Yenagoa: The Maize Growers Processors and Marketers Association of Nigeria (MAGPMAN) in Bayelsa has dragged Eco Bank Plc to the Yenagoa State High Court 14 over alleged fraudulent deductions from their accounts.
The farmers alleged that the Bank made unauthorized withdrawals, resulting in financial losses for them.
The farmers are seeking redress for the alleged financial malfeasance.
The aggrieved farmers are seeking legal redress from Ecobank over the Bank’s unsatisfactory handling of their accounts, which exposed them to avoidable risks and losses.
According to the court summons document, the farmer’s account, which was domiciled with the Bank as an Anchor Borrower of the Central Bank of Nigeria, was operated in breach of the CBN’s rules for the scheme.
The maize farmers are seeking a cumulative general and punitive damage of N58 billion.
MAGPMAN, in their grievance before the court, lamented that the alleged fraud perpetrated by the commercial Bank has left them with no choice but to seek redress.
Under the scheme, each of the 894 group members will receive N182,000 and is expected to repay N200,000 at the end of the loan tenour.
When the case came up for mention on Thursday, the defendant’s Counsel, Theo Chike Osanakpo, SAN, sought an adjustment to enable the court to commence the pre-trial hearing on the matter.
The court presided over by Justice Amaebi Orukari, therefore, adjourned the case until September 22, 2025.