Chukwuma Nwokocha-Led Stanbic IBTC Executives Face Jail Over Alleged Court Order Breach

Chukwuma Nwokocha-Led Stanbic IBTC executives are set to face jail over alleged court order breach.

NewsRain Nigeria reports that Justice Dehinde Dipeolu of the Federal High Court in Ikoyi has ordered 16 senior officials of Stanbic IBTC Bank Plc to appear in court over alleged disobedience of orders in a high-profile banking dispute involving Guaranty Trust Bank Plc (GT Bank).

The application, filed by GTBank through its counsel, asks the court to commit the affected parties to prison for allegedly failing to comply with interim orders issued in Suit No: FHC/L/CS/1738/2024. The motion is grounded in provisions of the Federal High Court (Civil Procedure) Rules, 2019, and the court’s inherent jurisdiction.

READ ALSO: GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call For Applications

Among those listed as alleged contemnors are top executives of Stanbic IBTC, including , , , , , , , , , , , , and , alongside the bank’s lawyer.

GTBank is seeking an order to lift the corporate veil of Stanbic IBTC to enable direct committal proceedings against the individuals, whom it described as the “directing minds” behind the alleged disobedience.

It further requested that the court order their detention in a correctional facility until they purge themselves of the alleged contempt.

According to an affidavit filed by a lawyer in the firm of Kunle Ogunba & Associates, the court had, on October 25, 2024, issued preservative orders restraining the defendants from dissipating funds in certain accounts and directing financial institutions to disclose account balances linked to them.

However, GTBank alleges that despite being served with the orders, Stanbic IBTC provided false information under oath regarding the status of a key account.

While the bank reportedly claimed in a November 8, 2024, affidavit that the account was unfunded, evidence later suggested that it had earlier placed a lien of R8.7 million on the same account in compliance with the court directive.

The claimant argues that this contradiction amounts to deliberate misrepresentation and an attempt to mislead the court.

It also alleges continued non-compliance, even after a subsequent order issued on February 24, 2026, reaffirming the attachment of the funds.

At the hearing, legal appearances were led by Ogunba (SAN) for GTBank, while representing the second defendant. Stanbic IBTC was represented by its counsel, Justus Iheanacho, alongside its Senior Legal Adviser, Nanli Samuel.

In response, Iheanacho informed the court that a counter-affidavit had been filed to challenge the contempt claims, maintaining that no such funds existed in the account in question.

He described the document relied upon by GTBank as routine bank correspondence and sought time to respond fully to the allegations.

The presiding judge, however, noted that the contents of the disputed letter appeared clear and unambiguous.

After hearing arguments from all parties, the court adjourned the matter to April 20, 2026, directing all alleged contemnors to appear and show cause why they should not be committed to prison.