NIBSS Boss, Premier Oiwoh, Risks Six-Month Jail Term Over Court Contempt — FUNDQUEST Drags Him to Court
A limited liability company FUNDQUEST FINANCIAL SERVICES LIMITED has filed an application before a Federal high court in Lagos requesting for an order for the committal to prison custody of PREIER OIWOH and kELECHI KEKE, Who are the Managing Director and company secretary of NIGERIA INTER BANK SETTLEMENT SYSTEM PLC NIBSS respectively who have been cited for contempt,for a period of not less than six months or for such extended period as the court may prescribe, for their unlawful interference with the course of justice and for contempt of the court.
According to ground of application accompanied by a sworn affidavit sworn to buy Principal officer of FUNDQUEST FINANCIAL SERVICES LIMITED Segun Oyetola and filed before the court by a Lagos lawyer Barrister Olamide Balogun
On the 9th of July,2025,the high court of Lagos State delivered judgement in favour of FUNQUEST FINANCIAL SERVICES LIMITED, against One Akinsola Morakinyo Salami,Uzoma Chiemeka Onwuchekwa and Fame Studios Limited who are first to third defendants in this suit,in the sum of N384,020,723.36,with post-judgment interest at the rate of 25% per annum until full liquidation.
Prior to the delivery of the judgement, the Applicant Fundquest financial services Limited had obtained injunction orders from the Court to preserve the assets of the judgement debdtors. In response to the service of the said Orders, approximately 95% of commercial banks and financial institutions in Nigeria claimed that the 1st to 3rd Respondents did not operate accounts with them.
While a Lagos high court suit was stil pending, First Bank of Nigeria Limited approached a Federal high Court presided over by Justice Osiagor vide Sut No: FHC/L/CS/245/2025, and on 20th February, 2025 obtained an order to appoint a Receiver/Manager over the Fame Studios Limited
(in Receivership)
The Court then adjourned the suit to the 29th of April, 2025.
At the resumed hearing on 29th April, 2025, First Bank of Nigeria Limited withdrew the suit, and same was accordingly struck out by the Court. The withdrawal of the suit immediately after taking advantage of Orders of Court gives the impression that Sult No: FHC/L/CS/245/2025 had fulfilled its purpose of burying the Judgment Debtors’ assets such that could be used to satisfy the Judgment debt.
Notwithstanding the Orders, most of financial institutions did not fully disclose the true status or particulars of the accounts held by the 1st to 3rd Respondents. Additionally, there is reason to believe that the Receiver/Manager, appointed pursuant to the now-struck-out order of this Court, may be in possession of or concealing funds which ought to be applied in satisfaction of the
judgment debt.
Consequently, the Applicant approached this Court seeking Orders to dispel any veil of secrecy, particularly in view of the fact that the Nigeria InterBank Settlement System Pic (NIBSS) occupies a central position in Nigeria’s financial infrastructure,especially in facilitating and securing banking financial transactions. NIBSS has extensive access to account and identity data arising from its core functions and statutory and regulatory mandates.
On the 24th of July, 2025, the Court granted an Order directing NIBSS to disclose particulars of accounts held by the Respondents. However, in shocking display of disregard for the authority of the Court, the Contemnors willfully refused to comply with the said Order, advancing flimsy and legally untenable reasons for their non-compliance.
The Contemnors, in concert with principal officers of of a commercial bank with whom they coincidentally share a common director, as well as other institutions have engaged in a calculated scheme to conceal assets capable of being applied towards the satisfaction of the judgment debt.
The contemnors disobedience of the Orders of the Court is deliberate, calculated, and borne out of sheer disregard for the judicial authority and sanctity of the Court, and is intended to deprive the Applicant from enjoying the fruit of its Judgment.
Unless sanctioned, the Defendant and the Contemnors will continue to disregard the orders of this Court.
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