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High Court Grants GTBank Right To Seize Assets Belonging To Afex Over 17.8bn Debt

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The Federal High Court sitting in Lagos has authorised Guaranty Trust Bank, to temporarily take over the funds and assets of Afex Commodities Exchange following an indebtedness of ₦17.8bn Central Bank of Nigeria Anchor Borrowers’ Loan.

Justice Chukwujekwu Aneke granted an order of interim Global Standing Instruction (GSI) injunctive relief, following an Exparte application by GTBank through its lawyers, Senior Advocate of Nigeria, Ajibola Aribisala and Senior Advocate of Nigeria, Ade Adedeji.

The 17,808,452,467.107 (billion) comprises “₦15,766,475,417.06 (billion) being the amount outstanding and unpaid, as of April 17, 2024, on the loan facilities (with the accrued interest) granted by the Plaintiff to the Defendant.

“Pre-judgement interest on the ₦15,766,475,417.06 at the prevailing rediscount rate of 28 per cent per annum approved by the CBN from April 18, 2024, when the Plaintiff’s letter of demand dated April 17, 2024, was delivered to the Defendant until Judgment is delivered in this suit.

“Post-judgement interest on the said sum of ₦15,766,475,417.06” and “Cost of recovery and incidental expenses in the sum of ₦2,041,977,050.047.”

In the court papers, GTBank is listed as the sole plaintiff/applicant in the suit, Afex Commodities Exchange is the defendant/respondent, while 27 commercial banks and all money deposit banks were listed as nominal respondents.

The plaintiff, GTBank via a 285-page affidavit deposed to by a member of staff, Ifeoma Esemudje disclosed that the tenor of the facility was nine months, intended to finance smallholder farmers registered under the CBN Anchor Borrower’s program.

The source of the repayment was to come from the sale of the Maize produced while the maturity date for the loan was April 22, 2021.

But, according to the plaintiff, the defendant did not fulfil its end of the deal.

The plaintiff, through its lawyers, then approached the court for an interim Global Standing Instruction (GSI) injunctive relief.

The GSI, launched in July 2020, by Nigerian banks and the CBN, authorises a creditor bank to recover its debt from any or all other accounts held by the debtor with other financial institutions in case of default by the debtor.

Before GSI, borrowers who defaulted on their loans to a particular financial institution were still able to maintain their bank balances in other institutions, even if those balances were sufficient to repay their debt.

Granting GTBank’s prayer, Justice Aneke ordered a “Place a No Debit” on all monies standing to the credit of Afex Commodities Exchange as of the day the order was served on the 1st to 28th Respondent Banks.

The order included “all such monies that may be credited into the Defendant/Respondent’s account afterwards until the Defendant/Respondent’s entire indebtedness to the Plaintiff/Applicant in the sum of ₦17,808,452,467.107 is fully liquidated. pending the hearing and determination of the Motion on Notice filed by the Plaintiff/Applicant in this Suit.”

The judge further directed all banks in Nigeria to move/transfer all monies standing to the alleged debtor’s credit (in the said debtor’s account domiciled in any of the banks) into the debtor’s account domiciled with GTBank with Account Number 0425755319 until Afex Commodities Exchange’s “entire indebtedness to the Plaintiff/Applicant in sum of ₦17,808,452,467.107 is fully liquidated…”

The court also ordered the debtor to furnish it and GTBank’s lawyers, the debtor’s current statement of account, within 7 days of being served with the order.

Justice Aneke also restrained the defendant/respondent and its agents from obstructing or interfering with GTBank’s right to enter Afex Commodities Exchange’s 16 warehouses across seven federation states.

The states are the Federal Capital Territory (FCT), Oyo, Ogun, Kwara, Kano, Taraba and Benue.

It further granted a mandatory injunction commanding the defendant/respondent to allow the plaintiff to appoint its appointed agent to take over the commodities/produce stored by the defendant in the 16 warehouses across the seven states.

Lastly, the court granted an order directing the Police and Civil Defence Corp to assist GTBank in securing and dealing with the commodities/produce stored by the defendant in the 16 warehouses across the seven states.

Further hearing in the suit was adjourned till June 10, 2024.

 

Credit: Channels TV

BIG STORY

“My NGO Account Has Been Hacked, N160Million Diverted” — VeryDarkMan

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Popular activist and social critic, VeryDarkMan, has raised concerns about the hacking of his NGO account, which led to the diversion of N160 million.

In a video shared on his verified Instagram account on Friday, he revealed that the incident had left him feeling distressed in recent days.

He explained that the funds were stolen after hackers allegedly gained access to the NGO’s website. The compromised account, which initially contained N180 million, now holds only N20 million.

He mentioned that law enforcement agencies had tracked one of the suspects, resulting in an arrest.

