A Federal High Court in Lagos has granted Providus 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.
The order, issued by Justice Lewis Allagoa, restrained Udokanma and her agents from withdrawing or tampering with funds in any of her accounts held with six commercial banks—up to the stated amount or its naira equivalent—pending the determination of a motion on notice filed by the bank.
The court’s decision followed an application supported by an affidavit sworn by Lawuyi Olayinka, Head of Risk Management and Loan Recovery at Providus Bank, and presented by Barrister Mitchel A. Aribisala.
According to court documents, Udokanma, currently Director at Prestige Capital Limited and CEO of Fine and Country International West Africa, was granted a high-end World Elite Card in 2018, exclusive to high-net-worth clients.
This card came with an overdraft facility of $50,000 and access to luxury perks such as VIP airport lounges, global hotel memberships, and concierge services.
The bank claims Udokanma began using the overdraft facility on August 1, 2018, and regularly funded the linked US Dollar account to service her debts.
However, since February 11, 2020, she allegedly stopped making repayments but continued utilising the facility, accumulating an outstanding balance of nearly $98,000 as of January 10, 2025.
The bank issued several reminders and final demand letters, including one dated January 10, 2025, but received no response.
Further attempts to engage her included phone calls and an emailed statement showing a balance of $89,489.79 as of March 2024, with daily default charges.
In a reply, Udokanma acknowledged the correspondence and requested detailed documentation, including original contract terms and a breakdown of charges.
Despite this, Providus Bank stated that she failed to take any steps to settle her obligations, prompting the legal action to secure the funds before they are potentially dissipated.
The bank argued that any further delay in recovering the amount could render a future court judgement unenforceable.
Citing challenges in effecting personal service, the bank also requested and was granted permission to serve Udokanma through substituted means by pasting court documents at her last known address on Cooper Road, Ikoyi, Lagos.
Providus Bank has undertaken to pay damages if the court later finds the application to be frivolous.
The matter will continue once the motion on notice is heard, as the bank seeks a permanent resolution to the longstanding debt.
