Guaranty Trust Bank Plc (GTBank) has asked the Federal High Court in Lagos to commit Stanbic IBTC Bank, several of its senior executives, and its lawyer, Mr. Justus C. Iheanacho, to prison for alleged disobedience of court orders in a case involving an unpaid ₦806 million debt.
The application was filed in a suit marked FHC/L/CS/1738/2024, where GTBank, through its counsel Babatunde Adekunle Ogunba (SAN), accused the defendants of willfully violating interim orders issued by the court. The bank is seeking enforcement under Order 35 Rules 1 and 2 of the Federal High Court (Civil Procedure) Rules, 2019, alongside the court’s inherent jurisdiction.
Among those listed as alleged contemnors are Stanbic IBTC executives 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, and Remilekun Soyannwo.
GTBank is asking the court for leave to lift the corporate veil of Stanbic IBTC Bank to enable contempt proceedings against the individuals identified as the “directing minds” of the institution. The bank further requested that the court order the imprisonment of the listed individuals, including Mr. Iheanacho, for what it described as deliberate and orchestrated disobedience of its orders.
In its filings, GTBank argued that the defendants should remain in custody until they purge themselves of the alleged contempt and restore the authority of the court. The application follows earlier issuance of Forms 48 and 49, which are standard legal notices warning parties of potential contempt consequences.
An affidavit supporting the motion, deposed to by lawyer Timileyin Oyefeso, stated that 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.
According to the affidavit, Stanbic IBTC Bank initially filed a statement on November 8, 2024, claiming that a key account linked to one of the defendants had no funds. However, GTBank later presented evidence suggesting that the same bank had earlier acknowledged placing a lien of 8.7 million rand on the account in compliance with the court’s directive.
GTBank contends that this contradiction amounts to deliberate deception and an attempt to mislead the court. The bank also alleged continued non-compliance even after a subsequent order issued on February 24, 2026, reaffirming the attachment of the funds.
During proceedings, Ogunba (SAN) informed the court of the motion for contempt dated March 27, 2026, and urged the judge to compel the alleged contemnors to appear and explain why they should not be committed to prison. He confirmed that all parties had been duly served.
In response, Stanbic IBTC’s lawyer, Mr. Iheanacho, told the court that a counter-affidavit had already been filed in opposition to the contempt application. He maintained that there were no funds in the account in question and argued that the letter relied upon by GTBank was merely routine correspondence issued by banks to customers.
He further stated that a bank official was present in court and could clarify the contents of the disputed communication. However, the presiding judge, Justice Deinde Dipeolu, noted that the content of the letter appeared clear and unambiguous.
Counsel to the second defendant, Mr. Olumide Fusika (SAN), requested that all processes filed by Stanbic IBTC Bank be served on his client. He also expressed concern over what he described as a growing trend of banks making false statements under oath.
Fusika added that although he had filed an application for a stay of proceedings, he would not pursue it immediately in the interest of allowing the contempt proceedings to continue.
Following arguments from all parties, Justice Dipeolu adjourned the case to April 20, 2026. The court also ordered all 16 alleged contemnors to appear in person on the next hearing date to show cause why they should not be committed to prison for contempt.
