Corte May in prison Moniepoint MD, Babount Olofin, others, for …

The CEO of Moniepoint, Babunde Olofin and several Banks of CEOs could face the terms of the prison following the decision by International Concept Ltd to submit a application at the High Federal Court of Lagos who tries to commit them in prison for contempt for the Court.

This followed repeated attempts to recover a sum of N95 million, which was illegally withdrawn from the company account with different banks, including Moniepoint.

The interviewees include Mr. Babaunde Olofin, MD of Moniepoint Microfinance Bank, Musty Mustapha, Kuda Microfinance Bank, Henry Object, MD of Fairmoney Microfinance Bank and Daudu Gotruring Wuritka, Opay Digital Services Ltd.

The company stated that the managers intentionally disobeyed the orders of the court issued on November 21, 2024, relating to an unauthorized withdrawal case of N95 million from his bank account.

In a security declaration sworn by Omotayo Adebayo, head of the company’s dispute representing the company, it was stated that the Operational account of Pro International was violated on September 5, 2024, leading to the fraudulent transfer of N95 million on plus accounts in nine banks.

The company immediately notified the banks, which therefore sent requests for “blocking and recall” to the fraud benches of 28 financial institutions.

Although the funds were initially frozen, the freezing could only be maintained over 72 hours with an order of the court.

On September 9, 2024, the Company obtained an order from a Nasarawa State District Court that extends freezing, followed by further procedures at the High Federal Court.

On November 21, 2024, the High Federal Court ordered that the frozen funds were returned to the account of Pro International and direct investigations, including the positioning of the privileges on the accounts of the interviewees.

Although they have been adequately served, the banks presumably did not comply with the order or reverse the funds.

The company has now launched a contempt procedure, asking the Court to incarcerate the managers for disobedience and to enforce its orders.

Judge Chukwujekwu Aneke planned an audition on the demand for contempt for July 3.

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