Federal High Court Freezes N448m in Keystone Bank Loan Dispute

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, has granted a Mareva injunction freezing N448.3 million in funds and assets belonging to Relic Resources and four co-defendants. The order, issued on March 26, 2026, follows an ex parte application by Keystone Bank. It restrains the defendants from withdrawing, transferring, or disposing of any bank funds, shares, or other financial instruments up to the disputed sum. Financial institutions must preserve related accounts and file affidavits of balances within seven days. The suit arises from a N500 million overdraft facility granted in March 2023. Keystone Bank alleges one defendant diverted the loan to related companies, leaving an outstanding balance of N448.3 million. The court also barred the sale or encumbrance of any movable or immovable property up to the value of the debt.

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