By Akinwale Kasali
Babatunde Olofin, Managing Director of Moniepoint, is in trouble over an alleged missing N95 million fund.
To give teeth to the allegation, PRO International Concept Limited, has filed an application at the Federal High Court, Ikoyi, Lagos urging the Court to commit Olofin and several banks to prison for Contempt of Court.
This is as a result of the Firm’s repeated attempt to recover a sum of a cumulative N95 Million which was, allegedly, illegally withdrawn from the Company’s Account in different banks including Moniepoint.
The respondents include several Managing Directors of banks including Olofin of Moniepoint.
The Company alleged 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.
An affidavit sworn to by Omotayo Adebayo, PRO International Concept Limited’s Litigation Manager, stated that the Company’s Operational Account was hacked on September 5, 2024, leading to the fraudulent transfer of N95 million across multiple accounts to 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.
Discover more from The Source
Subscribe to get the latest posts sent to your email.
