Maize farmers in Bayelsa, under the Maize Growers Processors and Marketers Association of Nigeria (MAGPMAN), have taken Ecobank Plc to court, accusing the bank of fraudulent deductions from their accounts.
The farmers filed the suit at State High Court 14 in Yenagoa, claiming unauthorized withdrawals led to massive financial losses.
They are demanding N58 billion in damages, alleging the bank’s poor account management exposed them to undue risks and hardship.
sighted by the News Agency of Nigeria (NAN), the farmers account domiciled with the Bank on the Anchor Borrower of the Central Bank of Nigeria was run 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 grouse before the court, lamented that the fraud allegedly perpetrated by the commercial bank has left them with no choice than to seek redress.
Under the scheme, each of the 894 members of the group will get N182,000 and is expected to pay back N200,000 at the end of the loan tenor.
When the case came up for mention on Thursday, the defendant’s Counsel, Theo Chike Osanakpo SAN, sought an adjustment to enable the court commence pretrial hearing on the matter.
The court presided over by Justice Amaebi Orukari, therefore, adjourned the case until September 22, 2025.
