FDGS Energy Group’s accounts, assets frozen over $7.9m, N399m debt

The federal high court sitting in Lagos has issued an interim orders freezing the assets and operations of FDGS Energy Group of Companies Limited over an alleged debt of $7,999,405.19 and N399,893,550.44 owed to Keystone Bank Limited.

Justice A. Lewis-Allagoa granted the order after hearing an ex parte application filed by Mofesomo Tayo-Oyetibo, SAN, on behalf of the bank.

The suit, marked FHC/L/CS/2567/2025, lists FDGS Energy Group of Companies Limited (in receivership) and its Receiver/Manager, Mr. Paul Mgbeoma, as Plaintiffs/Applicants.

Chijioke Arinze Onyeagba and Tijjani Ahmad Aliyu, identified as current directors of the company, are named as defendants.

In a ruling delivered on January 20, 2026, the court restrained the defendants, their agents, or privies from interfering with the Receiver/Manager in carrying out his statutory responsibilities over the company’s assets.

The court further barred the defendants from entering or remaining in possession of the company’s assets and offices under receivership, collecting proceeds or receivables due to the company, disposing of or dissipating assets, or accessing funds held in any financial institution up to the amount allegedly owed to Keystone Bank.

Justice Lewis-Allagoa also directed all banks and financial institutions served with the order to file affidavits within seven days disclosing sums standing to the credit of the company, alongside relevant account statements.

Additionally, the court ordered the Inspector-General of Police, the Commissioner of Police for Lagos State, and other law enforcement agencies, including Interpol units of the Nigeria Police Force, to assist the Receiver/Manager in enforcing the orders and maintaining law and order concerning the company’s assets.

The matter was adjourned to February 16, 2026, for hearing of the Motion on Notice.

According to an affidavit sworn by Akeem Oloyede, a unit head in Keystone Bank’s Specialised Assets division, the bank granted FDGS Energy multiple loan facilities beginning in June 2021.

The facilities, initially valued at $3.85 million, were reportedly used to finance the construction and acquisition of marine vessels, including a 23-metre fast crew boat and a 56-metre barge.

The loans were restructured several times between 2021 and 2024 at the company’s request. However, the bank alleged that the company failed to meet its repayment obligations.

As of August 8, 2025, the outstanding debt under one facility had risen to $7,999,405.19, while a second facility stood at N399,893,550.44.

The bank issued demand notices in May, June, and August 2025. Following continued default, it appointed Mr. Paul Mgbeoma as Receiver/Manager on October 14, 2025, under a Deed of All Assets Debenture executed in July 2021 and registered with the Corporate Affairs Commission.

Court documents indicate that the receivership covers all fixed and floating assets of the company, including properties located at Ibasa-Imore (Snake Island), Satellite Town, Apapa, and Victoria Island, Lagos. It also extends to three vessels mortgaged to the bank — MV Blufin 1 (Official No. SR 4039), MV Safari (Official No. SR 4026), and Dangana Z (Official No. 4429).

The vessels were secured under separate Deeds of Vessel Mortgage and registered with the Nigerian Maritime Administration and Safety Agency and the Corporate Affairs Commission.

The security package further includes a Deed of All Assets Debenture charging the company’s undertaking, goodwill, bank accounts, receivables, shares, and other present and future assets in favour of the bank.

In the supporting affidavit, the Applicants alleged that the defendants were making clandestine efforts to dispose of or alienate charged assets, which could frustrate the Receiver/Manager’s ability to realise the security and recover the debt.

They argued that any delay in granting the application to allow service of a motion on notice could result in irreparable harm, as the assets might be dissipated before judicial intervention.

The court granted leave for substituted service of court processes by delivering the documents to an adult person or by pasting them at Plot 1676, Kaita Gardens, Oladele Olashore Street, Victoria Island, Lagos — described as the defendants’ last known business address.

The interim orders will remain in effect pending the hearing and determination of the Motion on Notice for interlocutory injunction.

At the next adjourned date, the court will consider whether to make the injunctive orders subsist pending the final determination of the substantive suit.

The case highlights the growing reliance by financial institutions on receivership proceedings under the Companies and Allied Matters Act 2020 to enforce security over distressed corporate borrowers, particularly in capital-intensive sectors such as oil and gas and marine logistics.