The Federal High Court in Lagos has ordered Anambra J.C. Michael Nigeria Limited and seven others to pay Keystone Bank Limited N1.703 billion over an unpaid debt tied to a public-private partnership project with the Anambra State government.
Justice Ambrose Lewis-Allagoa gave the ruling on July 17, 2025, in a suit filed by senior lawyer, Adekunle Ogunba (SAN).
The judge entered summary judgment under the undefended list procedure after the defendants admitted liability in a May 29, 2024 letter.
The case stems from a loan facility granted by Keystone Bank to finance the development of a 10,000-shop ultra-modern market in Isiagu, Awka South.
The project was structured as a joint venture between the Anambra State government and Anambra J.C. Michael Nigeria Ltd, with the company serving as the special purpose vehicle.
The other defendants in the case, marked FHC/L/CS/916/2025, are J.C. Michaels Nigeria Limited, Amuzie Jude Chukwuma, Amuzie Emmanuel Arinze, Joe Billy Ekwunife, Ilobi Uzoamaka Gladys, and Ifediora Chimezie Amobi.
Justice Lewis-Allagoa ordered the defendants to pay the N1.703 billion admitted in their correspondence, with interest of 9% from May 29, 2024, until judgment, and 25% annually thereafter until full repayment.
Court filings show the defendants initially offered to pay N1.6 billion in March 2024 before admitting liability for N1.703 billion two months later. Despite this, no repayment was made.
Keystone Bank said it had previously restructured the facility, originally N1.2 billion in 2020 and later enhanced to N1.7 billion in 2022.
The bank is also pursuing a substantive claim of N2.799 billion, representing the full outstanding as at April 2, 2025, with interest and N20 million in legal costs.
Hearing on the substantive suit has been adjourned to October 14, 2025.