Yenagoa, Bayelsa State (Nigeria): The State High Court 14 has adjourned hearing in a ₦68 billion suit filed by the Maize Growers, Processors and Marketers Association of Nigeria (MAGPMAN), Bayelsa Chapter, against Ecobank Plc.
The farmers allege that the bank made unauthorised withdrawals from their accounts under the Central Bank of Nigeria’s Anchor Borrower Program, resulting in significant financial losses.
Justice Amaebi Orukari directed that all witnesses must appear in court on November 12, 2025, or face a ₦500,000 fine. The claimants are expected to present four witnesses, while the defence will call one.
According to court documents, the farmers’ accounts were allegedly mismanaged in breach of CBN guidelines.
Each of the 894 members was to receive ₦182,461.02 and repay ₦198,862.04, but deductions ranging from ₦205,000 to ₦400,000 were reportedly made.
