Justice Dehinde Dipeolu of the Federal High Court in Ikoyi has ordered 16 senior officials of Stanbic IBTC Bank Plc to appear in court over alleged disobedience of orders in a high-profile banking dispute involving Guaranty Trust Bank Plc (GT Bank).
The directive arose during proceedings in Suit No: FHC/L/CS/1738/2024, filed by GT Bank against GY Farmers Ltd and other defendants. Counsel for the plaintiff, A.B. Ogunba, SAN, informed the court of a contempt motion filed on March 27, 2026, requesting that the executives show cause why they should not be committed to prison for allegedly defying existing court orders.
The contempt application targets Stanbic IBTC Bank Plc and top officers, including Yinka Sanni, Wole Adeniyi, Olubunmi Dayo-Olagunju, Olufunke Amobi, Olu Delano, Eric Fajemisin, Kola Lawal, Remy Osuagwu, Abubakar Sadiq Bello, Helmut Engelbrecht, Rabi Isma, Funeka Montjane, Simon Ridley, Remilekun Soyannwo, and Justus Ineanacho.
Court filings indicate that the dispute stems from an October 25, 2024 preservative order restraining the defendants from dissipating ₦806,393,894.38. GT Bank alleges that Stanbic IBTC, despite being notified, filed an affidavit on November 8, 2024, denying the existence of funds in the 5th defendant’s account — a claim contradicted by the bank’s earlier acknowledgement of a lien on the account containing R8,736,661.91.
Counsel for Stanbic IBTC, J.C. Iheanacho, argued that the affidavits were truthful and that the plaintiff misinterpreted routine bank correspondence. However, Justice Dipeolu said the letter’s content was clear and left no room for alternative interpretation.
After hearing submissions, the court adjourned the matter to April 20, 2026, ordering all 16 executives to appear and show cause why they should not face committal. GT Bank is also seeking to lift the corporate veil of Stanbic IBTC Bank to hold the officers personally liable until the alleged contempt is purged.
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