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Court gives GTB nod to seize Afex over N17.8b Anchor Borrowers’ Loan
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A Federal High Court sitting in Lagos, yesterday, authorised Guaranty Trust Bank to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.808billion indebtedness to the bank under the Central Bank of Nigeria, CBN, driven Anchor Borrowers’ Loan.
Trial judge, Justice Chukwujekwu Aneke granted GTBank an interim Global Standing Instruction, GSI, injunctive relief, following its application on May 27, 2024,
Vanguard awards 20220.00 / 0.00
The judge made the order after hearing an ex-parte motion filed and argued by GTBank’s counsel Chief A. Aribisala, SAN and Ade Adedeji, SAN.
The N17.808billion comprises “N15.766billion 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 N15.766billion 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 N15.766billion and “Cost of recovery and incidental expenses in the sum of N2.041billion.”
GTBank is the sole plaintiff/applicant in the suit marked FHC/L/CS/911/2024, Afex Commodities Exchange is the defendant/respondent, while 27 commercial banks and all money deposit banks were listed as nominal respondents.
The plaintiff averred via a 285-page affidavit deposed to by its member of staff, Ifeoma Esemudje that the tenor of the facility was nine months, intended to finance smallholder farmers registered under the CBN Anchor Borrower’s programme.
The source of the repayment, it added 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.
News
Emir of Gumel dies in Egypt
The Emir of Gumel in Jigawa State, Alhaji Dr. Ahmed Muhammad Sani II, has died.
The monarch passed away on Thursday in Egypt.
His death has thrown the people of the Gumel Emirate and residents of Jigawa State into mourning, with tributes expected to continue to pour in from across the state and beyond.
The death of the respected traditional ruler is a significant loss to his family, associates and the entire Gumel community. Prayers have been offered for Almighty Allah to forgive his shortcomings and grant him eternal rest in Aljannatul Firdaus.
Prayers were also offered for Allah to grant his family, loved ones and the people of Gumel the strength and patience to bear the loss.
The death of the Emir represents a major loss to the Gumel Emirate, given the important role traditional institutions play in promoting peace, unity, cultural values and community development.
The Gumel Emirate is one of the historic traditional institutions in northern Nigeria, with a rich heritage and longstanding influence in the social and cultural affairs of its people.
As Emir, the late Alhaji Dr. Ahmed Muhammad Sani II, CON, served as custodian of the traditional institution and provided leadership to the people of the emirate.
His passing is expected to be deeply felt by members of the royal family, traditional title holders, community leaders and residents across the emirate.
News
US Federal agents nab Podcaster Azariah over alleged threats to Kill Trump
United States federal agents have nabbed a podcaster, Azariah Southworth, in Los Angeles over allegations that he threatened to kill US President Donald Trump.
According to New York Post on Thursday, Southworth was taken into federal custody in Los Angeles following an investigation into the alleged threats against Trump.
Southworth is known for hosting the Yass, Jesus podcast and previously hosted the Christian television programme, The Remix. His arrest has brought federal authorities’ attention to statements allegedly made by him concerning the president.
The allegations against Southworth have not been established in court, and details of any criminal charges filed against him were not immediately available in the report. Federal authorities typically investigate threats against the president as potential federal offences.
US law prohibits knowingly and willfully threatening to kill, kidnap or inflict bodily harm on the president. Such cases can result in federal prosecution if investigators determine that a statement meets the legal threshold for a criminal threat.
Federal authorities have pursued similar cases involving alleged threats against Trump in recent years.
The US Department of Justice has previously announced charges and convictions involving people accused of making threats against the president online and through other forms of communication.
Authorities have also stressed in previous cases that an arrest or criminal charge does not establish guilt. Prosecutors are required to prove the allegations in court, while defendants are presumed innocent unless convicted.
Southworth’s arrest comes amid continued security concerns surrounding threats against Trump and other US public officials. Further details about the allegations, possible charges and Southworth’s next court appearance are expected to emerge as the federal case proceeds.
News
Flooding: FCTA begins desilting of drains, warns against vandalism, illegal structures
The Federal Capital Territory Administration (FCTA) has commenced a city-wide desilting of drainage channels following heavy torrential rainfalls that triggered flash floods across parts of the nation’s capital.
Inspecting the ongoing clearance operations along the Airport Expressway on Thursday, Mr Richard Dauda, acting Executive Secretary of the Federal Capital Development Authority (FCDA), said the exercise was directed by the FCT Minister, Mr Nyesom Wike.
The directive followed a flash flood that flooded the Airport Expressway on Tuesday.
According to Dauda, the effort is to mitigate flood risks during the peak of the rainy season.
Dauda noted that while recent downpours align with earlier meteorological warnings and climate change trends, the Abuja Master Plan inherently recognises certain areas, including the Airport Expressway axis as flood plains.
He assured residents that while resilient infrastructure was originally built to handle high water volumes, human activities have severely compromised its efficiency.
“Some of these drainage facilities over time have been silted. Part of the cause is residents dumping refuse into drainage channels.
“When rain falls, it washes down polythene bags, waste, and even large objects that block the outlets,” he said.
Dauda highlighted two major human factors aggravating the flash floods: illegal development and widespread infrastructure vandalism.
Exposing a major choke point along the expressway, Dauda pointed to a triple-cell box culvert meant to discharge a powerful stream flowing from the Galadima Roundabout.
He explained that a private developer had illegally constricted the waterway further downstream by constructing retaining walls to expand a personal plot.
“What that causes is that the volume of water that ought to pass no longer passes, causing detention, backflow, and eventual flooding.
“To restore adequate discharge capacity, we must remove the structures built by this developer,” he said.
Dauda also decried the theft of metal gully inlet covers by vandals, which allows large debris to flow directly into underground drains instead of being sieved at the surface.
“When vandals steal these covers, it’s like stealing from yourself as a taxpayer,” he remarked.
To permanently curb the theft, he revealed that the FCDA is exploring replacement materials made from non-recyclable compounds rather than steel or cast iron.
The FCDA boss confirmed that workers were already desilting trapezoidal drains, U-channels, and culvert outlets along the Airport Expressway, with plans to reconstruct damaged points where necessary.
Dauda urged Abuja residents to stop dumping refuse into waterways, warning that government infrastructure can only protect the city if public cooperation is guaranteed.
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