Nigerian company, PRO International Concept Ltd has filed an application at the Federal High Court in Lagos seeking to imprison the Managing Director of Moniepoint, Babatunde Olofin and several other banks for contempt of court.
This is coming after various failed attempts to recover the total sum of N95M, which was illegally taken out of the company’s account with different banks, including Moniepoint.
Several Managing Directors have been identified as respondents, including Moniepoints Babatunde Olofin, and PRO International Concept Ltd is alleging that the executives intentionally disregarded court orders issued on the 21st of November, 2024, in connection with its case of unauthorised withdrawal.
The company notified the banks as soon as it noticed the suspicious withdrawal, which led to them sending a “block and recall” request to the fraud desks of twenty-eight financial institutions. Even though the funds were initially frozen, without a court order, the freeze could no longer be effective after 3 days.
On the 9th of September, 2024, PRO International Concept Ltd got an order from a Nasarawa State district court to extend the freeze, followed by further proceedings at the Federal High Court.
On the 21st of November, 2024, the Federal High Court ordered that the frozen funds be redeposited into PRO International’s account and placed liens on the respondents’ accounts amid an investigation.
However, despite being served court papers, the banks allegedly refused to comply with the order to reverse the funds, forcing PRO International Concept Ltd to initiate contempt proceedings. The company has now asked the court to send the executives to jail for blatantly disregarding its order.
Justice Chukwujekwu Aneke has since scheduled a hearing on the contempt application for the 3rd of July, 2025.
