A Federal High Court has frozen the bank accounts of Okonjo Udokanma following Providus Bank’s suit over an alleged $97,982.19 unpaid debt linked to a luxury overdraft facility
[dropcap]P[/dropcap]rovidus 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.
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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.
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.
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.
Also read: EFCC arraigns Lagos businesswoman over alleged N50bn fraud
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.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
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