Court Freezes Bizman’s Accounts Over N998m Debt

Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos has temporarily placed a lien on the bank accounts of a businessman, Dare Osamo, for his alleged failure to settle a debt totalling N998.6 million.

Justice Lewis-Allagoa specifically restrained 19 commercial banks in Nigeria from transferring, handling or paying out any sums up to N998,618,351.13 or any lesser amount, to the businessman and his company, Star Orient Nigeria Limited.

The affected banks include Guaranty Trust Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, Polaris Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Sterling Bank Plc; United Bank for Africa Plc; Union Bank Plc; Globus Bank Ltd; First Bank of Nigeria Ltd; Wema Bank Plc; Citibank Nigeria Limited; Standard Chartered Bank; Parallex Bank Ltd; Access Bank Plc; Ecobank Nigeria Ltd; Unity Bank Plc and Providus Bank.

The judge granted the interim orders after entertaining an Ex Parte motion marked FHC/L/CS/19/2025, filed by a lawyer, Nick Omeye, on behalf of First City Monument Bank (FCMB) Plc and UTL Trust Management Services Limited.

In the Ex Parte motion, Omeye sought the following reliefs: “An order of Mareva Injunction restraining the third to 21st respondents, their agents, privies, and/or assigns from transferring, handling, or disbursing any funds up to N998,618,351.13 or any lesser amount belonging to the first and second defendants pending the determination of the Motion on Notice.

“An order directing the third to 21st respondents to disclose to this Honourable Court on oath within 14 days from the date of service of the Mareva order the total amount of money in their custody belonging to the 1st and 2nd defendants.

“An order directing the Inspector General of Police or the Commissioner of Police, Lagos State Police Command, to provide police assistance/protection to the 3rd Plaintiff/Applicant, who has been appointed Receiver under the All Assets Debenture Trust Deed dated February 22, 2018, and the Supplemental Debenture Trust Deed dated October 22, 2018, to enable the 3rd Plaintiff to exercise receivership rights over the charged assets of the 1st defendant pending the hearing and determination of the Motion on Notice.”

The lawyer supported the Ex Parte motion with an affidavit from Samson Newton, a written address and other documentary exhibits.

After carefully considering the application and the submissions from counsel, Justice Lewis-Allagoa granted the orders.

He subsequently adjourned the case until May 2 for the hearing of the substantive suit.