Courtroom Orders Agency, Companions to Repay N1.7Bn Mortgage to Keystone Bank

The Federal Excessive Courtroom in Lagos has ordered Anambra J.C. Michael Nigeria Restricted and 7 others to pay Keystone Bank Restricted N1.703 billion over an unpaid debt tied to a public-private partnership challenge with the Anambra State authorities.

Justice Ambrose Lewis-Allagoa gave the ruling on July 17, 2025, in a swimsuit filed by senior lawyer, Adekunle Ogunba (SAN).

The choose entered abstract judgment underneath the undefended record process after the defendants admitted legal responsibility in a Might 29, 2024 letter.

The case stems from a mortgage facility granted by Keystone Bank to finance the event of a ten,000-shop ultra-modern market in Isiagu, Awka South.

The challenge was structured as a three way partnership between the Anambra State authorities and Anambra J.C. Michael Nigeria Ltd, with the corporate serving because the particular goal automobile.

The opposite defendants within the case, marked FHC/L/CS/916/2025, are J.C. Michaels Nigeria Restricted, Amuzie Jude Chukwuma, Amuzie Emmanuel Arinze, Joe Billy Ekwunife, Ilobi Uzoamaka Gladys, and Ifediora Chimezie Amobi.

Justice Lewis-Allagoa ordered the defendants to pay the N1.703 billion admitted of their correspondence, with curiosity of 9% from Might 29, 2024, till judgment, and 25% yearly thereafter till full compensation.

Courtroom filings present the defendants initially supplied to pay N1.6 billion in March 2024 earlier than admitting legal responsibility for N1.703 billion two months later. Regardless of this, no compensation was made.

Keystone Bank stated it had beforehand restructured the power, initially N1.2 billion in 2020 and later enhanced to N1.7 billion in 2022.

The financial institution can be pursuing a substantive declare of N2.799 billion, representing the complete excellent as at April 2, 2025, with curiosity and N20 million in authorized prices.

Listening to on the substantive swimsuit has been adjourned to October 14, 2025.