By SAM POPOOLA, Lagos
The presiding Judge of a Federal high court in Lagos, Justice Lewis Allagoa has granted an order of interim freezing injunction restraining a Lagos business Executive MRS OKONJO UDOKANMA
and her agents from withdrawing, tampering, or otherwise dealing with any monies standing to her credit in any accounts maintained with the six commercial banks listed before the court up to the sum of $97,982.19 or it's Naira equivalent at the prevailing Central Bank Exchange rate being the outstanding indebtedness to the bank as at 10th January, 2025 pending the hearing and determination of the motion on notice.
The order of the court was sequel to an affidavit sworn to by the Head of Risk Management/Loan workout and recovery at Providus Bank Plc, Lawuyi Olayinka filed and argued before the court by Barrister Mitchel A. Aribisala.
The deponent averred that
MRS OKONJO. UDOKANMA is an account holder with PROVIDUS BANK PLC., who in recent past, held the office of the Senate Special Adviser, Legal, Constitution & other Matters.
She is currently a Director at Prestige Capital Limited and the Chief Executive Officer/Executive Vice Chair at Fine and Country International West Africa; a real estate firm.
On 26th July, 2018, upon the application of the Defendant, the Bank issued her a World Elite Card available only to its High-net-worth Clients.
The World Elite Card provided the bank's High-net-worth Clients with an overdraft facility in the sum of $50,000 (USD Fifty Thousand) amongst other exclusive lifestyle and travel perks such as; Concierge services, VIP Lounge Access, Legacy Lifestyle Black Tier Membership, Global Hotel Alliance Discovery Black-Level Membership, Luxury Serviced Apartments and Hotel Offers, Starwood Hotels and Resorts Complimentary Hotel Nights, Premium Membership – Car Rental, Exclusive Fashion Experience, Dedicated Customer Service, Airport Concierge, Qatar Airways Privilege Club Gold Tier Membership and Airport Lounge access.
Upon the issuance of the World Elite Card, the Defendant commenced utilizing the said card on the 1st of August, 2018 and constantly utilized the overdraft facility connected to her account.
The Defendant also constantly funded the US Dollar account linked to the Overdraft facility to service and clear her overdraft balance/outstanding indebtedness with the Bank.
However, since 11th February, 2020, the Defendant has failed, refused, neglected to fund the USD account linked to the World Elite Card and the Defendant continued to utilize the overdraft facility extended to it to the extent that as at 10th January 2025, the outstanding amount due on the Defendant’s account is in the sum of $97,982.19 representing the overdraft facility and the accumulated interest.
In 2018, the Defendant approached the Bank to open a US Dollar domiciliary account.
In light of the Defendant’s intention to open a domiciliary account, the Defendant was provided with the bank's ‘Individual’ account opening form’ and was asked to fill out the requisite details to enable the bank carry out its mandatory checks in line with the Central Bank of Nigeria’s mandatory guidelines as well as other security checks mandated by the relevant security agencies towards opening an account.
In the process of filling out the account opening form, the Defendant opted for the type of account she would prefer and selected USD and EURO Current accounts for High Networth Individuals as indicated on page 2 of the account opening form.
As the onboarding process progressed, the Defendant disclosed that she is a politically exposed person as such she was availed the ‘PEP Onboarding Approval Form’ to fill.
After due verifications were carried out by the compliance team of the Bank a US Dollar account was opened for the Defendant.
In view of the Defendant’s account becoming overdrawn on the 29th of January, 2020, and her subsequent failure and/or neglect to service or clear her outstanding indebtedness, the bank issued a demand letter dated the 28th of September, 2023, which was sent to the Defendant via her provided email address.
The Defendant however failed to respond to the bank’s demand letter dated 28th September, 2023, and took no steps to clear her outstanding indebtedness.
In further efforts to recover the Defendant’s outstanding indebtedness, the Risk Management – Loan Workout & Recovery department of the bank made a telephone call to the Defendant on 11th March 2024 to notify her of the state of her account and the urgent need to regularize it.
During the telephone conversation, the Defendant requested for her statement of Account.
Pursuant to the Defendant’s request, the Risk Management – Loan Workout & Recovery department sent an email to the Defendant on the 11th of March, 2024, attaching her statement of account. The email also informed the Defendant that her outstanding balance as of the 11th of March, 2024, was $89,489.79, with default charges accruing daily.
The Defendant failed to respond to the bank’s email dated the 11th of March, 2024.
Consequently, a senior member of the Risk Management team placed a call to the Defendant on the 13th of March, 2024, urging her to settle her outstanding indebtedness. Following the telephone call,
In response the defendant
acknowledge receipt of the recent communication and statements regarding an outstanding debt linked to a credit card account under her name.
Detailed Account Information: A breakdown of the original debt amount, including the date the debt was incurred and any charges or fees applied since that time.
Contract Documents: Copies of the original credit or debit card contract and any related documentation that was signed upon opening the account.
Despite receiving multiple demands, including the bank's final demand letter dated the 10th of January, 2025, the Defendant has failed to liquidate her indebtedness, leaving the bank with no alternative but to file this application and seek to preserve all funds standing to the Defendant’s credit within the jurisdiction of the Honourable Court.
Unless this Honourable Court preserves the Defendant’s funds, she—having demonstrated an unwillingness to repay her significant indebtedness to the bank —will dissipate the funds, leaving the bank as a custodian of depositors’ funds, without any means of recovery.
Should the Defendant dissipate the funds, any eventual judgment of this Court may become unenforceable, leaving the bank unable to recover the Defendant’s indebtedness. Furthermore, the Defendant has benefited from the Plaintiff/Applicant’s overdraft facility, necessitating the Court’s intervention to protect the bank’s legal rights.
Owing to the circumstances of this case, personal service of same cannot be effectively effected on the Defendant and it will serve the best interest of justice for the bank to be granted an order to serve the order of Court herein together with the Originating Summons and all other processes filed in the suit, by substituted means on the Defendant by pasting or dropping same at the entrance or premises of the Defendant’s last known address at 1 Cooper Road, Ikoyi, Lagos.
The bank also undertakes to pay damages in the event this application is frivolous.
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