PRO International Seeks Jail Term for Moniepoint, Kuda, Fairmoney, Palmpay, and Opay MDs Over Alleged Contempt in N95m Fraud Case
PRO International Concept Ltd has filed a legal application at the Federal High Court in Lagos to jail managing directors of prominent Nigerian financial institutions for allegedly disobeying a court order in a N95 million fraud case.
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.
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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.
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