Mikap Nigeria Ltd vs Keystone Bank: Dispute Over Alleged Debt Deepens

A legal dispute has emerged between Mikap Nigeria Limited and Keystone Bank over claims of indebtedness and alleged abuse of court process.
The company has accused the bank of initiating receivership proceedings despite allegedly being indebted to Mikap Nigeria Limited. According to sources familiar with the matter, the action filed in Lagos State has been described as malicious and an abuse of court process.
A source close to the company questioned the bank’s decision to file a suit in Lagos instead of Makurdi, where Mikap Nigeria Limited is based. “How can Keystone Bank leave Makurdi, where the company operates, to institute an action in Lagos against the same company? It clearly raises concerns about abuse of court process,” the source said.
Court documents reviewed by this newspaper indicate that in Suit No. MHC/119/2024, the bank did not state that Mikap Nigeria Limited was indebted to it during its defence.
Further findings show that the Federal High Court sitting in Makurdi, in Suit No. FHC/CS/M/117/2025, restrained Keystone Bank from tampering with the bank accounts of the directors of Mikap Nigeria Limited. The Makurdi suit reportedly predates the fresh action subsequently filed by the bank in Lagos.
Investigations also reveal that Mikap Nigeria Limited has maintained a strong credit standing in Benue State since commencing operations in 2011. The company is said to have repaid facilities previously obtained from Access Bank and the Bank of Industry.
Sources further claim that the facility at the centre of the dispute remains active and that the company has not been declared in default.
Efforts to obtain official comments from Keystone Bank were unsuccessful as of the time of filing this report.