Justice Akintayo Aluko of the Federal High Court, Lagos, has restrained all banks operating in Nigeria from dealing with any and all monies and/or whatsoever assets due to an Indian businessman, Mr Arun Goswami, and his companies.

The companies are Metwest Steel Limited and Eastern Metals Limited, over alleged unpaid debts totalling N9,503,012,155.29. The Indian-born businessman and his companies were alleged to have been indebted to two banks, First City Monument Bank (FCMB) and Union Bank Plc and a company, United Capital Trustees Limited.

Specifically, they were alleged to owe FCMB and United Capital Trustees Limited the sum of N4,540,325,140.36, while they were accused of owning Union Bank Plc and United Capital Trustees Limited the sum of N4,962,687,044.93.

The judge also made an order of Mareva injunction, restraining the businessman’s companies, their directors, agents, servants, officers, privies, or any other person, natural or artificial, howsoever called under their control from transferring or otherwise dealing with any of the monies standing to the credit of the defendants in any of the Nigerian banks.

The court said it was in respect of being the outstanding financial obligations owed by the businessman and his companies, regarding Bank Guarantee, Short Term Finance, Overdraft and CBN Term Loan facilities availed by the FCMB and Union Bank.

The court granted the counter-claim, which was guaranteed by the 2nd & 3rd Defendants and collateralised by the property belonging to 1st Defendant, to the Counter-claim, situate at Km 16, Asaba, Benin Expressway, Azagba, Delta State, vide a duly executed Mortgage Debenture Deed dated August 3, 2022, pending the hearing and determination of the suit.

Justice Aluko made the above orders while granting a separate motion on notice filed by the two banks, FCMB and Union Bank Plc, who were counter-claimants in two suits numbered FHC/L/CS/798/2025 and FHC/L/CS/800/2025.

The two motions were filed and argued by A. Adedoyin-Adetunji, lawyer to both Union Bank Plc and FCMB. In praying the court for the orders and others, Adedoyin-Adetunji, told the court that the two motion ex parte were 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 Under the court inherent jurisdiction, as preserved by Section 6 (6)(b) of the 1999 Constitution of Nigeria (as amended).

The lawyer also told the court that two motions on notice were supported with affidavits deposed by Osobase Michael, a written address and some documentary exhibits.

“That the counter-claimant shall enter into an undertaking as to damages to indemnify the Defendants to the counter-claim,” the court held. The matter has been adjourned to February 23, 2026, for further hearing.