By Ayomide Otitoju
Ask ChatGPTOfficials of the Federal Capital Territory (FCT) High Court on Thursday sealed the Abuja regional office of Keystone Bank over the bank’s failure to comply with a court judgment ordering it to pay over ₦240 million to Agricultural Productivity Enhancement Company Limited (AGROPRO Ltd).
The enforcement team, led by court bailiff Barr. Shamsudeen Ubanoma and senior enforcement officer Maryam Mohammed, arrived at the bank’s premises in the Central Business District accompanied by a contingent of armed police officers to execute the court’s order.
The action follows a protracted legal dispute that began in 2021, when Keystone Bank allegedly withheld over ₦202 million belonging to AGROPRO, proceeds from a fixed deposit investment. The bank reportedly held the funds without justification or court order.
AGROPRO’s legal counsel, Victor Abakpa, stated that the company had no contractual obligations with the Central Bank of Nigeria (CBN) and was wrongly linked to its Anchor Borrowers Scheme. Despite this, the bank withheld the funds.
“In 2024, the FCT High Court ruled in favour of AGROPRO Ltd and ordered the release of the funds. Keystone Bank appealed, but the Court of Appeal, in a landmark judgment delivered on May 9, 2025, upheld the lower court’s ruling,” Abakpa said.
He explained that the fixed deposit originated from a contractual transaction in 2020 and was rolled over by the company, but the bank failed to return the funds, prompting legal action.
“Keystone Bank had no legal basis to withhold the funds. We followed all due processes, and the courts—both the High Court and Court of Appeal—ruled in our favour. Still, the bank refused to comply,” he added.
Following the bank’s refusal to honour the dual court rulings, AGROPRO Ltd initiated enforcement proceedings, resulting in Thursday’s seizure.
As of the time of this report, Keystone Bank has not released an official statement regarding the enforcement action.
