A Federal High Court in Lagos has granted Providus Bank an interim order to freeze the accounts of Mrs. Okonjo Udokanma, a prominent businesswoman and former Special Adviser to the Senate, over an alleged unpaid debt of $97,982.19.
The ruling, delivered by Justice Lewis Allagoa, restrains Udokanma and any of her agents from withdrawing or dealing with funds in her accounts across six commercial banks—up to the disputed sum or its naira equivalent—pending the determination of a motion on notice filed by the bank.
The court’s decision followed an application presented by Barrister Mitchel A. Aribisala, backed by an affidavit sworn by Lawuyi Olayinka, Head of Risk Management and Loan Recovery at Providus Bank.
According to court filings, Udokanma—currently the Director at Prestige Capital Limited and CEO of Fine and Country International West Africa—was issued a World Elite Card in 2018. The card, tailored for high-net-worth clients, came with a $50,000 overdraft facility and access to luxury perks, including airport lounges, hotel memberships, and concierge services.
Providus Bank claims Udokanma began using the overdraft on August 1, 2018, and regularly funded her linked USD account to service the debt. However, repayments allegedly ceased on February 11, 2020, while the facility continued to be used, resulting in an outstanding balance of nearly $98,000 as of January 10, 2025.
Despite multiple reminders, including final demand letters and a detailed account statement sent in March 2024, the bank claims Udokanma failed to settle the debt. She reportedly acknowledged the correspondence and requested documentation, but no repayment has been made to date.
Arguing that a delay in securing the funds could jeopardize future enforcement of any court judgment, Providus Bank sought urgent legal protection.
The bank also faced difficulty in personally serving Udokanma with court documents and was granted permission for substituted service—allowing papers to be pasted at her last known address on Cooper Road, Ikoyi, Lagos.
As required by law, Providus Bank has undertaken to pay damages should the court later determine the application was frivolous.
The matter will proceed when the motion on notice is heard, as the bank pushes for a permanent resolution to what it describes as a longstanding debt.