A Federal High Court sitting in Ikoyi, Lagos, has ordered the appearance of 16 senior officials of Stanbic IBTC Bank Plc over alleged disobedience of court orders in an ongoing legal dispute with Guaranty Trust Bank Plc.
The directive was issued by Justice Dehinde Dipeolu during proceedings in a suit filed by GTBank against GY Farmers Ltd and other defendants.
At the hearing on April 1, 2026, counsel to the plaintiff, A.B. Ogunba (SAN), informed the court of a pending contempt application and urged the court to compel the named officials to appear and explain why they should not be committed to prison for allegedly defying existing court orders.
According to the plaintiff, all parties involved had been duly served with the necessary legal notices, including Forms 48 and 49, which are required in contempt proceedings.
The case centres on an earlier court order issued on October 25, 2024, which restrained the defendants from tampering with funds amounting to over ₦806 million. Financial institutions were also directed to disclose any accounts linked to the defendants.
However, GTBank alleged that Stanbic IBTC Bank provided misleading information in an affidavit submitted to the court, claiming that only one of the defendants held an unfunded account with the bank.
The plaintiff argued that this claim contradicts earlier communication from the bank indicating that a lien had been placed on the account, which reportedly contained a substantial sum at the time.
Based on these claims, the court had previously ordered the attachment of the funds in February 2026.
During the latest proceedings, counsel to Stanbic IBTC Bank, J.C. Iheanacho, maintained that the bank had filed counter-affidavits disputing the existence of the funds in question. He argued that the communication cited by the plaintiff was routine and did not confirm the presence of money in the account.
Justice Dipeolu, however, noted that the contents of the disputed correspondence appeared clear and did not support alternative interpretations.
Other parties in the case also raised concerns about procedural issues, including the need for proper service of court documents and the integrity of affidavits submitted in the matter.
After considering submissions from all sides, the court adjourned the case to April 20, 2026, and ordered all 16 officials to appear in person to defend themselves against the contempt allegations.
The plaintiff is also seeking further legal action to hold the bank’s top executives personally liable, including a request to lift the corporate protection typically afforded to the institution.
The outcome of the case is expected to have significant implications for corporate accountability and compliance with judicial orders within Nigeria’s banking sector.
