N95m Fraud: Moniepoint, Kuda, Opay Other CEOs Risk Prison for Defying Court Orders

PRO International Concept Ltd. has filed an application at the Federal High Court in Lagos seeking to commit the managing directors of several banks to prison for contempt of court.

The suit names Mr. Babatunde Olofin (Moniepoint Microfinance Bank), Mr. Musty Mustapha (Kuda Microfinance Bank), Mr. Henry Obiekea (Fairmoney Microfinance Bank), Mr. Chika Nwosu (Palmpay Ltd), and Mr. Daudu Gotring Wuritka (Opay Digital Services Ltd) as respondents.

According to the company, all the executives failed to comply with a court order issued on November 21, 2024, which directed the reversal of N95 million allegedly stolen from PRO International’s account and transferred across multiple banks.

An affidavit filed by Omotayo Adebayo, litigation manager for PRO International’s legal team, states that the company’s operational bank account was compromised on September 5, 2024. The cyberattack led to the fraudulent transfer of N95 million, which was split among multiple accounts in nine different banks.

Once the breach was discovered, immediate block and recall requests were sent to 28 financial institutions. While the funds were temporarily frozen, a court order was necessary to maintain the freeze beyond 72 hours. On September 9, 2024, the company obtained a court order from a Nasarawa State district court to extend the freeze.

Later, the Federal High Court in Lagos ordered the frozen funds to be reversed to PRO International’s account and placed liens on the respondents’ accounts pending further investigation.

Despite proper service by court bailiffs, the named executives allegedly ignored the directives, neither reversing the funds nor complying with the court’s instructions. In response, the company has filed contempt proceedings, demanding their immediate imprisonment to enforce the court’s authority.

Justice Chukwujekwu Aneke has scheduled July 3, 2025, for the hearing of the contempt application.