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GTBank Takes Legal Action Against 60 Bank Executives Over N17bn Debt

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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.

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.

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.

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UNICEF Breaks Silence! The Truth Behind The Viral Photos Of Messi And Baby Lamine Yamal!.

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UNICEF has officially authenticated the viral images of Lionel Messi bathing an infant Lamine Yamal, confirming they are not digitally altered.....KINDLY READ THE FULL STORY HERE▶

  • Origin: The images were captured over 18 years ago by Spanish photographer Joan Monfort during a UNICEF charity calendar photoshoot intended to raise funds.

  • Participants: The shoot featured a young Lionel Messi, the infant Lamine Yamal, and Yamal’s mother, Sheila.

  • Clarification: UNICEF addressed public skepticism and rumors of image manipulation by explicitly confirming the authenticity of the photos on their platform.

  • Current Roles: Both Messi and Yamal now serve as UNICEF Goodwill Ambassadors, utilizing their respective platforms to advocate for children’s rights globally.

  • Symbolism: Many fans view the resurfaced images as a symbolic “passing of the torch” between two football generations, a sentiment highlighted as Messi’s Argentina prepares to face Yamal’s Spain in an upcoming FIFA World Cup match.

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Ambassadorial Nomination Under Fire: Frank Tie Tie Exposes ‘Mistake’ Regarding Ex-FUOYE VC Fasina!.

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Human rights lawyer Frank Tietie has criticized the nomination and subsequent confirmation of Professor Abayomi Fasina, the former Vice-Chancellor of the Federal University, Oye-Ekiti, as a non-career ambassador designate.....KINDLY READ THE FULL STORY HERE▶

  • Prior to his confirmation, a coalition of civil society organizations protested at the National Assembly on July 7, 2026, opposing Fasina’s nomination due to pending court cases involving allegations of sexual harassment, human rights violations, and victimization.

  • Despite these protests, the Nigerian Senate officially confirmed Fasina’s appointment as a non-career ambassador on Thursday.

Frank Tietie’s Position

  • During an interview on ARISE Television, Tietie argued that nominating an individual with such “baggage” was a mistake, emphasizing that ambassadors represent Nigeria in the same capacity as the President.

  • Tietie stated that the government should have sent the “right signals” by avoiding such controversial appointments, especially given the current state of governance.

  • He argued that even in the absence of a final court judgment, the allegations themselves have “tainted” Fasina’s reputation, and the Senate should have delayed the confirmation until the legal matters were resolved.

  • Tietie also suggested that the National Assembly’s decision overlooks significant social changes regarding how such allegations are now viewed by society.

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“They Want Me Gone!” Peter Obi Speaks Out Amidst Mounting Assassination Fears!.

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Peter Obi, the 2027 presidential candidate for the Nigeria Democratic Congress (NDC), has publicly claimed that there was an orchestrated plan to assassinate him in April 2025 during a scheduled humanitarian trip to Benue State. He detailed these allegations during a high-level roundtable discussion in Berlin, Germany.....KINDLY READ THE FULL STORY HERE▶

  • The Venue: Obi made the disclosure while participating in the “Nigeria in 2027 and Beyond” roundtable, an event organized by the European Council on Foreign Relations (ECFR) in Berlin.

  • The Benue Incident: The former Anambra State governor explained that his planned outreach in Benue State was initially halted after the state government issued a cautionary directive advising him against making the trip.

  • The Attack: Obi claimed that a shootout actually occurred when he attempted to visit the location, confirming his fears of an active plot against his life.

  • Frustration Over Skepticism: Expressing deep disappointment over the state government’s handling of the situation and the public’s doubt regarding his safety, Obi challenged the skepticism. He emphatically asked, “What else do you need? Do you need somebody to die before you believe it? There was already a shootout when I tried to visit the place. Once they said, ‘Don’t come here.’ What else do you want me to tell you about the attempt on my life.”

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