Lagos, Nigeria – A Lagos-based limited liability company, PRO International Concept Ltd, has asked the Federal High Court in Lagos to commit several bank executives, including the Managing Director of Moniepoint Microfinance Bank, Mr. Babatunde Olofin, to prison for alleged disobedience of a court order in a ₦95 million fraud suit.
The application, filed by Lagos-based legal practitioner Prince Bayo Omotubora, requests the committal of top officials from several financial institutions for allegedly refusing to comply with an earlier court ruling concerning fraudulent transactions traced to their institutions.
Those named in the application include:
Mr. Moruf Abiola Oseni, Managing Director, Wema Bank Plc
Mr. Babatunde Olofin, Managing Director, Moniepoint Microfinance Bank
Mr. Musty Mustapha, Managing Director, Kuda Microfinance Bank
Mr. Henry Obiekea, Managing Director, Fairmoney Microfinance Bank
Mr. Chika Nwosu, Managing Director, Palmpay Limited
Mr. Daudu Gotring Wuritka, Managing Director, Opay Digital Services Limited
The company is seeking:
“An order committing the above-named persons to prison for wilful disobedience of the Orders of this Honourable Court made on November 21, 2024.”
It further requests that the respondents be ordered to appear in court to explain why they should not be jailed instanter for contempt.
Background: ₦95 Million Allegedly Diverted Through Multiple Banks
In an affidavit sworn by Omotayo Adebayo, a litigation manager at the law firm representing PRO International Concept, the applicant narrated how a typographical error in the email linked to its bank account led to a massive breach. The company alleges that:
It operated an account with a commercial bank, using the email [email protected].
The bank allegedly recorded the address incorrectly as [email protected], replacing the last "h" with an "n".
On September 5, 2024, the company’s account was hacked, and ₦95 million was fraudulently withdrawn.
The funds were initially moved into four accounts at Wema Bank, then dispersed in tranches to accounts in at least nine other banks.
Upon discovery, the company alerted its account officer, and “block and recall” notices were sent to 28 financial institutions.
Fraud desks of the banks reportedly froze the accounts for 72 hours and requested a court order for further action.
Court Orders Allegedly Ignored
On September 9, 2024, a District Court in Nasarawa State granted an order to preserve the funds beyond 72 hours. A subsequent order from the Federal High Court in Lagos on November 21, 2024, directed the reversal of the salvaged funds to the applicant's account and liened the recipients' accounts for investigation.
Despite formal service of the court orders and legal notices (Form 48), the respondents allegedly failed to comply, prompting the initiation of contempt proceedings.
The company argues that the executives named are “the directing minds” of their organizations and should be held personally accountable for the institutions' non-compliance.
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