Yenagoa, Bayelsa State (Nigeria): In a case that could redefine financial accountability within Nigeria’s agricultural financing schemes, the Bayelsa State High Court 14 has adjourned proceedings between the Maize Growers, Processors and Marketers Association of Nigeria (MAGPMAN) and Ecobank Plc to October 10, 2025.
At the heart of the dispute is a staggering ₦68 billion claim in cumulative general and punitive damages by the farmers, who allege unauthorised withdrawals and mismanagement of their accounts under the Central Bank of Nigeria’s Anchor Borrower Programme.
MAGPMAN had proffered allegations of financial malfeasance against Ecobank, thereby accusing the bank of breaching CBN guidelines by making unauthorised deductions from their accounts, resulting in severe economic losses.
According to court documents, each of the 894 MAGPMAN members was to receive ₦182,461.02 and repay ₦198,862.04. Instead, deductions ranging from ₦205,000 to ₦400,000 were allegedly made—far exceeding agreed repayment terms.
During the pretrial hearing, Counsel to the claimants, Seimiekumo Avery, informed the court that Ecobank rebuffed efforts to resolve the matter through arbitration.
Presiding Judge Justice Amaebi Orukari consequently instructed the claimants to file for additional witnesses and indicated that the next hearing could proceed with accelerated trial procedures.
He also held a private meeting with both parties in chambers before adjourning the case.
The court summons reveals that the farmers’ accounts were operated in violation of the CBN’s rules governing the Anchor Borrower Programme. MAGPMAN contends that Ecobank’s actions not only breached financial protocols but also exposed vulnerable farmers to avoidable risks and hardship.
MAGPMAN’s Bayelsa Chapter insists that the alleged fraud has left them with no alternative but to seek legal redress, citing Ecobank’s refusal to engage in meaningful resolution. The ₦68 billion claim underscores the gravity of the alleged infractions and signals a potential precedent-setting case in Nigeria’s financial and agricultural sectors.