Court Freezes N448m Assets in Keystone Bank Case

On March 26, 2026, Justice Chukwujekwu Aneke of the Federal High Court in Lagos granted a Mareva injunction to freeze assets valued at N448,263,172.41 in a debt recovery suit filed by Keystone Bank Limited against five defendants: Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadial Donald Agenmonmen, Magnific Multi Services Limited, and Raedial Farm Limited. The court's order prevents the defendants from withdrawing, transferring, or otherwise dealing with the funds.

Keystone Bank's counsel, Mofesomo Tayo Oyetibo, argued that the defendants had diverted funds and expressed concerns that they might dissipate or conceal assets, rendering any judgment ineffective. The court also directed the bank to preserve the funds and adjourned the matter to April 9, 2026, for further proceedings.

The debt arose from a N500 million overdraft facility granted to the first defendant on March 28, 2023, with a 32% annual interest rate, secured by a cash collateral and a mortgage on property in Itunu City, Lagos.