Court freezes bizwoman, Okonjo Udokanma’s bank accounts over $97,982 debt
A Federal High Court in Lagos has granted an interim order freezing the bank accounts of Okonjo Udokanma, the CEO/Executive Vice Chair of Fine and Country International (West Africa), a real estate firm, over an debt of $97,982.19 owed to Providus Bank.
Justice Lewis Allagoa, who presided over the matter, issued an interim freezing injunction restraining Mrs. Udokanma and her agents from withdrawing, transferring, or tampering with any funds in her accounts across six commercial banks—up to the debt amount or its naira equivalent at the prevailing Central Bank of Nigeria exchange rate.
The order remains in effect pending the hearing and determination of the bank’s motion on notice.
The court’s decision followed an affidavit filed by Lawuyi Olayinka, Head of Risk Management/Loan Workout & Recovery at Providus Bank. The application was presented by counsel Mitchel A. Aribisala.
According to the affidavit, Mrs. Udokanma, a former Senate Special Adviser on Legal, Constitutional, and Other Matters, is currently a Director at Prestige Capital Limited.
The bank stated that on July 26, 2018, Mrs. Udokanma was issued a World Elite Card, an exclusive overdraft facility available only to high-net-worth clients, with a credit line of $50,000. The card also came with several luxury benefits, including concierge services, VIP lounge access, premium hotel memberships, exclusive travel offers, and dedicated customer service.
She began using the facility on August 1, 2018, and regularly funded the associated USD account to settle the overdraft.
However, the bank alleges that since February 11, 2020, Mrs. Udokanma stopped funding the account, even as she continued to utilize the overdraft privileges. As of January 10, 2025, the outstanding debt had risen to $97,982.19, inclusive of interest.
Further details reveal that the defendant had disclosed her status as a politically exposed person (PEP) during the onboarding process, prompting the bank to carry out the necessary due diligence before opening her domiciliary USD and EURO current accounts.
Despite repeated demand notices, the bank claims Mrs. Udokanma has consistently failed to settle the debt. A formal demand letter dated September 28, 2023, was sent to her via email, but she reportedly took no action.
“On March 11, 2024, the Risk Management team contacted her via phone, and she requested her statement of account.
“The bank followed up by emailing her the requested documents, which showed an outstanding balance of $89,489.79 at the time, with daily default charges continuing to accrue.
“Another phone call was placed on March 13, 2024, urging her to clear the debt. In response, the defendant acknowledged the communications and requested further documentation—including a breakdown of the original debt and the credit agreement.
“However, she neither responded further nor made any payments,” the bank alleged.
The bank emphasized that despite multiple reminders—including a final demand letter dated January 10, 2025—the defendant has made no effort to settle the debt.
Consequently, the bank sought judicial intervention to preserve any funds in her accounts, arguing that there is a real risk she may dissipate the funds, rendering any eventual court judgment unenforceable.
The bank also requested leave to serve court processes by substituted means, as personal service could not be effected. It asked the court to permit service by pasting the documents at Mrs. Udokanma’s last known address: 1 Cooper Road, Ikoyi, Lagos.
Providus Bank added that the defendant would suffer no prejudice if the application is granted and undertook to pay damages should the application be found frivolous.
