The Federal High Court in Lagos has received an application from PRO International Concept Ltd. for the conviction of the Managing Directors of multiple banks for contempt of court.
Mr Henry Obiekea, MD of FairMoney Microfinance Bank; Mr Musty Mustapha, MD of Kuda Microfinance Bank; Mr Babatunde Olofin, MD of Moniepoint Microfinance Bank; and Mr Daudu Gotring Wuritka, MD of Opay Digital Services Ltd. are among the responders. The corporation contends that the executives knowingly ignored court orders granted on November 21, 2024, relating to a case of improper withdrawal of N95 million from its bank account.
On September 5, 2024, PRO International’s operational account was hacked, resulting in the illegal transfer of N95 million across several accounts in nine banks, according to an affidavit filed by Omotayo Adebayo, litigation manager at the firm representing the company. The banks were promptly informed by the corporation, and they then forwarded “block and recall” requests to the fraud departments of twenty-eight financial institutions. Though the money was initially frozen, a court order was required to keep the hold in place for more than 72 hours.
Following additional procedures at the Federal High Court, the firm was granted an extension of the freeze by a Nasarawa State district court on September 9, 2024. The Federal High Court directed investigations, including putting liens on the respondents’ accounts, and ordered on November 21, 2024, that the frozen funds be restored to PRO International’s account.
However, the banks allegedly did not follow the order or reverse the funds, even though they were properly served. The business has now filed a contempt lawsuit, requesting that the court implement its instructions and imprison the executives for their disobedience. On July 3, Justice Chukwujekwu Aneke set a hearing date for the contempt application, BrandSpur Nigeria news reports.
