Connect with us

latest

GTBank Takes Legal Action Against 60 Bank Executives Over N17bn Debt

Published

on

GTBank Takes Legal Action Against 60 Bank Executives Over N17bn Debt

Writing by Sediq Mutari....KINDLY READ THE FULL STORY HERE▶

On the 17th of June 2024, Guaranty Trust Bank (GTBank) initiated legal proceedings against approximately 60 high-ranking officials from 13 commercial banks amid an ongoing dispute between GTBank and Afex Commodity Exchange regarding a N17 billion Anchor Borrowers Programme loan.

The 60 executives, which include chairpersons, chief executive officers, directors, and company secretaries from the 13 banks, are facing contempt charges for allegedly disregarding a No-Debit-Order placed on Afex Commodity Exchange’s accounts with their respective banks.

In a suit numbered FHC/L/CS/911/2024 involving Guaranty Trust Bank Limited and AFEX Commodities Exchange Limited, the Federal High Court in Lagos, presided over by Justice CJ Aneke, issued an order for the bank chairpersons, managing directors, directors, company secretaries, and the liquidator of Heritage Bank (Nigeria Deposit Insurance Corporation) to be held in contempt for failing to comply with its ruling on May 27, 2024.

A legal notice titled ‘Order to Serve Notice of Disobedience to Court Order via Newspaper Publication’ was published in several national dailies, including The PUNCH, on Thursday. The notice granted leave to the plaintiff applicant to serve Form 48 (Notice of Consequences of Disobedience to Court Order) and other relevant forms and processes to the 1st to 60th parties cited for contempt.

‘Abia Is APC’ – Goar, Kalu Laud Turnout In Ward Congresses.

The court ruling, dated May 27, 2024, directed twenty banks to transfer funds in favor of Afex Commodity Exchange until the N17.81 billion debt is repaid. This amount includes the outstanding N15.77 billion loan and unpaid costs of recovery and incidental expenses totaling N2.04 billion.

Furthermore, the court granted an injunction allowing GTBank to seize and sell commodities stored in Afex’s 16 warehouses across seven states. These commodities were acquired using funds from the Central Bank of Nigeria Anchor Borrowers’ loan facility.

Previously, the court had initiated contempt proceedings against AFEX and some of its principal officers, including Ayodele Balogun, Jendayi Fraaser, Justin Topilow, Mobolaji Adeoye, and Koonal Ghandi.

AFEX, in response to the interim court order, stated that it had repaid approximately 90% of the loan facility. However, a portion of the loan remained outstanding due to economic challenges faced by farmers, who were unable to repay their debts in full.

Remi Tinubu Hails Gov Adeleke’s Wife Days After Publicly Cautioning Him.

The lingering effects of economic hardships have hindered farmers from repaying their loans, impacting AFEX’s ability to settle its outstanding debt. AFEX has urged the Central Bank of Nigeria to activate the collateral guarantee clause included in the Anchor Borrowers Programme to support recovery efforts and sustain agricultural activities.

The Anchor Borrowers Programme, initiated by the CBN in 2015, aimed to enhance economic linkages between smallholder farmers and processors to boost agricultural output and ensure food price stability. As of 2022, over 4.8 million individuals had benefited from the programme, with the CBN releasing over N1.079 trillion, of which over N500 billion is due for repayment.

However, the CBN has since discontinued the programme as it shifts its focus from development financing interventions to maintaining price and monetary stability.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Advertisement

latest

Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

Published

on

The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

Atiku Opens Up On ADC 2027 Game Plan, Says Consensus Candidate Comes First.

He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

 Man Arrested For Drugging And Repeatedly Raping Woman

PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

2027: Oyo APC Senator Alli Declares Governorship Ambition.

Published

on

Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

Abuja Kidnapping Crisis: Pantami Initiates N50m Ransom Fund For Girls' Father

The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

Kano Government Reaffirms Commitment to Blasphemy Laws Despite ECOWAS Verdict

He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

Published

on

A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

Former Kaduna Governor Makes Surprise Move, Joins APC After Exiting PDP

He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

Atiku Opens Up On ADC 2027 Game Plan, Says Consensus Candidate Comes First.

He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×