In a decisive move to recover a staggering debt of about a billion naira (N998.6 million), the Federal High Court in Lagos has placed a freeze on the bank accounts of businessman Dare Osamo and his company, Star Orient Nigeria Limited.
The order, granted by Justice Ambrose Lewis-Allagoa, affects a total of 19 commercial banks across Nigeria.
The court’s interim ruling follows an application brought by First City Monument Bank (FCMB) Plc and UTL Trust Management Services Limited, both seeking to restrain Osamo and his company from accessing funds held in any of the affected banks, pending resolution of the suit.
The Mareva injunction granted by the court bars the banks from transferring or tampering with any funds up to the sum of ₦998,618,351.13 belonging to the defendants.
Justice Lewis-Allagoa also ordered the banks to disclose under oath the total amount in their custody linked to Osamo and Star Orient within 14 days.
The banks under restriction include industry heavyweights such as GTBank, Zenith Bank, UBA, Access Bank, First Bank, and Fidelity Bank, among others.
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In a further show of resolve, the court authorized the Inspector-General of Police or the Lagos State Commissioner of Police to provide security and enforcement support to FCMB’s appointed Receiver, in line with debenture agreements dating back to 2018.
The Receiver, acting under an All Assets Debenture Trust Deed, is empowered to take possession of the assets charged by Star Orient Nigeria Limited a key condition of a loan arrangement that appears to have gone sour.
The legal action stems from an Exparte motion filed by Barrister Nick Omeye, supported by an affidavit from Samson Newton and backed with a series of documents including registration certificates for the loan agreements.
Justice Lewis-Allagoa emphasized that the decision was made after “careful consideration of the application and submissions of counsel,” underscoring the seriousness of the matter.
The case has been adjourned to May 2, 2025, for hearing of the substantive suit, where the full extent of the alleged financial breach and the defendants’ response is expected to come to light.
