16 Stanbic IBTC Executives Dragged To Court Over GT Bank Showdown

According to legal sources, Justice Dehinde Dipeolu of the Federal High Court in Ikoyi, Lagos, has ordered the appearance of 16 senior executives of Stanbic IBTC Bank Plc over alleged disobedience of court orders in a dispute involving Guaranty Trust Bank Plc. The directive was issued during proceedings in Suit No: FHC/L/CS/1738/2024, in which Guaranty Trust Bank is seeking redress against GY Farmers Ltd and other defendants.

At the resumed hearing on April 1, 2026, counsel to the plaintiff, A.B. Ogunba, SAN, informed the court of a pending motion for contempt, urging that the alleged contemnors be compelled to appear and explain why they should not face imprisonment for willful disobedience of existing court orders. Ogunba confirmed that all relevant parties had been duly served with statutory committal notices.

The contempt motion names Stanbic IBTC Bank Plc and several of its senior officers, including Yinka Sanni, Wole Adeniyi, Olubunmi Dayo-Olagunju, Olufunke Amobi, Olu Delano, Eric Fajemisin, Kola Lawal, Remy Osuagwu, Abubakar Sadiq Bello, Helmut Engelbrecht, Rabi Isma, Funeka Montjane, Simon Ridley, Remilekun Soyannwo, and Justus Ineanacho.

Court filings indicate that the dispute centers on preservative orders issued on October 25, 2024, which barred the defendants from dissipating funds totaling ₦806,393,894.38. Financial institutions were also directed to disclose any funds held on the defendants’ behalf. While Stanbic IBTC had acknowledged a lien on one defendant’s account containing R8,736,661.91, it later filed an affidavit asserting that no funds existed, a claim the plaintiff contends is misleading.

Representing Stanbic IBTC, J.C. Iheanacho argued that the bank had submitted counter-affidavits showing no funds were held in the defendant’s account and described prior correspondence cited by the plaintiff as routine communication. Justice Dipeolu, however, maintained that the letter’s contents were clear and unambiguous.

Counsel to the second defendant, Adeyinka Olumide Fusika, SAN, questioned procedural fairness and highlighted concerns over banks allegedly filing false affidavits. Despite a pending stay of proceedings, Fusika allowed the contempt motion to proceed in the interest of justice.

Justice Dipeolu adjourned the matter to April 20, 2026, ordering all 16 alleged contemnors to appear and explain why they should not be imprisoned. The plaintiff is also seeking to lift the corporate veil of Stanbic IBTC to hold principal officers personally liable until the alleged contempt is purged.