By Wellington Jopelo
Justice Dehinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, has ordered 16 officials of Stanbic IBTC Bank Plc to appear in court over alleged disobedience of court orders in an N806 million dispute.
The order followed proceedings in a suit filed by Guaranty Trust Bank Plc against GY Farmers Ltd and other defendants.
At the resumed hearing, counsel to the plaintiff, A.B. Ogunba (SAN), informed the court of a pending contempt motion and urged that the affected officials be compelled to explain why they should not be committed to prison.
The application targets senior officials of Stanbic IBTC Bank, who are accused of willfully disregarding subsisting court orders despite being duly served with statutory notices.
Court filings revealed that the dispute arose from preservative orders issued in October 2024, restraining the defendants from dissipating funds amounting to over N806 million.
The court had also directed financial institutions to disclose any funds held on behalf of the defendants as part of the proceedings.
However, the plaintiff alleged that Stanbic IBTC Bank filed an affidavit claiming that only one defendant held an account with the bank and that the account had no funds.
The plaintiff further argued that this position contradicted earlier acknowledgments by the bank indicating that a lien had been placed on the account, which allegedly contained substantial funds at the time.
Based on these claims, the court had earlier ordered the attachment of the disputed funds in February 2026.
During the hearing, counsel to Stanbic IBTC Bank, J.C. Iheanacho, maintained that counter-affidavits had been filed to dispute the allegations, insisting that no such funds existed in the account.
He also argued that the correspondence cited by the plaintiff was routine and did not confirm the presence of funds, adding that a bank official could provide clarification.
Justice Dipeolu, however, held that the contents of the communication were clear and required no alternative interpretation.
Counsel to one of the defendants also raised concerns over procedural fairness and questioned the credibility of affidavits submitted by financial institutions in similar cases.
After considering arguments from all parties, the court adjourned the matter to April 20, 2026, and directed all 16 alleged contemnors to appear and show cause why they should not be committed to prison.
The plaintiff is also seeking to lift the corporate veil of Stanbic IBTC Bank to hold its principal officers personally liable for the alleged contempt.