16 Stanbic IBTC Executives Summoned Over Alleged Court Disobedience in GT Bank Dispute

The Federal High Court in Ikoyi has ordered 16 top executives of Stanbic IBTC Bank Plc to appear in court over alleged disobedience of orders in a banking dispute involving Guaranty Trust Bank Plc (GT Bank).

Justice Dehinde Dipeolu issued the directive during proceedings in Suit No: FHC/L/CS/1738/2024, filed by GT Bank against GY Farmers Ltd and other defendants. Counsel for the plaintiff, A.B. Ogunba, SAN, explained that the executives must show cause why they should not be imprisoned for allegedly flouting existing court orders.

The alleged contemnors include senior officers of Stanbic IBTC Bank Plc such as 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.

According to court records, the dispute centers on a preservative order from October 25, 2024, which restrained the defendants from dissipating ₦806,393,894.38. GT Bank alleges that Stanbic IBTC, despite being served notice, filed an affidavit on November 8, 2024, claiming that only the 5th defendant held an account with the bank and that it was unfunded. The plaintiff contends this contradicted an earlier acknowledgment that a lien had been placed on the account, which held R8,736,661.91 at the time.

Counsel for Stanbic IBTC, J.C. Iheanacho, argued that the affidavits were accurate and that the plaintiff misinterpreted standard banking correspondence. Justice Dipeolu, however, noted that the letter’s content was unambiguous.

The court adjourned the matter to April 20, 2026, ordering all 16 executives to appear and show cause why they should not be committed. GT Bank is also seeking to lift the corporate veil of Stanbic IBTC to hold the officers personally accountable for the alleged contempt.