
News
GTBank drags 60 bank chiefs to court over N17bn debt
Guaranty Trust Bank has dragged no fewer than 60 top executives of 13 commercial banks to court as a pending suit between GTBank and Afex Commodity Exchange over N17bn Anchor Borrowers Programme loan lingers.
The 60 executives including the chairmen, chief executive officers, directors, and company secretaries of the 13 banks are facing contempt proceedings for allegedly failing to implement a No-Debit-Order reportedly placed on the accounts of Afex Commodity Exchange with the banks.
In suit no FHC/L/CS/911/2024 involving Guaranty Trust Bank Limited and AFEX Commodities Exchange Limited, the Federal High Court, Lagos division presided by Justice CJ Aneke signed an order for the bank chairmen, MDs, directors, company secretaries and the liquidator of Heritage Bank (Nigeria Deposit Insurance Corporation) to be committed to jail for failing to obey its May 27, 2024 ruling.
A legal notice titled ‘Order to serve notice of disobedience to order of court vide newspaper publication’ published in some national dailies including The PUNCH on Thursday, partly read, “An order granting leave to the Plaintiff Applicant to serve Form 48 (Notice of Consequences of Disobedience to Order of Court) dated 11th June, 2024 and all other forms and processes that may be issued in this contempt proceedings inclusive of Form 49 on the 1st-60st parties cited for contempt.
The matter was adjourned to next Thursday.

Parties cited for contempt include Access Bank, Citibank, Jaiz Bank, Union Bank, Fidelity Bank, First Bank of Nigeria Plc, First City Monument Bank, NDIC (liquidator for Heritage Bank), Polaris Bank, Stanbic IBTC Bank, Standard Chartered Bank, Taj Bank, United Bank for Africa and Zenith Bank alongside its principal officers.
In the court ruling dated May 27, 2024, twenty banks were directed to transfer monies standing to the credit of the respondent into the AFEX’s account with GTB until the N17.81bn is repaid.
The N17.81bn loans comprise N15.77bn; the amount outstanding and unpaid, as of April 17, 2024, and the cost of recovery and incidental expenses in the sum of N2.04bn.
The court also granted an injunction allowing GTB to take over AFEX 16 warehouses located across seven states and sell the commodities stored in them, which it said were procured with the Central Bank of Nigeria Anchor Borrowers’ loan facility.
Earlier in the month, the court had served contempt proceedings against AFEX and some of its principal officers including Ayodele Balogun, Jendayi Fraaser, Justin Topilow, Mobolaji Adeoye and Koonal Ghandi.
According to court papers, AFEX had sourced the Anchor Borrowers Programme Loan facility from GTB to provide finance for smallholder farmers registered under the CBN Anchor Borrower’s programme.
The loan was expected to be repaid from the sale of commodities. However, AFEX failed to uphold its end of the deal even after an extension.
In a statement following the interim court order, AFEX claimed that it had repaid about 90 per cent of the loan facility.
“However, a portion of the loan remains outstanding with the farmers and while we have paid out a portion out of our own purse, we remain in discussions with CBN over the outstanding amounts of the said facility,” the exchange said.
It also said the full value of the loan was utilised to provide input to farmers in three consecutive seasons, starting in 2020.
The exchange added that it had remained consistent with repaying the loans until economic headwinds impacted the operations of the farmers that they had disbursed the money to.
“Over 800,000 hectares of farmland were financed through the course of the programme’s operationalisation; however, significant macro and policy headwinds, including the cash crunch on the back of the Naira redesign policy, severely impacted the productive capacity and market participation of the smallholder farmers in the 2022/2023 season.
“This resulted in less than 40 percent repayment from farmers on their input loan bundles, down from our 90per cent repayment rates in the previous eight years of providing input financing for farmers. The low repayment rate ultimately impacted on our ability to refund the full value of the loan at the end of Q1 2023 and following a 6-month extension period,” AFEX added.
The commodities exchange also stated that the lingering effects of the cash crunch have continued to impact farmers, who sold at below market value to get immediate cash inflows to sustain their families in the period and remain unable to pay back.
Meanwhile, AFEX has called on the Central Bank of Nigeria to activate the collateral guarantee of up to 70 per cent clause included in the Anchor Borrowers programme.
“Evidenced in the attached letters, our engagements with Guaranty Trust Bank Limited, a Participating Financial Institution in the program, as well as the apex bank have seen us highlight these limitations on the part of the defaulting farmers with suggestions being made to the CBN to activate the risk-sharing structure put in place for the program and release funds accordingly to sustain activities and allow for needed recovery efforts in our agriculture sector.
“In light of these engagements, we consider the recent steps by Guaranty Trust Bank Limited to be premature, coming in the midst of open conversations that are being had with all parties to find a path to resolution that does not unduly punish farmers, who have been the biggest hit by macroeconomic conditions that they had no control over,” AFEX concluded.
CBN at the inception of the programme in 2015 said the broad objective was to create economic linkages between smallholder farmers and processors to increase agricultural output and ensure food price stability.
The Anchor Borrowers’ Programme guidelines stipulate that upon harvest, benefiting farmers are to repay their loans with produce (which must cover the loan principal and interest) to an anchor, who pays the cash equivalent to the farmer’s account.
By 2022, at least 4.8 million people had benefitted from the Anchor Borrowers Programme and the CBN in a 2023 statement said it released N1.079tn under the programme, out of which over N500bn is due for repayment.
The programme has since been discontinued by the CBN as it pivots from development financing interventions to its core duty of price and monetary stability. (The PUNCH)
News
GOCOP mourns former President Dotun Oladipo
The Guild of Corporate Online Publishers (GOCOP) has expressed sadness over the death of its former President, Dotun Oladipo, publisher of The Eagle Online.
Oladipo died on Tuesday, August 25, 2026, at the age of 56.
He was President of GOCOP from 2017 to 2021 and was one of the publishers who helped shape the Guild in its early years.
His death is a loss to GOCOP and the wider Nigerian media community.
Oladipo came into online publishing with years of experience in the traditional media. He had worked as a journalist and editor before moving into digital publishing and bringing that experience to The Eagle Online.