To address the situation, he stated that the NGO’s app had been temporarily taken offline for maintenance to prevent further vulnerabilities.

He said, “For the past few days, I’ve not been myself. I am here with Officer Joe, and we are going to Jos. NGO money—somebody stole the money. Somebody hacked into the NGO website, and I don’t know how they did it. N180 million is missing, but thank God we have tracked the person, and we are on our way to Jos.

“They have arrested one person, and that is why I’m even saying it now. I’m excited, and the account has been put on PND. The account now has N20 million, while N160 million has been diverted to another account. We are currently going there to see how we can get the money back. I just want to update you people.

“I even had to shut down the app and put it on maintenance so that people will not really see what is going on, but let me just come out plain and tell everyone what is going on. Hopefully, we will get the money back.”

The NGO, which launched in October, gained significant attention after raising over N21 million within 24 hours of its inception.

The initiative, aimed at transforming Nigeria’s public education system, attracted support from prominent figures, including music producer Don Jazzy.

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BIG STORY

Christmas Celebrations: Police Arrest 23 Suspected Armed Robbers, Hoodlums, Kidnapper, Recover Dangerous Weapons [PHOTOS]

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  • As IGP Commends Officers For Vigilance, Commitment To Safety

 

In furtherance of the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., to commands and formations to emplace unalloyed anti crime strategies towards ensuring adequate safety and security during this festive period, operatives of the Nigeria Police Force across several states in the country have successfully apprehended multiple groups of armed robbers, cultists and hoodlums targeting fun seekers and engaging in gangsterism during Christmas celebrations.

On the 25th of December 2024, at about 1am, the police operatives attached to Lagos State Command, received a distress call that a group of hoodlums armed with dangerous weapons was operating around the Safejo area of Amukoko, Lagos State. The swift response by the police operatives to the scene led to the arrest of 3 of the suspected hoodlums identified as Emmanuel Okoli ‘m’, 20 years, Ogunde Tejiri ‘m’, 20 years, and Emmanuel Orji ‘m’, 18 years, and also the recovery of the weapons they had used in carrying out robbery attacks on innocent funseekers in the area. The police have emplaced intensified searches to apprehend the fleeing members of the gang.

In a similar development, Police Operatives attached to Saminaka Division of the Kaduna State Command on 25th December 2024, at about 8pm, successfully apprehended one Sule Muhammad ‘m’, 25 years, who has been actively involved in multiple kidnapping incidents within the Saminaka area. Further investigation led to the recovery of a fabricated AK-47 rifle from the suspect. The suspect confessed to being a member of a notorious kidnapping gang who had been evading arrest since the arrest of other gang members on August 16, 2024, until his recent arrest on 25th December 2024. Following cooperation received from Muhammad, efforts are in top gear to apprehend other members of his gang and recover more arms and ammunition in their identified camp. Commendable efforts of the Nigeria Police Operatives have also been witnessed in states including Delta, Ogun Katsina, Benue, FCT and Imo, leading to the arrests of several suspects in various locations during the Christmas celebration period.

The IGP has commended the officers involved in these operations for their vigilance and commitment to public safety, highlighting their display of exemplary dedication in safeguarding our communities, especially during this joyful season. The IGP urges the public to remain vigilant and report any suspicious activities to the authorities.

The IGP further assures citizens that the Force is fully committed to creating a safe environment for everyone as they partake in the joy and cheer of the holiday season. As the celebrations continue, the Nigeria Police Force remains steadfast in its mission to protect all citizens and ensure that the spirit of festivities during this period remains unmarred by criminal activities.

 

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS,

ABUJA.

27TH DECEMBER 2024.

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BIG STORY

Road To 2027: We’ll Ensure APC Gets Less Than 15k Votes — Kwankwaso

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Rabiu Kwankwaso, the former governor of Kano state, stated that the New Nigeria People’s Party (NNPP) will reduce the influence of the All Progressives Congress (APC) in the state.

Speaking on Wednesday at a meeting with party stakeholders in Tsanyawa LGA of the state, Kwankwaso mentioned that the NNPP aims to ensure the APC receives fewer than 15,000 votes in the 2027 elections.

In the 2023 governorship election, the NNPP garnered 1,019,602 votes, the APC secured 890,705 votes, while the Peoples Democratic Party (PDP) came third with 15,957 votes.

Kwankwaso emphasized that the NNPP achieved the “remarkable feat” of over one million votes despite being a new political platform and starting its campaign late.

“Now, it’s our turn to diminish APC’s influence. We will work tirelessly to ensure their votes are reduced to less than 15,000 in Kano come 2027,” Kwankwaso stated.

Kwankwaso, who was the NNPP’s presidential candidate in 2023, urged his supporters to stay united and focused to ensure the party’s success in future elections.

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