BUSINESS
13 Banks, 60 Executives In Court Over N17bn Debt, Contempt Charges
Guaranty Trust Bank (GTB) has taken legal action against 60 top executives of 13 commercial banks, including chairmen, CEOs, secretaries and directors, over a N17 billion debt related to the Anchor Borrowers Programme (ABP).
BIGPEN NIGERIA (https://bigpenngr.com) understands that the banks executives are facing contempt charges for allegedly failing to comply with a court order to repay the debt.
It was gathered that the contempt proceedings brought by GTBank against the trios was stemmed from their alleged failure to implement a No-Debit-Order reportedly placed on the accounts of Afex Commodity Exchange with the banks.
GTBank and Afex Commodity Exchange are currently locked in a legal battle over the debt.
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 a suit no FHC/L/CS/911/2024 filed at the Federal High Court, Lagos, Justice CJ Aneke signed an order for affected persons to be committed to jail for failing to obey its May 27 ruling.
The matter was adjourned to next Thursday.
In the May 27 ruling, 20 banks were directed to transfer monies standing to the credit of the respondent into the AFEX’s account with GTB until the N17.81 billion is repaid.
The loans comprise N15.7 billion; the amount outstanding and unpaid as of April 17, 2024, and the cost of recovery and incidental expenses in the sum of N2.04 billion.
Ripple Nigeria reports that the court also granted an injunction allowing GTB to take over AFEX 16 warehouses located across seven states and sell the commodities said to have been procured with the Central Bank of Nigeria (CBN) Anchor Borrowers’ loan facility.
The court had earlier in the month served contempt proceedings against AFEX and some of its principal officers including Ayodele Balogun, Jendayi Fraser, Justin Topilow, Mobolaji Adeoye, and Koonal Ghandi.
By: Babajide Okeowo
‘I’m Organized in Project Execution’ – Gov Oborevwori…Flags Off Construction of N29.8bn Aboh-Akarai Road, Bridge Project
2027: Panic Hits Dada, Taiwo and Ojugbele Camps as Ogun Deputy Gov. Salako-Oyedele Picks APC Senate Form
2027: Full List of 17 ADC Reps Who Defected — Follow Obi to NDC in New Realignment
REVEALED: How the Alleged Coup Was Orchestrated, Foot Soldiers Recruited, and Paid Millions
Delta’s City Boy Movement Vows to Deliver 2.7 Million Votes for Tinubu, Oborevwori, Other APC Candidates
Oborevwori Boost Infrastructure in Delta, to Flag Off Aboh–Akarai Road, Bridge Project
Coup Trial: Islamic Cleric Says ₦10m He Got Was for Prayers, Not to Overthrow Tinubu
Tinubu Assures Global Investors in Paris of His Post-2027 Agenda
‘My Scorecard’ — Sen. Ned Nwoko Reels Out Achievements Ahead of Second Term Declaration
Warri, Port-Harcourt Refineries to Resume Operations as NNPC, China Sign Resuscitation Deal to Boost Petrochemical Output
Ugbolu Land Dispute: Delta Govt Calls for Calm as Protesters Storm Govt House Asaba
Clergyman Distributes Food Items to Vulnerable Nigerians in Delta
Delta Govt Directs Intelligence-driven Response as Phone Gadget Dealers Storm Govt House Asaba Over Targeted Robberies
Dangote Repels Alleged Rift with Elumelu, Claims on Refinery Financing
