A Nigerian company, PRO International Concept Ltd., has approached the Federal High Court in Lagos with a formal application requesting the imprisonment of Moniepoint’s Managing Director, Babatunde Olofin, along with several top executives from other banks, over their alleged defiance of a court order related to a multi-million naira fraud case.
The legal action arises from PRO International’s continuing battle to recover a total sum of N95 million, which the company claims was illegally siphoned from its corporate accounts held across a number of banks, including Moniepoint.
According to filings before the court, the managing directors of multiple financial institutions are listed as respondents in the contempt proceedings. PRO International accuses them of willful non-compliance with a November 21, 2024, court order that pertained to the recovery of the misappropriated funds.
In a sworn affidavit presented by Omotayo Adebayo, litigation manager at the firm representing PRO International, the company recounted how its primary business account was compromised by hackers on September 5, 2024. The cyberattack allegedly led to the unauthorized transfer of funds to numerous accounts across nine different banks.
Following the breach, PRO International promptly notified the affected banks, triggering immediate “block and recall” procedures through the fraud desks of 28 financial institutions. These actions resulted in the temporary freezing of the stolen funds. However, the initial freeze—limited to 72 hours by banking regulations—required judicial approval to remain in effect.
To maintain the freeze, the company obtained an order from a Nasarawa State court on September 9, 2024, and later sought further relief from the Federal High Court. On November 21, 2024, the court issued a directive instructing the banks to return the frozen N95 million to PRO International and to impose liens on the accounts of the respondents to facilitate ongoing investigations and ensure fund recovery.
Despite being officially served with the court order, the banks allegedly failed to comply, neither releasing the funds nor adhering to the judicial instructions. This, according to the applicant, constitutes a clear case of contempt of court.
As a result, PRO International is now seeking punitive measures, including the imprisonment of Babatunde Olofin and other implicated banking executives, for their alleged disobedience of the court’s ruling. The company is also asking the court to enforce the November 2024 judgment in full.
Justice Chukwujekwu Aneke, presiding over the case, has scheduled a hearing for July 3, 2025, to deliberate on the contempt application and determine the next legal steps.
