Court Asked To Jail Moniepoint MD, Babatunde Olofin Over N95 Million Missing Funds

Nigerian company, PRO International Concept Ltd. has filed an application at the Federal High Court in Lagos seeking to commit the managing director of Moniepoint, Babatunde Olofin and several banks to prison for contempt of court.

This followed repeated attempt to recover a sum of a cumulative N95 Million which was illegally withdrawn from the company’s account with different banks including Moniepoint.

The respondents include several managing directors of banks, including Babatunde Olofin of Moniepoint.

The company alleges that the executives willfully disobeyed court orders issued on November 21, 2024, relating to a case of unauthorized withdrawal of N95 million from its bank account.

In an affidavit sworn by Omotayo Adebayo, litigation manager at the firm representing the company, it was stated that PRO International’s operational account was hacked on September 5, 2024, leading to the fraudulent transfer of N95 million across multiple accounts in nine banks.

The company immediately notified the banks, which then sent “block and recall” requests to the fraud desks of 28 financial institutions. Although the funds were initially frozen, the freeze could only be maintained beyond 72 hours with a court order.

The company has now initiated contempt proceedings, asking the court to jail the executives for disobedience and to enforce its orders.

Justice Chukwujekwu Aneke has scheduled a hearing on the contempt application for July 3.