Arun Goswami, an Indian businessman and his companies — Metwest Steel Limited and Eastern Metals Limited are currently facing hard times as the Federal High Court in Lagos has ordered all commercial banks in Nigeria to freeze their accounts over alleged unpaid debts totalling ₦9.5 billion.
Justice Akintayo Aluko, who gave the order at the court’s Ikoyi division, also issued a Mareva injunction restraining the businessman, his firms, directors, agents, and privies from tampering with funds in any bank accounts pending the determination of the substantive suits.
The order followed separate applications filed by First City Monument Bank (FCMB) and Union Bank Plc, alongside United Capital Trustees Limited, who are seeking to recover outstanding financial obligations guaranteed by Goswami and his companies.
According to court filings, the defendants allegedly owe FCMB and United Capital Trustees Limited ₦4.54 billion, and another ₦4.96 billion to Union Bank and United Capital Trustees Limited.
Justice Aluko held that the injunction was necessary to preserve the claimants’ interests, directing all Nigerian banks — including GTBank, Access Bank, Zenith Bank, UBA, Wema Bank, and others — to refrain from releasing or dealing with any funds belonging to the defendants up to the value of the total debt.
The court also ordered the banks to file affidavits within seven days, disclosing the balances in the defendants’ accounts as at the date of the order.
Furthermore, the judge restrained the defendants from selling or transferring any of their assets, including a property located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, which was used as collateral for loan facilities obtained from the banks.
The applications were moved by Barrister A. Adedoyin-Adetunji, counsel to both FCMB and Union Bank, who relied on provisions of the Federal High Court (Civil Procedure) Rules 2019, the Federal High Court Act, and Section 6(6)(b) of the 1999 Constitution (as amended).
The court adjourned the matter to February 23, 2026, for further hearing.