Central Bank of Nigeria intervention funds extended to the steel manufacturing entities.
In granting the relief, the judge required both plaintiff banks to post undertakings to cover potential damages if the restraint is later deemed wrongful. The substantive hearing has been scheduled for February 23, 2026.
