
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
2027: ‘Peter Obi must not die’ — Igbo Group warns of catastrophic consequences
Njiko Igbo Forum, an affiliate of Ohanaeze Ndigbo, has issued a stern warning ahead of the 2027 general elections, cautioning that it will be catastrophic should anything happen to Mr Peter Obi.
It could be recalled that Obi, on Wednesday, raised the alarm that his life was under threat.
The presidential candidate of the Nigeria Democratic Congress, NDC, raised fears that he may not be alive in 2027 to be part of the election.
However, in a statement issued on Thursday, Rev Dr Okechukwu Christopher Obioha, Leader, Njiko Igbo Forum Nigeria, he warned that should anything happen to Obi or he was not in the ballot, the reaction and result would be very catastrophic.
Obioha said the caution was part of the decision taken during an emergency meeting held today, Thursday, in Enugu.
The Forum said, “That we have seen the viral video made by His Excellency, Mr Peter Gregory Obi, speaking on a number of issues, he expressed serious concern that his life is in danger.

“For him to have gone to the extent of saying he might not be alive before the 16th of January 2027, speaks volumes both in our polity and in the country at large.
“We have seen him in the past, spoke about the federal government trying to frustrate and targeting him not to be in the ballot.
“We have also observed over a period of time that the presidency or the federal government led by President Tinubu does not want Peter Obi to be in the ballot.”
While drawing the attention of the Presidency, Nigeria and the world to those allegations, Njiko Igbo Forum declared that “if anything happens to Mr Peter Gregory Obi or finally his name is not in the ballot for the 16th January, 2026 presidential election, the reaction and result will be very catastrophic and may adversely affect the continued unity in diversity of this country Nigeria.”
It further stated that the Igbo had been very quiet, pushed to the wall, segregated against, marked out everywhere, chased about and even tried to take their possessions.
Njiko Igbo Forum cautioned that keeping quiet does not mean the Igbo are cowards.
It said the ruling government should not forget that for any democracy to thrive, there must be a viral opposition in the polity.
“There is no reason, for what we have seen in the process or polity in trailing Peter Obi and going to an extent of chasing him through all the political parties and now wanting to kill him.
“This outcry by Mr Peter Gregory Obi, must not be taken lightly and request as a matter of urgent National importance, that an urgent investigation panel be constituted to verify Mr Peter Obi’s allegations.
“We are strongly stating again that, nothing should happen to Mr Peter Gregory Obi.
“Yes, Chief Awolowo said, before Nigeria he was of the Yoruba Nation. The same way we are saying before Peter Obi is of Nigeria, he is of the Igbo.
“Mr Peter Gregory Obi will live and become the President of the Federal Republic of Nigeria in 2027,” it declared.
News
US releases identities and photos of 124 Nigerians set for deportation
The United States of America has announced an updated deportation list featuring 124 Nigerians.
This was disclosed in a statement released on the website of the US Department of Homeland Security (DHS) on Wednesday.
The DHS claimed that these individuals have been placed on what it described as its “worst-of-the-worst” criminal register.
While the names and photos have been made public, the timeline for deportations remains undisclosed.
However, the US immigration authorities explained that the deportations are part of ongoing immigration enforcement, stressing that those listed were convicted of serious crimes, but declined to provide details about the offences or when deportations would take place.
The statement read: “The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE).

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”
The website then listed: “Sunday Adediora, Sunday Kunkushi, Mkpouto Etukudoh, Marcus Unigwe, Olaniyi Ojikutu, Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, Oriyomi Aloba.”
Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, Joseph Ogbara, Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi and Omotayo Akinto.
There are also Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonye Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, Henry Idiagbonya, Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.
Also listed were Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.
The latest action is part of the sweeping immigration enforcement measures introduced by the administration of US President Donald Trump after his return to office on January 20, 2025.
On his first day back in office, Trump signed a series of executive orders declaring illegal immigration a national emergency and directing federal agencies to intensify border security and accelerate the removal of undocumented migrants.
One of the orders, titled: “Protecting the American People Against Invasion, instructed immigration authorities to prioritise the arrest and deportation of removable migrants, particularly those considered threats to public safety and national security.”
Defending the policy, the DHS said the administration was delivering on Trump’s campaign promise to carry out mass deportations, beginning with what it described as the “worst of the worst” criminal offenders.
The department said officers of the US Immigration and Customs Enforcement had been directed to intensify operations nationwide against non-citizens convicted of serious crimes.
White House Press Secretary Karoline Leavitt has also defended the crackdown, saying the administration remained committed to enforcing immigration laws and removing undocumented immigrants with criminal records in line with President Trump’s immigration agenda.Executive Branch
Official US immigration data indicate that Guatemala has recorded the highest number of deportees since the renewed crackdown began, followed by Honduras, Mexico and El Salvador, reflecting the administration’s focus on migrants from Latin America.
The US has also expanded deportation flights to countries across Africa, Asia and the Caribbean as enforcement operations continue.
Nigeria has also come under increased scrutiny by the Trump administration. In June, Washington imposed partial visa restrictions on Nigerian citizens, citing concerns over identity management, information sharing, visa overstay rates and security screening.Demographics.
The PUNCH
News
Atiku rejects ICPC probe of PFIPC, demands independent panel with ADC, PDP, NDC included
Former Vice-President Atiku Abubakar has demanded the establishment of an independent commission of inquiry to probe the controversial Presidential Foreign Intervention Promotion Council (PFIPC).
The PFIPC has come under scrutiny over the N1.3 billion budgetary allocation made to the council in the 2026 budget.
On June 11, Femi Gbajabiamila, chief of staff to President Bola Tinubu, issued a public disclaimer disowning the appointment of Adeniyi Adeyemi as the head of the council.
The former speaker of the house of representatives said such an office “does not exist” under Tinubu’s government, and no appointment has been made in that regard.
But Adeyemi rejected Gbajabiamila’s claim, describing it as a contradiction in official government records.
The presidency would later accuse Adeyemi of forging documents, including an appointment letter, to present himself as the head of the alleged non-existent government agency.

On Tuesday, Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a “thorough investigation” into the PFIPC controversy.
‘FG MUST SET UP AN INDEPENDENT PANEL’
In a statement issued on Wednesday through Phrank Shaibu, his senior special assistant on public communication, Atiku said Tinubu’s directive to the ICPC to investigate the matter was a response to the seven-day ultimatum he had earlier issued demanding a transparent probe.
He said Tinubu’s directive to the ICPC exposed contradictions in the presidency’s previous position that the matter had already been comprehensively investigated by the police, with a suspect arrested and criminal charges filed.
“If all of that is true, what exactly is the ICPC expected to spend another 30 days investigating?” Atiku asked.
The presidential candidate of the African Democratic Congress (ADC) said if the police probe was indeed comprehensive, another investigation by a government agency would be unnecessary.
“What Nigerians demanded was never another internal government investigation. We demanded an independent investigation,” he said.
Atiku proposed the immediate establishment of a special independent commission of inquiry comprising 10 eminent Nigerians nominated by the federal government, the ADC, the Nigeria Democratic Congress (NDC), the Peoples Democratic Party (PDP), civil society organisations (CSOs), the Nigerian Bar Association (NBA), and retired judicial officers.Politics (Left)
He said the proposed panel should be empowered to conduct a comprehensive investigation into every aspect of the PFIPC affair, review investigative records compiled by the police and other security agencies, summon serving and former public officials where necessary, publish a white paper containing its findings and recommendations, and conclude its assignment within one month.
Atiku said only an independent commission, with representation from the government, opposition parties and CSOs, would command public confidence and restore trust in the outcome of the investigation.
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