A combined photo of Chairman of Metwest Steel Ltd, Mr. Arun Goswami, and MD of Metwest, Mr. Osaro Adusomwan
By Jimmy Enyeh
Business for Indian Businessman, Mr. Arun Goswami is on downward swing as Justice Akintayo Aluko of the Federal High Court, Lagos issued an order restraining all commercial banks in Nigeria from releasing or dealing in any form with funds and assets belonging to the businessman and his companies, Metwest Steel Limited and Eastern Metals Limited, over an alleged unpaid debt totaling ₦9,503,012,155.29.
The court order, known as a Mareva injunction, was granted in favour of First City Monument Bank (FCMB) and Union Bank Plc, as well as United Capital Trustees Limited, pending the hearing and determination of the substantive suit.
According to court documents, the defendants are alleged to owe FCMB and United Capital Trustees Limited the sum of ₦4,540,325,140.36, and Union Bank Plc and United Capital Trustees Limited another ₦4,962,687,044.93, arising from Bank Guarantees, Short-Term Finance, Overdraft, and CBN Term Loan facilities.
Justice Aluko, in his ruling, restrained the defendants, their directors, agents, servants, officers, and privies from transferring or otherwise dealing with funds standing to their credit in any Nigerian bank, up to the total amount claimed by the counter-claimants as at June 17, 2025.
The properties used as collateral for the loans, including one located at Km 16, Asaba–Benin Expressway, Issele-Azagba, Delta State, were also placed under restriction through a duly executed Mortgage Debenture Deed dated August 3, 2022.
The order affects the following banks and financial institutions: Guaranty Trust Bank, Access Bank, Citi Bank, Ecobank, Fidelity Bank, First Bank, FCMB, Globus Bank, Jaiz Bank, Keystone Bank, Opay, Palmpay, Piggyvest, Momo Agent, Polaris Bank, Providus Bank, Signature Bank, Stanbic IBTC, Standard Chartered, Sterling Bank, Suntrust Bank, Union Bank, UBA, Unity Bank, Wema Bank, Zenith Bank, and all other financial institutions operating in Nigeria.
The court also directed the listed banks to file and serve an affidavit within seven days of receiving the order, disclosing the balances in the defendants’ accounts as at the date of the order.
The judge further restrained the defendants from selling, transferring, assigning, or otherwise dealing with any of their properties that can be traced and located by the counter-claimants during the pendency of the suit.
The applications leading to the order were filed and argued by Barrister A. Adedoyin-Adetunji, counsel to Union Bank and FCMB, pursuant to Order 28 Rules 1(2) and 2(1), Order 26(6)(1) of the Federal High Court (Civil Procedure) Rules 2019, and Sections 10 and 13 of the Federal High Court Act.
Justice Aluko ordered that the counter-claimants shall enter into an undertaking as to damages to indemnify the defendants in the event the injunction is found to have been wrongly granted.
The case has been adjourned to February 23, 2026, for further hearing.
