The Federal High Court in Lagos has restrained all banks operating in Nigeria from dealing with, releasing, or otherwise tampering with any funds or assets belonging to Indian businessman Mr Arun Goswami and his companies, Metwest Steel Limited and Eastern Metals Limited.
It is over alleged unpaid debts totalling N9,503,012,155.29.
The defendants were alleged to be indebted to First City Monument Bank (FCMB), Union Bank Plc, and United Capital Trustees Limited.
Goswami and his firms reportedly owe FCMB and United Capital Trustees N4,540,325,140.36, and Union Bank and United Capital Trustees another N4,962,687,044.93.
Justice Akintayo Aluko also granted a Mareva injunction, restraining the businessman, his companies, directors, agents, and privies from transferring or dealing with any funds in Nigerian banks up to the value of the total debt.
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The order covers all commercial banks and financial institutions in Nigeria, pending the determination of the substantive suit.
The order was granted following separate motions filed by FCMB and Union Bank in suits FHC/L/CS/798/2025 and FHC/L/CS/800/2025, respectively.
Both motions were argued by Barrister A. Adedoyin-Adetunji, counsel to the two banks.
Justice Aluko further directed the listed banks to file and serve affidavits within seven days, disclosing the balances in all accounts held by the defendants.
He restrained the defendants from selling or transferring any of their properties, including the mortgaged property located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, which was used as collateral for the loan facilities.
The court ordered that the counter-claimants provide an undertaking as to damages to indemnify the defendants if the order is later found to have been wrongly made.
The case was adjourned to February 23, 2026, for further hearing.