Judiciary
Court Freezes ₦448m Assets of Firms, Individuals in Keystone Bank Debt Recovery Suit
Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, has ordered the freezing of funds and assets valued at ₦448,263,172.41 in a debt recovery action filed by Keystone Bank Limited against five defendants.
The order, granted on March 26, 2026, followed an ex parte application filed and argued by Mofesomo Tayo-Oyetibo, SAN, against Relic Resources; Olufunmilayo Emmanuella Alabi; Uwadiale Donald Agenmonmen; The Magnificent Multi Services Limited; and Raedial Farms Limited.
In his ruling, Justice Aneke issued a Mareva injunction restraining the defendants, whether by themselves or through their agents, from withdrawing, transferring, or otherwise dealing with funds, shares, dividends, and other financial instruments up to the disputed sum in any bank or financial institution in Nigeria.
The court also directed all banks and financial institutions to immediately preserve any funds belonging to the defendants upon service of the order.
The institutions are further required to file affidavits within seven days, disclosing the balances in all accounts linked to the defendants, along with relevant account statements.
In addition, the court granted a preservative order restraining the defendants from disposing of or encumbering any movable or immovable property, including future or contingent interests, up to the value of the alleged debt.
Justice Aneke also granted leave for substituted service of court processes on the second and third defendants through courier delivery to their last known addresses.
The matter was adjourned to April 9, 2026, for mention.
According to court documents, the dispute stems from a ₦500 million overdraft facility granted to Relic Resources on March 28, 2023, with a tenure of 365 days and an interest rate of 32 percent per annum.
The bank stated that the facility, initially secured by a $200,000 cash collateral and later by a mortgaged property in Itunu City, Epe, Lagos, expired on March 27, 2024. It added that an outstanding sum of ₦448,263,172.41 remained unpaid as of October 31, 2024.
In an affidavit supporting the application, the bank alleged that the loan was diverted for personal use by the third defendant and channelled into the fourth and fifth defendant companies.
It also claimed that the borrower is no longer a going concern and has failed to honour multiple repayment demands issued between May and October 2025.
The bank argued that there is a real risk the defendants could dissipate or conceal assets, thereby frustrating the enforcement of any eventual judgment.
It urged the court to preserve the assets pending the determination of the suit.
After considering the application and submissions of Mofesomo Tayo-Oyetibo, SAN, the court granted all the reliefs sought.
Justice Aneke adjourned further proceedings to April 9, 2026.
Article
POLITICS AND LAWYERS: PRACTICE WHAT YOU PREACH – JUSTICE TAIWO (RTD.)
I am a lawyer. I studied law and have remained in the practice of law in memory of my late mother, who paid for me to study law at Holborn Law Tutors in the UK. I eventually continued my legal education at the University of Ibadan and graduated from there. She paid almost £7,000 upfront for one year, which was the total tuition fee for one year at that private law school. I will be eternally grateful to her. May her soul continue to rest in perfect peace. We all know what the exchange rate would be today.
In her memory, I decided to remain in the practice of law throughout my legal practice and thereafter, even until now. I tried my hand at property marketing at one time, but I had to drop it, even though I made some money from it. I stopped because it was affecting my legal practice.
There is nothing you do, from my point of view, outside your profession that will not affect your profession. Politics is one of them. Politics itself is an art and a profession, but I must add that, if it is truly for the people and the betterment of the people, it is a good one.
One of the most respected politicians in this country was Chief Obafemi Awolowo, of blessed memory. He practised law and politics successfully, but he was more of a politician. He used his knowledge of law to better the lot of so many people during his lifetime, and, till today, his name remains a reference point in using politics to serve humanity.
Mahatma Gandhi was first a lawyer before he became a politician to serve his people. His name is known more in politics than in law.
Chief F.R.A. Williams was a politician until he dropped politics to devote his entire life to law. He was not a crossbreed. His pathological devotion to law can be seen and read in the political history of Nigeria. In legal practice, to which he committed his entire life after publicly renouncing politics, his invaluable impact is evident in law books, legal records and law reports. He was an enigma and an icon who will forever be remembered, like others too numerous to name, who stayed in the service of law.