At a time when online news publishing was still developing in Nigeria, he was among those who saw the need for publishers to come together, share ideas and build a stronger professional community.
That was also the period when GOCOP was growing from an association of online publishers into an organisation with a clear identity and a growing presence in the Nigerian media industry.
As President between 2017 and 2021, Oladipo devoted considerable time to the affairs of the Guild. He represented GOCOP at different engagements and worked with members as the organisation dealt with the opportunities and challenges that came with the rapid growth of online publishing.
GOCOP President, Danlami Nmodu, said Oladipo’s death was painful for the Guild.
“Dotun played an important role in the development of GOCOP. He led the Guild for four years at a time when there was still a lot of work to be done to establish online publishers as an important part of the media. His contribution will always be remembered,” Nmodu said.
He said Oladipo brought his experience as a journalist and publisher to the leadership of the Guild.
“Dotun understood journalism and he understood the business of publishing. He was passionate about the place of online media in Nigeria and he gave his time to the growth of the Guild. We are saddened by his passing,” Nmodu said.
Oladipo’s involvement in journalism began long before the emergence of online publishing as a major source of news in Nigeria. His career in the mainstream media gave him a grounding in reporting, editing and newsroom management.
He later became publisher of The Eagle Online, joining a group of journalists and publishers who moved into the digital space as the internet changed the way Nigerians received and shared news.
His years in GOCOP coincided with a period of rapid growth in online publishing. More news platforms were emerging, social media was changing the way stories reached readers, and online publishers were becoming increasingly important to the Nigerian media industry.
GOCOP said Oladipo’s contribution should be seen against this background.
The Guild also remembered him as a colleague who maintained relationships with publishers across the country and took an active interest in the affairs of the organisation even after leaving office.
GOCOP extended its condolences to Oladipo’s family, the management and staff of The Eagle Online, and his friends and colleagues in the media industry.
The Guild said it would work with his family and associates on plans to honour his memory.
Signed
Kemi Yesufu
Publicity Secretary
Guild of Corporate Online Publishers (GOCOP)
News
Unknown gunmen abduct Dangote Cement driver in Ogun
Unidentified gunmen have abducted a Senior driver with Dangote Cement Company, Ibese, Usman Umar, popularly called ‘Baba Olowo’, at Ajibawo Village near Ijako-Orile, Yewa North Local Council of Ogun State.
The Guardian learnt that Umar was abducted at midnight on Wednesday while he was returning home from work and was allegedly attacked in front of his residence.
Sources said that on getting to his residence, three men attacked him as soon as he alighted from his motorcycle.
It was said that the kidnappers forcefully dragged him into a nearby bush, shooting sporadically into the air to frighten residents and deter them from attempting to intervene.
The abductors, it was gathered, did not come with a vehicle but whisked away the victim on foot along the bush path.

Security operatives have reportedly launched a rescue operation to locate the victim and bring the perpetrators to Justice.
As of the time of filing this report, the whereabouts of Umar remained unknown, while details of possible ransom demands or communication from the abductors were not immediately available.
Efforts to reach the Spokesperson of the Police in Ogun State, DSP Oluseyi Babaseyi, proved abortive as he was not picking up his WhatsApp calls or messages. (The Guardian)
News
Tension mounts as bandits kill brother of Tinubu’s minister
The elder brother of the Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, has reportedly been killed by suspected bandits.
The victim was the Village Head of Galla in Borgu Emirate, Niger State.
The assailants were said to have stormed his palace on Monday, August 24, 2026, in an incident that has reportedly unsettled residents of the community.
According to Daily Post, sources familiar with the development said the monarch had earlier warned the bandits to stay away from the community.
His warning was allegedly viewed as an affront by the criminals, who later returned and attacked him at his palace.

The killing has further raised concerns about the security situation in the Borgu Emirate, where bandit attacks and other criminal activities have reportedly increased in recent times.
When contacted, the spokesperson for the Niger State Police Command, SP Wasiu Abiodun, acknowledged receiving inquiries about the incident.
He, however, said he would get back with details after obtaining the necessary information.
As of the time of filing this report, the police spokesman had yet to issue an official statement confirming the killing or providing details about the circumstances surrounding the attack, Naija News understands.
Meanwhile, fourteen people who were reportedly kidnapped have been rescued from bandits in Zamfara State by troops of the Nigerian Army.
The operation, carried out by Sector 2, Operation FANSAN YAMMA, in the Tsafe Local Government Area of the state, also prevented the criminals from carrying out another abduction.
The troops responded to information about suspicious movements of the criminals around Magazu village on August 26, 2026, and acted swiftly.
According to the military, the troops moved into the area and came across a group of armed men allegedly attempting to abduct civilians, including motorists.
The operatives engaged the suspected criminals, forcing them to abandon their vehicle and escape into the surrounding bushes.
The troops subsequently launched a search of the area and discovered 14 victims who had already been taken hostage by the attackers.
One of the rescued victims sustained gunshot injuries during the incident and was immediately taken to the General Hospital, Tsafe, where he was admitted for treatment.
The military said none of its personnel was injured or killed during the operation.
The latest rescue, according to the military, is part of ongoing efforts by Operation FANSAN YAMMA to disrupt the activities of criminal groups and prevent them from freely operating across Zamfara State.
The troops also reaffirmed their commitment to protecting residents and motorists while denying bandits the opportunity to carry out further attacks in the area.
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