Court Freezes Assets of FDGS Energy Over $8m, N399m Debt to Keystone Bank

The Federal High Court in Lagos has issued an interim order freezing the assets and operations of FDGS Energy Group of Companies Limited over an alleged indebtedness of $7,999,405.19 and N399,893,550.44 to Keystone Bank Limited.

Justice Ambrose Lewis-Allagoa granted the orders following an ex parte application moved by Mofesomo Tayo-Oyetibo (SAN), representing the Plaintiffs/Applicants, FDGS Energy Group of Companies Limited (in receivership) and its Receiver/Manager, Mr Paul Mgbeoma.

The suit, marked FHC/L/CS/2567/2025, names Chijioke Arinze Onyeagba and Tijjani Ahmad Aliyu, identified as current directors of the company, as defendants.

In a ruling delivered on January 20, 2026, Justice Lewis-Allagoa restrained the defendants from interfering in any manner with the Receiver/Manager’s discharge of statutory duties over the company’s assets.

The court ordered that the defendants must not “enter into or remain in possession of any of the company’s assets and offices now under receivership, collect any proceeds, income or receivables due to the company, or remove, dissipate, sell, lease or otherwise deal with the company’s assets.”

The judge further prohibited them from accessing any funds standing to the credit of the company in any financial institution up to the amount allegedly owed to Keystone Bank.

Bank Disclosures Ordered

All banks and financial institutions served with the order are required to file, within seven days, affidavits disclosing sums standing to the credit of the company, along with relevant account statements.

Justice Lewis Allagoa also directed the Inspector-General of Police, the Lagos State Commissioner of Police, and other law enforcement agencies, including Interpol units of the Nigeria Police Force, to assist the Receiver/Manager in enforcing the orders and maintaining law and order concerning the company’s assets.

The matter has been adjourned to March 10, 2026, for the hearing of the Motion on Notice.

Loan Default Allegations

According to an affidavit deposed by Akeem Oloyede, a unit head in Keystone Bank’s Specialised Assets Division, the bank granted FDGS Energy multiple loan facilities beginning in June 2021.

Oloyede stated that the facilities, initially totalling $3.85 million, were provided to finance the construction and acquisition of marine vessels, including a 23-metre fast crew boat and a 56-metre barge.

The court was told that although the facilities were restructured several times between 2021 and 2024 at the company’s request, the borrower allegedly failed to meet its repayment obligations.

“As of August 8, 2025, the outstanding indebtedness under one of the facilities stood at $7,999,405.19, while a second facility stood at N399,893,550.44,” the deponent averred.

Receivership Appointment

The bank issued demand letters in May, June and August 2025, and subsequently appointed Mr Paul Mgbeoma as Receiver/Manager on October 14, 2025, pursuant to a Deed of All Assets Debenture executed in July 2021 and registered with the Corporate Affairs Commission.

Court documents indicate that the receivership covers all fixed and floating assets of the company, including properties at Ibasa-Imore (Snake Island), Satellite Town, Apapa, and Victoria Island, Lagos.

Also covered are three vessels mortgaged to the bank   MV Blufin 1, MV Safari, and Dangana Z   secured under separate Deeds of Vessel Mortgage and registered with the Nigerian Maritime Administration and Safety Agency and the Corporate Affairs Commission.

The security package further includes a Deed of All Assets Debenture charging the company’s undertaking, goodwill, bank accounts, receivables, shares, and other present and future assets in favour of the bank.

Asset Dissipation Concerns

In the affidavit, the applicants alleged that the defendants were making “surreptitious moves to alienate or dispose of the charged assets,” which could frustrate the Receiver/Manager’s ability to realise the security and recover the debt.

They argued that any delay in granting interim relief “could result in irreparable damage, as the assets may be dissipated before the court can intervene.”

The court granted leave for substituted service of court processes by delivering documents to an adult person or by pasting them at Plot 1676, Kaita Gardens, Oladele Olashore Street, Victoria Island, Lagos, described as the defendants’ last known business address.

The interim orders will remain in force pending the hearing and determination of the Motion on Notice for interlocutory injunction.