Court Freezes FDG Energy Assets Over $7.9 Million Debt

The Federal High Court in Lagos has issued an order to freeze the assets of FDG Energy Group Company Limited due to an alleged indebtedness of $7,999,405.19 and ₦399,893,550.44 to Keystone Bank. Justice Lewis Allagoa made this ruling following an ex parte application filed by the bank's representative, Mofesomo Tayo Oyetibo, on October 14, 2025.

The court granted an interim injunction restraining the company and its agents from interfering with the receivership managed by Paul Mgbeoma. The assets frozen include properties located in various areas of Lagos and three mortgaged vessels.

The bank had previously granted multiple loan facilities to FDG Energy starting in June 2021, totaling $3.85 million, but the company failed to meet its repayment obligations, leading to the current legal action. The court has also directed the Inspector General of Police and other law enforcement agencies to assist in enforcing the order.

The matter is adjourned to February 16, 2026, for further hearings.