Union Bank Seeks Jail Term for Six Opay Executives Over Court Order Breach

Union Bank has filed committal proceedings at the Federal High Court in Lagos against six directors of Opay Digital Services Limited. The bank accuses them of willfully ignoring court orders to freeze customer accounts and to reverse funds wrongfully transferred from its own account. In its application, Union Bank prays that the executives be committed to a correctional centre or held in protective custody until they purge their contempt. The bank sets out six grounds, noting that Opay was duly served with both preservatory and disclosure orders on March 26, 2025, and a reversal order on April 15, 2025, but failed to comply. Observers note this is not the first time Opay has resisted court directives on fund reversals. Many expect the Central Bank of Nigeria to intervene, requiring payment service providers to act swiftly on court orders and curb potential fraud in the fast-growing digital payments sector.

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