Connect with us

    Hi, what are you looking for?

    News

    Providus Bank Secures Court Order to Freeze Okonjo Udokanma’s Accounts

    Providus Bank Okonjo Udokanma legal dispute has escalated as the Federal High Court in Lagos granted the bank an interim freezing order against prominent businesswoman and former Senate Special Adviser, Mrs Okonjo Udokanma, over an alleged unpaid debt of $97,982.19.

    Justice Lewis Allagoa issued the ruling on Tuesday, restraining Udokanma and her agents from withdrawing or tampering with any funds in her accounts across six Nigerian commercial banks up to the stated amount or its naira equivalent until a motion on notice is determined.

    The order followed an application filed by Providus Bank and supported by an affidavit from the bank’s Head of Risk Management and Loan Recovery, Lawuyi Olayinka. The motion was presented by Barrister Mitchel A. Aribisala.

    Read Also: EFCC Declares 2 more suspects wanted over N1bn CBEX fraud

    Court documents reveal that Udokanma, who currently serves as Director at Prestige Capital Limited and CEO of Fine and Country International West Africa, was issued a premium World Elite Card in 2018.

    The card, tailored for high-net-worth individuals, came with a $50,000 overdraft facility and access to luxury travel perks, including VIP airport lounges and concierge services.

    According to the bank, Udokanma actively used the overdraft facility from August 1, 2018, and regularly funded the attached US Dollar accountuntil February 11, 2020, when she allegedly stopped repayments.

    Despite this, the account continued accruing charges, reaching nearly $98,000 in debt as of January 10, 2025.

    Providus Bank stated that several reminder letters and a final demand notice were sent to Udokanma, but no repayment followed.

    An emailed bank statement showed a balance of $89,489.79 as of March 2024, with ongoing daily default charges.

    While Udokanma acknowledged the correspondence and requested original contract documents and a detailed breakdown of the charges, the bank claims she took no concrete steps toward settling the debt.

    Read Also: EFCC Cracks Down on Fake Journalist Linked to $4.5bn Fraud Case

    Fearing dissipation of the funds, the bank filed a suit to secure a freezing order. It also obtained permission to serve Udokanma via substituted means by posting court papers at her last known address on Cooper Road in Ikoyi, Lagos.

    Providus Bank pledged to pay damages should the court later find the freezing application unjustified or frivolous.

    “We had no alternative but to seek legal protection for our financial exposure,” a source close to the bank explained.

    The court is expected to continue hearing the matter once the motion on notice is determined. Providus Bank is seeking a permanent resolution to the lingering debt.

    Loading

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    Kashifu Inuwa Abdullahi, CCIE, Director General, National Information Technology Development Agency (NITDA), has reaffirmed Nigeria’s commitment to leveraging Artificial Intelligence (AI) for national development,...

    News

    Nigerian billionaire and Senator, Ned Nwoko, has refuted the recent viral claims of domestic violence made by his wife, actress Regina Daniels. In a...

    News

    TD Africa, leading technology solutions aggregator in Sub-Saharan Africa, has officially announced the onboarding of Zinox Technologies into its basket of global brands. This...

    News

    Ukrainian President Volodymyr Zelensky has proposed a potential exchange of Ukrainian-made drones for U.S. Tomahawk cruise missiles during a meeting with President Donald Trump...