Breaking News: Court freezes businessman Sunny Odogwu's accounts in 19 banks over alleged N26b debt

A Lagos Federal High Court, presided by Judge Saliu Seidu has ordered 19 commercial banks in Nigeria, to refrain top businessman Chief Sunny Odogwu, and his two companies: Robert Dyson & Diet Limited, and SIO Properties Limited, from making any withdrawal from their accounts.


The order of the court followed an order of Mareva injunction, Diamond Bank Plc, for alleged refusal of Chief Odogwu and his companies to offset the loan of N26,229,943,035.22, they obtained from the bank‪ (A Mareva injunction is a temporary injunction that freezes the assets of a party pending further order or final resolution by the Court).


The bank also sought for an order restraining Chief Odogwu and his two companies, their agents, privies, or assigns from disposing, selling, transferring, and or alienating any of its movable or immovable asset, money, share, stock and other negotiable instrument pending the determination of the substantive suit.‬

The bank in a sworn affidavit, claims that sometimes in 2007, SIO Properties Limited, and Chief Odogwu, on behalf of Robert Dyson & Diket Limited company, approached the bank and required huge finance to be applied and disbursed as at when due for their project called ‘Luxury Collection Hotels and Apartments’, formerly Le Meridian Grand Tower, to be constructed at 31-35, Ikoyi Crescent, Ikoyi, Lagos, in the name of SOI Properties Limited of which Chief Sonny Odogwu is the chairman and major owner.

 The bank is also asking for an order granting leave to it to foreclose and sell the said property situated at 31-35 Ikoyi Crescent, Ikoyi, Lagos. The case has been adjourned till December 12 by the judge .