The lawyer is meant to be the beacon of society. The lawyer’s creed is to ensure that society is governed according to the law. Chief Gani Fawehinmi was the people’s lawyer. He used the law to better the lot of society. His foray into politics was disastrous because the perception of the lawyer in practice and the lawyer in politics are not symbiotic. They are strange bedfellows.
The people may hail the lawyer in law, but not the lawyer in politics. The ingredients you add to the soup that make a lawyer are different from the ingredients you add to the soup that make a politician. Femi Falana, SAN, my dear friend, was in the same boat as the late Chief Gani Fawehinmi. I feel him more in law now than when he did both.
A lawyer is known to keep to his or her word. Robert Traver, in his book The Anatomy of Murder, stated thus:
“That’s what makes the practice of law, like prostitution, one of the last of the unpredictable professions—both employ the seductive arts, both try to display their wares to best advantage and both must pretend enthusiastically to woo total strangers.”
Joseph Story lived from 1779 to 1845. He was an American lawyer, politician and jurist who served as an Associate Justice of the United States Supreme Court from 1812 until his death in 1845. He stated thus:
“I will not say….that ‘The law will admit of no rival’, but I will say that it is a jealous mistress, and requires a long and constant courtship. It is not to be won by trifling favours…”
Henry David Thoreau (1817–1862) was not a lawyer. He was an American essayist, poet and philosopher. He said:
“The lawyer’s truth is not Truth, but consistency, or a consistent expediency. Truth is always in harmony with herself, and is not concerned chiefly to reveal the justice that may consist with wrongdoing.”
I have gone through the lawyer’s creed, which is to uphold the rule of law, personal dignity and independence; to offer faithfulness, competence, diligence and good judgment while providing vigorous and honest representation without sacrificing professional ethics; to practise with fairness, integrity and civility, avoiding malicious tactics, unnecessary delays or abusive discovery; to show profound respect, candour and courtesy, ensuring that the search for truth and justice remains uncompromised; to the court or tribunal; to make justice accessible to the poor; and to protect the legal profession as a noble calling rather than a mere business.
I have gone this far in order to buttress the topic for discussion. The practice of law and politics can never converge. You cannot be a master of both. You can be successful in both, no doubt, but along the way, there are sacrifices that will most likely be at cross-purposes with the law.
Very few lawyers, like Chief F.R.A. Williams, of blessed memory, have sacrificed politics for law. The political lawyer will criticise anything, even when the law is clear that, without evidence, you are not expected to speculate.
Nowadays, many lawyers in politics take to the airwaves and the print media, especially in this era of social media, to generalise when making statements. How can a lawyer, trained in the practice of law, make general statements on any topic, especially these days when the judiciary, even in retirement, has become a topic for discussion without any evidence? How can people make general statements about Senior Advocates of Nigeria or lawyers generally?
It is pathetic that those who ought to know, by virtue of their level of education, professional qualifications and recognition in the legal community, are more guilty of this. How can a lawyer remain silent even when injustice happens in front of him and behind him, too, but he keeps quiet?
Many keep quiet these days because they want to satisfy their paymasters, even when it is glaring that the legal profession is suffering from their silence and/or complicity and complacency. These days, many voice personal opinions without let or hindrance for personal and political reasons. Some attack their professional colleagues, even the judiciary, when they cannot get what they want, but they must vent their anger on someone. Some are paid to attack or bring down their fellow colleagues, whether at the Bar or on the Bench.
I like the Yoruba language a lot. I am sorry I will not be able to interpret the idioms I will use:
“Tó bá máa jẹ Oshakala, jẹ Oshakala; tó bá máa jẹ Oshokolo, jẹ Oshokolo. Oshakala, Oshokolo kò yẹ ọmọ ènìyàn.”
“Arítení mo ń wí, àfi àpáàdì bó tiẹ̀ mọ́lẹ̀.”
“Kò sí ẹni tí a máa sí idi ẹ̀, tí a kò ní bá ẹ̀ẹ̀pà níbẹ̀.”
Apologies to those who will read this who are not Yoruba, or those who are Yoruba but do not understand these idioms.
To those who criticise, not out of holiness per se, not out of being a “straight” lawyer or simply out of a desire to be fair, but generalise in order to look good or elicit unmerited applause, look in the mirror and think back to whether you have not done anything you accuse others of doing.
In writing or criticising generally, come out, but most importantly, PRACTISE WHAT YOU PREACH BEFORE YOU CRITICISE.
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