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 respondents include, Mr. Babatunde Olofin, MD of Moniepoint Microfinance Bank, Mr. Musty Mustapha, MD of Kuda Microfinance Bank, Mr. Henry Obiekea, MD of FairMoney Microfinance Bank, and Mr. Daudu Gotring Wuritka, MD of Opay Digital Services Ltd.

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.

On September 9, 2024, the company obtained an order from a Nasarawa State district court extending the freeze, followed by further proceedings at the Federal High Court.

On November 21, 2024, the Federal High Court ordered that the frozen funds be returned to PRO International?s account and directed investigations, including placing liens on the respondents? accounts.

Despite being properly served, the banks allegedly failed to comply with the order or reverse the funds.

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. (THISDAY, but headline rejigged)