Court Grants FCMB Authority to Seize Assets, Freeze N4.1bn in Protracted Loan Recovery Case

A Lagos High Court has granted First City Monument Bank (FCMB) far-reaching orders to take possession of assets belonging to defendants in a long-standing debt recovery case, while also approving the freezing of funds totalling N4.1 billion.

The ruling, delivered on Thursday, 13 November 2025, in Suit No. HC/L/CS/1642/200, stems from debt recovery proceedings that originated from an earlier suit filed in 2015. FCMB had approached the court seeking urgent intervention to prevent the dissipation of assets pending the resolution of the substantive matter.

In granting the orders, the court held that FCMB had sufficiently demonstrated the defendants’ indebtedness and the need for immediate measures to safeguard the bank’s financial interests. The judge authorised the bank to proceed with:

• Taking over specified assets belonging to the defendants;
• Freezing bank accounts and related funds amounting to N4.1bn;
• Restricting any transfer or disposal of assets that could jeopardise recovery.

The decision is seen as a major boost for FCMB’s ongoing efforts to enforce repayment across its non-performing loan portfolio. Legal observers say the ruling reinforces the judiciary’s support for creditor rights in situations where debtors are perceived to be evading repayment obligations.

With the orders now in place, FCMB is expected to begin enforcement actions in collaboration with court officials. Further hearings on the substantive issues in the case are expected in the months ahead.

The Lagos High Court has empowered FCMB to seize defendants’ assets and freeze N4.1bn in a long-running loan recovery case, marking a significant step in the bank’s debt enforcement efforts.

FCMB secures court approval to take over assets and freeze N4.1bn in a debt recovery suit dating back to 2015, as the Lagos High Court rules in favour of the bank’s enforcement request.