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GTBank drags 60 bank chiefs to court over N17bn debt

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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.

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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)

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UNN Party Horror: ‘I Woke Up At 9pm To Find My Friends Lying Lifeless’ – Survivor

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The survivor at the hospital
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•  ‘I Thought I Was Going To Die’ – 24-Year-Old Student Narrates How He Survived Mysterious Party Incident That Claimed Four Lives In Nsukka

A 24-year-old student of the University of Nigeria, Nsukka (UNN), has recounted his terrifying experience at an off-campus party where four students reportedly died after participants suddenly became unconscious.

The survivor, an Art Education student, said he lost consciousness during the gathering and only regained awareness several hours later, when he discovered his friends lying motionless on the floor.

Recounting the incident in an interview with Vanguard, the student disclosed that the gathering was organised by his friend, identified as David, to celebrate the completion of his final examinations.

According to him, the host purchased two bottles of alcoholic drinks, Magic Moment and Best, which they took to his residence in the Hilltop area of Nsukka, where approximately 10 people gathered for the celebration.

He said the party commenced at about 11:30am, with participants sharing the drinks and engaging in a game of Truth or Dare.

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Narrating how the incident unfolded, the survivor said one of the participants suddenly started vomiting, prompting him to assist the individual to the toilet.

He explained that after helping his friend, he returned to clean the vomit on the floor before suddenly losing consciousness.

“During the party, one of the participants started vomiting. I took him to the toilet and asked him to clean himself up. I then came out to clean the vomit on the floor.

“After that, I suddenly lost consciousness. However, I noticed that my legs had become stiff, and I could no longer walk,” he narrated.

The student said he regained consciousness at approximately 9pm, several hours after the incident began.

He recalled hearing someone making a strange remark before managing to look into the parlour, where he saw the host and other participants lying motionless.

“When I regained consciousness at about 9pm, I heard someone saying that a ghost was shaking. I woke up and managed to look into the parlour, where I saw the host and other participants lying on the floor,” he said.

The survivor disclosed that he immediately contacted a friend, who arrived at the residence, observed the situation and subsequently left.

He expressed disappointment that another individual who reportedly came to the scene allegedly chose to record the victims instead of making efforts to secure emergency assistance.

He said another friend later arrived and helped convey the affected students to Bishop Shanahan Hospital and other medical facilities in Nsukka for treatment.

Generator Was Operating Outside Room

Providing further details about the circumstances surrounding the incident, the survivor said the participants were inside the parlour with the doors and windows shut, while a generator was operating outside in the corridor.

He added that the room’s fan was switched on during the gathering.

The student also dismissed suggestions that the participants might have consumed illicit drugs, insisting that alcohol was the only substance taken at the party.

“We didn’t smoke, and there was no drug there. We took only alcohol. We had just two bottles for about 10 people, so the quantity each person drank was very little, not even up to a quarter of a party cup,” he said.

Police Question Poisoning Allegations

The survivor disclosed that police officers had visited him and questioned him about the possibility of poisoning or deliberate interference with the drinks.

He said investigators asked whether the participants had disagreements with anyone or suspected that somebody might have tampered with the alcoholic beverages.

However, he maintained that he had no reason to suspect the host, whom he described as someone who did not harbour grudges against others.

He added that he also saw the host lying on the floor when he regained consciousness, while the host’s brother later confirmed that he was receiving treatment at Bishop Shanahan Hospital.

The student further disclosed that the university’s Vice-Chancellor, Prof. Simon Otuanya, had visited him to assess his condition.

He said representatives of the local government, friends and police officers had also visited him.

Survivor Still Experiencing Leg Stiffness

Despite surviving the incident, the 24-year-old said he was still experiencing stiffness in his legs, although his condition was gradually improving.

Reflecting on the frightening experience, he said the incident had completely changed his attitude towards alcohol consumption.

“This was the first time I took alcohol and experienced such a condition. I think this will be the last time I will ever take alcohol,” he said.

The circumstances surrounding the deaths remain a subject of investigation, with questions about the possible role of the generator, the conditions inside the room and the possibility of drink contamination yet to be conclusively established.

Authorities are expected to determine what led to the sudden loss of consciousness among the participants and establish the precise cause of the deaths.

