Courtroom freezes bizwoman, Okonjo Udokanma’s financial institution accounts over $97,982 debt

A Federal Excessive Courtroom in Lagos has granted an interim order freezing the financial institution accounts of Okonjo Udokanma, the CEO/Govt Vice Chair of Advantageous and Nation Worldwide (West Africa), an actual property agency, over an debt of $97,982.19 owed to Providus Bank.

Justice Lewis Allagoa, who presided over the matter, issued an interim freezing injunction restraining Mrs. Udokanma and her brokers from withdrawing, transferring, or tampering with any funds in her accounts throughout six business banks—as much as the debt quantity or its naira equal on the prevailing Central Bank of Nigeria trade charge.

The order stays in impact pending the listening to and dedication of the financial institution’s movement on discover.

The courtroom’s choice adopted an affidavit filed by Lawuyi Olayinka, Head of Threat Administration/Mortgage Exercise & Restoration at Providus Bank. The applying was introduced by counsel Mitchel A. Aribisala.

In accordance with the affidavit, Mrs. Udokanma, a former Senate Particular Adviser on Authorized, Constitutional, and Different Issues, is at present a Director at Status Capital Restricted.

The financial institution acknowledged that on July 26, 2018, Mrs. Udokanma was issued a World Elite Card, an unique overdraft facility out there solely to high-net-worth purchasers, with a credit score line of $50,000. The cardboard additionally got here with a number of luxurious advantages, together with concierge companies, VIP lounge entry, premium lodge memberships, unique journey provides, and devoted customer support.

She started utilizing the ability on August 1, 2018, and often funded the related USD account to settle the overdraft.

Nevertheless, the financial institution alleges that since February 11, 2020, Mrs. Udokanma stopped funding the account, whilst she continued to make the most of the overdraft privileges. As of January 10, 2025, the excellent debt had risen to $97,982.19, inclusive of curiosity.

Additional particulars reveal that the defendant had disclosed her standing as a politically uncovered particular person (PEP) throughout the onboarding course of, prompting the financial institution to hold out the mandatory due diligence earlier than opening her domiciliary USD and EURO present accounts.

Regardless of repeated demand notices, the financial institution claims Mrs. Udokanma has constantly didn’t settle the debt. A proper demand letter dated September 28, 2023, was despatched to her through e-mail, however she reportedly took no motion.

“On March 11, 2024, the Threat Administration group contacted her through telephone, and he or she requested her assertion of account.

“The financial institution adopted up by emailing her the requested paperwork, which confirmed an excellent stability of $89,489.79 on the time, with each day default costs persevering with to accrue.

“One other telephone name was positioned on March 13, 2024, urging her to clear the debt. In response, the defendant acknowledged the communications and requested additional documentation—together with a breakdown of the unique debt and the credit score settlement.

“Nevertheless, she neither responded additional nor made any funds,” the financial institution alleged.

The financial institution emphasised that regardless of a number of reminders—together with a remaining demand letter dated January 10, 2025—the defendant has made no effort to settle the debt.

Consequently, the financial institution sought judicial intervention to protect any funds in her accounts, arguing that there’s a actual danger she could dissipate the funds, rendering any eventual courtroom judgment unenforceable.

The financial institution additionally requested go away to serve courtroom processes by substituted means, as private service couldn’t be effected. It requested the courtroom to allow service by pasting the paperwork at Mrs. Udokanma’s final identified deal with: 1 Cooper Street, Ikoyi, Lagos.

Providus Bank added that the defendant would undergo no prejudice if the applying is granted and undertook to pay damages ought to the applying be discovered frivolous.