Justice Akintayo Aluko of the Federal High Court, Ikoyi, has issued an order restraining all banks in Nigeria from releasing or dealing in any way with the funds and assets belonging to Indian businessman, Mr. Arun Goswami, and his companies, Metwest Steel Limited and Eastern Metals Limited, over alleged indebtedness amounting to ₦9.5 billion.
The injunction, granted in two separate suits filed by First City Monument Bank (FCMB) and Union Bank Plc, followed allegations that Goswami and his firms had defaulted on financial obligations to the banks and United Capital Trustees Limited.
According to court documents, the businessman and his companies owe FCMB and United Capital Trustees Limited ₦4.54 billion, while an additional ₦4.96 billion is owed to Union Bank and United Capital Trustees Limited.
Delivering his ruling, Justice Aluko granted a Mareva injunction, restraining Goswami, his companies, and their associates from transferring, withdrawing, or otherwise dealing with funds in any of their accounts held across all Nigerian financial institutions.
The court listed affected banks to include GTBank, Access Bank, Citi Bank, Ecobank, Fidelity Bank, First Bank, FCMB, Union Bank, UBA, Zenith Bank, Wema Bank, and several digital platforms such as Opay, Palmpay, Piggyvest, and Momo Agent, among others.
The injunction also covers the businessman’s property located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, which was used as collateral for multiple credit facilities, including Bank Guarantees, Short-Term Finance, Overdraft, and CBN Term Loans obtained from the two banks.
Justice Aluko further ordered all affected banks to, within seven days of being served, disclose the balances of accounts held by Goswami and his companies. The court also restrained the defendants from selling, transferring, or disposing of any assets traceable to them during the pendency of the suit.
The ruling followed applications filed and argued by Barrister A. Adedoyin-Adetunji, counsel to FCMB and Union Bank, who cited 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) as legal grounds for the orders.
In granting the motions, Justice Aluko ruled that the banks had established sufficient grounds to warrant preserving the disputed funds and assets pending the court’s determination of the substantive case.
The court also directed the claimant banks to undertake to indemnify the defendants in the event that the injunction causes any wrongful damage.
The case has been adjourned to February 23, 2026, for further hearing.
