Court Freezes Accounts Of Fine And Country CEO, Okonjo Udokanma Over $97,982 Debt

Federal High Court has frozen the accounts of Fine and Country CEO, Okonjo Udokanma  over $97,982 debt to Providus Bank.

NewsOnline Nigeria reports that a Federal High Court sitting in Lagos has issued an interim order to freeze the bank accounts of Okonjo Udokanma, the CEO and Executive Vice Chair of Fine and Country International (West Africa), over an alleged unpaid debt of $97,982.19 owed to Providus Bank.

The ruling, delivered by Justice Lewis Allagoa, restrains Mrs. Udokanma and her representatives from accessing or withdrawing funds from her accounts held in six major commercial banks in Nigeria. The restriction covers the full debt amount or its naira equivalent, based on the current Central Bank of Nigeria (CBN) exchange rate.

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Providus Bank Seeks Recovery of High-Value Overdraft

The interim injunction remains in effect pending the outcome of a motion on notice filed by the bank. The request for the court order followed an affidavit filed by Lawuyi Olayinka, Head of Risk Management and Loan Recovery at Providus Bank, and presented by legal counsel Mitchel A. Aribisala.

According to court documents, Mrs. Udokanma, a former Special Adviser to the Nigerian Senate on Legal and Constitutional Matters, received a World Elite Card overdraft facility from Providus Bank on July 26, 2018.

This premium credit card, tailored for high-net-worth individuals, came with exclusive perks including:

• VIP airport lounge access

• Concierge services

• Luxury hotel memberships

• Personalized customer support

• Premium travel offers

She began utilizing the credit facility from August 1, 2018, and initially maintained regular payments. However, the bank alleges that repayments ceased on February 11, 2020, despite continued use of the overdraft line. As of January 10, 2025, the outstanding balance, including accrued interest, stood at $97,982.19.

Politically Exposed Person (PEP) Status and Due Diligence

During her onboarding, Mrs. Udokanma identified herself as a Politically Exposed Person (PEP). As a result, Providus Bank stated it conducted rigorous due diligence before opening her domiciliary USD and EURO accounts.

Despite repeated email and phone reminders, the bank claims she has failed to settle the debt. A demand letter dated September 28, 2023, sent via email, went unanswered. Subsequent communications in March 2024 reportedly led to a request for account statements and a breakdown of the debt, but no payment or follow-up action was taken.

Legal Action to Prevent Fund Dissipation

 

Providus Bank argued that the freezing order was necessary to prevent Mrs. Udokanma from dissipating assets, which could make future enforcement of a court judgment impossible. The bank further requested substituted service, asking the court to permit service of legal documents by pasting them at her last known address in Ikoyi, Lagos.

The bank assured the court that Mrs. Udokanma would suffer no prejudice and pledged to cover any damages should the court later determine the application was unwarranted.

Case Highlights:

• Defendant: Okonjo Udokanma, CEO of Fine and Country West Africa

• Plaintiff: Providus Bank

• Debt Amount: $97,982.19

• Court: Federal High Court, Lagos

• Presiding Judge: Justice Lewis Allagoa

• Account Status: Frozen across six commercial banks

• Legal Representation: Mitchel A. Aribisala for Providus Bank

This development underscores the growing legal risks faced by high-profile borrowers and politically exposed persons who default on premium banking facilities in Nigeria.