Chukwuma Nwokocha-led Stanbic IBTC Bank Top Executives risk jail over alleged court order breach.
NewsOnline Nigeria reports that Guaranty Trust Bank Plc (GTBank) has approached a Federal High Court in Lagos seeking the committal of Stanbic IBTC Bank, several of its top executives, and its legal counsel, Justus C. Iheanacho, to prison over alleged disobedience of court orders.
Among those listed as alleged contemnors are senior executives including Yinka Sanni, Wole Adeniyi, Olubunmi Dayo-Olagunju, Olufunke Amobi, and several others described as key decision-makers within the bank.
Through its counsel, Babatunde Adekunle Ogunba (SAN), GTBank is asking the court to commit the bank and the named individuals to correctional custody for allegedly violating interim orders issued in Suit No: FHC/L/CS/1738/2024.
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The application, brought under Order 35 of the Federal High Court Rules and the court’s inherent jurisdiction, also seeks permission to lift the corporate veil of Stanbic IBTC Bank to enable committal proceedings against its executives as the “directing minds” behind the alleged contempt.
GTBank further requested that the alleged contemnors remain in custody until they purge themselves of the contempt.
According to an affidavit filed by Timileyin Oyefeso of Kunle Ogunba & Associates, the court had on October 25, 2024, issued preservative orders restraining the defendants from dissipating funds and directing financial institutions to disclose account balances linked to them.
However, the applicant alleged that Stanbic IBTC Bank provided misleading information under oath regarding a key account. The bank reportedly claimed the account was unfunded in an affidavit filed in November 2024, despite earlier acknowledging the placement of a lien of R8.7 million on the same account in compliance with the court order.
GTBank argued that this contradiction amounted to deliberate misrepresentation and an attempt to mislead the court, adding that non-compliance persisted even after a subsequent order reaffirming the attachment of funds in February 2026.
At the hearing, Ogunba (SAN) urged the court to compel the respondents to appear and show cause why they should not be committed to prison, stating that all necessary processes had been duly served.
In response, Justus C. Iheanacho informed the court that a counter-affidavit had been filed, arguing that the disputed funds did not exist in the account in question. He maintained that the communication referenced by GTBank was routine and did not confirm the presence of funds.
Counsel to another defendant, Adeyinka Olumide Fusika (SAN), raised concerns about the situation, noting a growing pattern of disputed affidavits by financial institutions.
Presiding over the matter, Justice Deinde Dipeolu observed that the contents of the disputed letter appeared clear and unambiguous.
Following arguments from both parties, the court adjourned the case to April 20, 2026, ordering all 16 alleged contemnors to appear and respond to the allegations.