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MACBAN Commends Mbah’s Inclusive Leadership, Urges Calm Over Alleged Killing of 62 Cattle in Enugu

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The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has commended Governor Peter Mbah of Enugu State for his inclusive leadership, commitment to peaceful coexistence and efforts to protect residents irrespective of their ethnic and religious backgrounds.

The association also praised the governor for creating opportunities for members of the Fulani community to participate in governance through appointments into government positions, describing the gesture as evidence of his commitment to fairness, inclusion and unity.

MACBAN’s commendation followed its condemnation of alleged successive attacks on Fulani herders in Umumba community, Ezeagu Local Government Area, and neighbouring Owu community in Udi LGA, which reportedly resulted in the killing of 62 cattle and the disappearance or theft of several others.

In a statement issued by its National Deputy Director-General, Gidado Siddiki, the association disclosed that two Fulani herders, Bodo Damina and Mallam Nasiru Mohammed, were attacked by suspected assailants while grazing their cattle in Umumba on Monday, November 9, 2026.

Although the herders reportedly escaped, 25 cattle were allegedly killed during the incident.

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MACBAN further disclosed that another attack occurred on Wednesday, November 11, in Owu community, where four herders identified as Umaru, Aliyu, Ibrahim and Babuga, sons of Dauji Haruna, were reportedly attacked while tending to their cattle.

According to the association, the attackers dispersed the cattle, with some allegedly stolen, while the four herders were initially declared missing.

They reportedly resurfaced on Thursday, November 12, only to discover that 37 of their cattle had been killed.

The association also expressed concern over reports of the killing of two commercial motorcycle operators in Umumba community during the incidents.

The Enugu State Police Command had yet to confirm or deny the allegations as of press time.

While condemning the attacks, MACBAN described the perpetrators as enemies of peace, innocent citizens and the collective efforts of the Mbah administration to guarantee the security of lives and property across the state.

It maintained that the alleged attacks were contrary to the governor’s vision of building a peaceful, inclusive and prosperous Enugu State where residents can live, work and conduct their businesses without fear or discrimination.

The association urged members of the Fulani community and other residents to remain calm, peaceful and law-abiding, warning against reprisals or actions capable of escalating tensions.

It called on the state government and relevant security agencies to conduct comprehensive investigations, identify and prosecute those responsible, investigate the alleged theft of cattle and facilitate their recovery.

MACBAN also urged the authorities to strengthen security around Umumba, Owu and neighbouring communities while establishing sustainable security arrangements to protect farmers, herders, traders and other residents.

The association further appealed to the Fulani community to trust the government and security agencies to handle the matter through lawful and constitutional processes.

Reaffirming its commitment to peaceful coexistence, MACBAN said no individual should be targeted because of ethnic or religious affiliation, stressing that every resident of Enugu State deserves equal protection under the law.

It added that Governor Mbah’s inclusive governance approach should be sustained in the collective interest of peace, security and development, insisting that criminality must be condemned regardless of the identity of those involved.

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Angry Nigerians Confront INEC Chairman’s Convoy In UK Protest

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INEC Chairman, Prof Joash Amupitan
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Some Nigerians residing in the United Kingdom staged a protest outside Chatham House in London on Thursday, confronting the chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, as he departed the venue.

A video circulating on social media captured several demonstrators surrounding a black vehicle believed to be conveying the INEC chairman, with some protesters pressing against the vehicle while holding placards and documents.

During the confrontation, the demonstrators were heard expressing their anger and making allegations against the electoral body chairman, with one protester shouting, “People are angry. This wicked, evil man, you are a criminal. Why are you running?”

The protest reportedly centred on concerns surrounding the credibility of Nigeria’s voters’ register ahead of the 2027 general elections.


The demonstrators raised allegations of irregularities in the electoral register, including claims that some entries were generated using artificial intelligence (AI).

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They reportedly demanded accountability and expressed concerns about the integrity of the electoral process, insisting that the voters’ register must be credible and free from manipulation ahead of the forthcoming elections.

The incident has attracted attention on social media, with the circulating footage generating discussions about INEC’s preparedness, electoral transparency and public confidence in the commission ahead of the 2027 polls.

However, the allegations raised by the protesters have not been independently established in the information provided.

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