- The Federal High Court in Lagos has granted Providus Bank an interim freezing order against Okonjo Udokanma, a prominent businesswoman and former Senate Special Adviser, over an alleged unpaid debt of $97,982.19.
- Justice Allagoa ordered Udokanma and her agents to stop withdrawing or tampering with funds in six commercial banks’ accounts until a motion on notice is filed.
A Federal High Court sitting in Lagos has granted an interim order freezing the bank accounts of prominent businesswoman and former Senate Special Adviser, Mrs. Okonjo Udokanma, over an alleged unpaid debt of $97,982.19.
The order, issued by Justice Lewis Allagoa, restrains Udokanma and her agents from accessing or withdrawing funds from her accounts in six commercial banks, up to the stated amount or its naira equivalent. This measure remains in effect pending the hearing of a motion on notice filed by Providus Bank.
The bank, through an affidavit deposed by its Head of Risk Management and Loan Recovery, Lawuyi Olayinka, alleged that Udokanma, currently Director of Prestige Capital Limited and CEO of Fine and Country International (West Africa), was issued a World Elite Credit Card in 2018 with a $50,000 overdraft facility.
The elite card came with premium privileges, including VIP access to airport lounges, global hotel memberships, and concierge services. Udokanma reportedly used the card and consistently funded her linked dollar account—until February 11, 2020, when she allegedly stopped making repayments.
Despite reminders, including a final demand letter dated January 10, 2025, the bank says Udokanma made no effort to settle the accumulating debt, which reached nearly $98,000 by early 2025. Communication records show that she acknowledged the debt but requested additional documentation, which Providus Bank claims was already provided.
Citing fears that Udokanma may dissipate her assets, the bank sought legal action to protect its interests. The court also granted the bank permission to serve her through substituted means by pasting documents at her last known address on Cooper Road, Ikoyi, Lagos, due to difficulties in delivering the notice personally.
Providus Bank gave an undertaking to pay damages should the court later find its application to be without merit. The matter remains ongoing as the court prepares to hear the motion on notice for a permanent resolution.
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