Court Freezes Construction Firm’s Assets Over ₦345m Debt Dispute

(Rivers State High Court. Photo by Nation News)

The Rivers State High Court in Port Harcourt has frozen the bank accounts and assets of Ampal Construction Nigeria Limited in a move to preserve funds in an ongoing ₦345 million debt dispute with Cafint Resources Limited, which is in liquidation.

Justice S. H. Aprioku issued the interim Mareva injunction on June 24, 2026, following an ex parte application filed by counsel to the claimant, Belema S. Orupabo, in suit PHC/2151/CS/2026.

The order restrains Ampal Construction, its directors, officers, agents, subsidiaries and associates from accessing, withdrawing, transferring, or otherwise dealing with funds held in any Nigerian financial institution pending the determination of the substantive application before the court.

As part of the ruling, the court directed 17 commercial banks, including Access Bank, Zenith Bank, First Bank, Ecobank, Fidelity Bank, FCMB, UBA, Union Bank and Wema Bank, to immediately identify and sequester all funds standing to the credit of Ampal Construction Nigeria Limited and persons acting on its behalf, up to the sum of ₦345 million, the amount allegedly owed to Cafint Resources Limited.

The banks were further ordered to transfer the funds into an interest-yielding account in the name of the Chief Registrar of the High Court pending the hearing and determination of the case, and were also required to file affidavits of compliance within seven days of being served with the order, disclosing the balances in the company's accounts.

In addition to freezing the company's accounts, Justice Aprioku barred Ampal Construction from selling, transferring, assigning, mortgaging, leasing, pledging, or otherwise disposing of its interest in a parcel of land measuring approximately 250,635.546 square metres, comprising 539 plots, located at Victoria Garden Creek Estate, Omuada Community, Aluu Town, Obio/Akpor Local Government Area of Rivers State.

The court also granted leave for the claimant to publish the orders in national newspapers to notify all relevant parties.

Although the matter came up for hearing on July 7, 2026, proceedings could not continue after counsel for the defendant failed to file a counter-affidavit in response to the application.

The court consequently adjourned the case to October 6, 2026, while ordering that the Mareva injunction should remain in force.

Court documents and findings presented by the claimant indicate that the disputed debt has remained outstanding for more than five years.

It was alleged that Ampal Construction entered into an out-of-court settlement with Cafint Resources Limited in 2023 but failed to comply with the agreed terms.

The claimant further alleged that the debt arose from financing provided by Cafint Resources Limited for the development of the Victoria Garden Creek Estate and its supporting infrastructure, with the outstanding obligations reportedly including the allotment of an undisclosed number of plots within the estate to the finance company as part of the settlement arrangement.

The substantive suit is expected to determine the validity of the debt claims and the parties' respective obligations when proceedings resume in October.