Matilda Omonaiye/
A Federal High Court sitting in Lagos has ordered top executives of Stanbic IBTC Bank and its counsel to appear before it over alleged disobedience of court orders in a high-stakes ₦806 million debt dispute involving Guaranty Trust Bank Plc (GTBank).
The order followed a contempt application filed by GTBank, which is seeking the committal of Stanbic IBTC Bank, several of its senior officials, and its lawyer, Mr. Justus C. Iheanacho, to prison for alleged willful defiance of subsisting court directives.
Justice Deinde Dipeolu issued the directive after hearing submissions from counsel, mandating the listed alleged contemnors to personally appear in court on April 20, 2026, to show cause why they should not be committed to correctional custody.
Among those cited in the contempt proceedings are prominent executives including Mr. Yinka Sanni, Mr. Wole Adeniyi, Mrs. Olubunmi Dayo-Olagunju, Mrs. Olufunke Amobi, Mr. Olu Delano, Mr. Eric Fajemisin, Mr. Kola Lawal, Mr. Remy Osuagwu, Mr. Abubakar Sadiq Bello, Mr. Helmut Engelbrecht, Ms. Rabi Isma, Mrs. Funeka Montjane, Mr. Simon Ridley, and Mrs. Remilekun Soyannwo.
GTBank, through its counsel, Mr. Babatunde Adekunle Ogunba (SAN), anchored the application on alleged violations of court orders issued in Suit No: FHC/L/CS/1738/2024, invoking Order 35 Rules 1 and 2 of the Federal High Court (Civil Procedure) Rules, 2019, as well as the inherent jurisdiction of the court.
The bank is seeking, among other reliefs, leave to lift the corporate veil shielding Stanbic IBTC Bank in order to hold its officers personally liable for contempt, citing what it described as “flagrant and orchestrated disobedience” of court orders already reinforced through Forms 48 and 49.
In its supporting affidavit, deposed to by lawyer Timileyin Oyefeso, GTBank alleged that despite preservative orders issued on October 25, 2024, restraining the dissipation of funds and mandating disclosure of account balances, Stanbic IBTC Bank provided false information under oath regarding the status of a key account linked to one of the defendants.
The affidavit claimed that the bank initially stated in November 2024 that the account was unfunded. However, contrary evidence later revealed that the same bank had earlier acknowledged placing a lien of R8.7 million on the account in compliance with the court’s directive.
GTBank argued that the contradiction amounted to deliberate deception and an attempt to mislead the court, further alleging continued non-compliance even after a reaffirming order issued on February 24, 2026.
At the hearing, Ogunba (SAN), leading a team of lawyers, urged the court to compel the respondents to appear and explain why they should not be jailed for contempt, noting that all parties had been duly served.
In response, counsel to Stanbic IBTC Bank, Mr. Iheanacho, informed the court that a counter-affidavit had already been filed challenging the contempt claims. He maintained that there was no money in the account as alleged by GTBank and described the contentious correspondence as a routine banking communication.
He further requested an adjournment to regularise processes, noting that a bank official was present in court to clarify the issues raised.
However, Justice Dipeolu observed that the contents of the disputed letter were “very clear” and could not be interpreted otherwise.
Also speaking, counsel to the second defendant, Mr. Adeyinka Olumide Fusika (SAN), expressed concern over what he described as a growing trend of financial institutions deposing false affidavits. He urged the court to ensure that all processes filed by Stanbic IBTC Bank were served on his client.
Fusika also disclosed that although he had filed an application for stay of proceedings, he would not pursue it immediately in the interest of allowing the contempt proceedings to progress.
Following arguments from all parties, the court adjourned the matter to April 20, 2026, directing all cited individuals to be present in court on that date.
The case now sets the stage for a potentially landmark ruling on corporate accountability and compliance with court orders within Nigeria’s banking sector.
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