The Federal High Court of Nigeria sitting in Lagos has issued sweeping interim orders 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 A. Lewis-Allagoa granted the orders following an ex parte application filed by the Plaintiffs/Applicants through Mofesomo Tayo-Oyetibo, SAN, who moved the motion before the court.
The suit, marked FHC/L/CS/2567/2025, lists FDGS Energy Group of Companies Limited (in receivership) and its Receiver/Manager, Mr. Paul Mgbeoma, as Plaintiffs/Applicants. Chijioke Arinze Onyeagba and Tijjani Ahmad Aliyu, described as current directors of the company, are named as defendants.
In a ruling delivered on January 20, 2026, the court restrained the defendants, their agents, or privies from interfering with the Receiver/Manager in the discharge of his statutory functions over the company’s assets.
The court further barred the defendants from entering or remaining in possession of the company’s offices and assets now under receivership; collecting proceeds, income, or receivables due to the company; removing, dissipating, selling, leasing, or otherwise dealing with its assets; and accessing funds standing to the company’s credit in any financial institution up to the amount allegedly owed to the bank.
Justice Lewis-Allagoa also directed all banks and financial institutions served with the order to file, within seven days, affidavits disclosing sums standing to the company’s credit, accompanied by relevant account statements.
In addition, the court ordered 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 in respect of the company’s assets.
The matter was adjourned to March 10th, 2026, for hearing of the Motion on Notice.
According to an affidavit deposed to 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.
The facilities, initially totalling $3.85 million, were said to have been used to finance the construction and acquisition of marine vessels, including a 23-metre fast crew boat and a 56-metre barge. The loans were restructured several times between 2021 and 2024 at the company’s request.
Despite the restructuring, the bank alleged that the company defaulted on its repayment obligations. As of August 8, 2025, the outstanding indebtedness under one facility had risen to $7,999,405.19, while a second facility stood at N399,893,550.44.
Following demand letters issued in May, June and August 2025 and continued default, the bank 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 show 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 affected are three mortgaged vessels — MV Blufin 1 (Official No. SR 4039), MV Safari (Official No. SR 4026), and Dangana Z (Official No. 4429) — 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.
In the supporting affidavit, the Applicants alleged that the defendants were making moves to alienate or dispose of charged assets, potentially frustrating the Receiver/Manager’s ability to realise the security and recover the debt.
They contended that any delay in granting interim relief could result in irreparable damage, as the assets might be dissipated before the court’s intervention.
The court granted leave for substituted service of processes by delivery to an adult person or by pasting the documents at Plot 1676, Kaita Gardens, Oladele Olashore Street, Victoria Island, Lagos — said to be the defendants’ last known business address.
The interim orders will subsist pending the hearing and determination of the Motion on Notice for interlocutory injunction. At the next adjourned date, the court is expected to decide whether the injunctive reliefs should remain in force pending the final determination of the substantive suit.
The case highlights the growing reliance by financial institutions on receivership proceedings under the Companies and Allied Matters Act 2020 to enforce security over distressed corporate borrowers, particularly in capital-intensive sectors such as oil and gas and marine logistics.