Maize Growers, Processors, and Marketers Association of Nigeria (MAGPMAN) in Bayelsa has filed a lawsuit against Ecobank Plc at the State High Court 14 in Yenagoa, alleging unauthorized deductions from their accounts.
The farmers claim that the bank’s actions resulted in significant financial losses, accusing Ecobank of mishandling their accounts in a manner that exposed them to unnecessary risks. They are seeking legal redress for what they describe as financial misconduct by the bank.
According to court documents obtained by the News Agency of Nigeria (NAN), the farmers’ accounts, linked to the Central Bank of Nigeria’s Anchor Borrower Scheme, were managed in violation of the scheme’s regulations. MAGPMAN is demanding N58 billion in combined general and punitive damages.
The association expressed frustration, stating that the alleged fraudulent activities by Ecobank have left them with no option but to pursue justice through the courts. Under the Anchor Borrower Scheme, each of the 894 members was to receive N182,000, with a repayment obligation of N200,000 at the end of the loan term.
During Thursday’s court session, the defendant’s counsel, Theo Chike Osanakpo SAN, requested an adjournment to prepare for a pretrial hearing. Justice Amaebi Orukari, presiding over the case, adjourned the matter to September 22, 2025. (NAN)
