A Bayelsa State High Court sitting in Yenagoa on Tuesday adjourned to November 12 the case filed against Ecobank Plc by the Maize Growers Processors and Marketers Association of Nigeria (MAGPMAN), Bayelsa Chapter.
The farmers accused the bank of making unauthorised withdrawals from their accounts under the Central Bank of Nigeria’s Anchor Borrowers Programme. They are demanding ₦68 million in general and punitive damages for alleged financial misconduct.
When the case came up for hearing, counsel to the claimants, Samuel Boulopremo, told the court that four witnesses were ready to testify. He also noted that the defence had not filed any new processes.
Defence counsel, Theo Osanakpo, informed the court that they would be presenting one witness and asked for an adjournment to allow both sides present their testimonies.
Presiding judge Justice Amaebi Orukari directed that all witnesses must appear at the next sitting or risk a fine of ₦500,000 each. The case was then adjourned to November 12 for continuation of hearing.
Documents before the court allege that the farmers’ accounts with Ecobank were run in violation of the guidelines of the Anchor Borrowers Programme.
MAGPMAN Bayelsa said each of the 894 members of the group was meant to receive ₦182,461.02 and repay ₦198,862.04 at the end of the loan period. However, according to the association, Ecobank made deductions as high as ₦400,000, ₦300,000, and ₦205,000 from the accounts of several farmers.
The group said the alleged fraudulent deductions left them with no choice but to seek justice in court after efforts to resolve the matter with the bank failed.