A Lagos Federal High Court has issued a temporary order freezing the assets and operations of FDGS Energy Group of Companies Limited due to an outstanding debt of $7,999,405.19 and N399,893,550.44 owed to Keystone Bank Limited. Justice Ambrose Lewis-Allagoa granted the order, restricting the company’s directors from interfering with the Receiver/Manager’s duties and accessing the company’s funds.

The court’s directive also requires banks to disclose the company’s financial standings, and law enforcement agencies are tasked with enforcing the orders. The case is set for hearing on March 10, 2026.

According to court documents, FDGS Energy defaulted on loan facilities granted by Keystone Bank, leading to the appointment of a Receiver/Manager to oversee the company’s assets. The debt stems from multiple loan facilities extended to finance marine vessel construction and acquisition, which were restructured several times but remain unpaid.