Guaranty Trust Bank has dragged 60 top executives of 13 commercial banks to court over a N17 billion Anchor Borrowers Programme (ABP).
The affected persons including chairmen, chief executive officers, directors and company secretaries of the 13 banks are facing contempt proceedings for allegedly failing to implement a No-Debit-Order reportedly placed on the accounts of Afex Commodity Exchange with the banks.
GTBank and Afex Commodity Exchange are currently locked in a legal battle over the debt.
In the May 27 ruling, 20 banks were directed to transfer monies standing to the credit of the respondent into the AFEX’s account with GTB until the N17.81 billion is repaid.
The loans comprise N15.7 billion; the amount outstanding and unpaid as of April 17, 2024, and the cost of recovery and incidental expenses in the sum of N2.04 billion.
Parties cited for contempt include Access Bank, Citibank, Jaiz Bank, Union Bank, Fidelity Bank, First Bank of Nigeria Plc, First City Monument Bank, NDIC (liquidator for Heritage Bank), Polaris Bank, Stanbic IBTC Bank, Standard Chartered Bank, Taj Bank, United Bank for Africa and Zenith Bank alongside its principal officers.
The matter was adjourned to next Thursday.
