COURT UPHOLDS INJUNCTION HALTING CRIMINAL PROCEEDINGS AGAINST BANK OFFICIALS

March 12, 2026March 12, 2026

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By: Fasasi Hammad

A Federal High Court in Lagos yesterday reaffirmed its previous order restraining any further criminal proceedings against New Generation Bank and certain top executives, pending the resolution of a substantive lawsuit before the court.

Justice D. Osiagor reiterated the injunction during proceedings involving the bank and five other plaintiffs against the House of Representatives and four additional defendants.

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At the hearing, Femi Falana, SAN, represented Sterling Bank and the other plaintiffs, L. Alozie, SAN, appeared for the fourth defendant, and Sylvester Azubuike represented the fifth defendant, with remaining parties represented by their respective counsel.

Justice Osiagor confirmed that no further actions should be taken concerning the criminal allegations against the bank and its officials until the substantive suit challenging the defendants’ actions is resolved.

The court adjourned the matter to May 11, 2026, for the next proceedings.

The lawsuit, filed by New Generation Bank, Sterling Holding Company, and select executives, contests the authority of the House of Representatives Committee on Public Petitions to investigate a banker–customer dispute between the bank and Miden Systems Limited, led by Dr. Innocent Usoro.