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Court gives GTB nod to seize Afex over N17.8b Anchor Borrowers’ Loan
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
Hajj 2023 refund: Pilgrims from Adamawa get N61,080 each
The Adamawa State Muslims Pilgrims Welfare Commission has disbursed N61,080 to each of the 2023 pilgrims from the state over poor services rendered to them by the service providers while in Saudi Arabia.
The executive secretary of the pilgrims commission, Malam Abubakar Salihu, disbursed the refunded money, saying it was a step of accountability.
The disbursement was paid into the account of the pilgrims or, for those without account numbers, through the local government schedule officers of the 21 local governments of the state.
Responding on behalf of the beneficiaries, Alhaji Shuaibu Musa Mele appreciated the commission for ensuring that each pilgrim gets his rightful refund.
The Kingdom of Saudi Arabia had earlier refunded money through the National Hajj Commission of Nigeria, for sharing among the 36 states of the country.
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Security operatives destroy Bello Turji’s food storage facility
A school building in Fakai village, reportedly used as a food storage facility by the notorious bandit leader Bello Turji, has been destroyed.
The facility, which had been stocked with large quantities of food supplies, was completely razed, leaving the structure in ruins.
According to local sources, the school was repurposed by the bandits to support their operations in the region.
It served as a key logistical hub for storing essential supplies, ensuring the group’s ability to sustain its activities over time.
The destruction of the stockpile is seen as a major setback for Bello Turji’s network. By eliminating a critical resource hub, the operation is expected to disrupt the group’s supply chain and hinder their ability to operate effectively in the area.
Counter-terrorism expert Zagazola Makama reported that the incident underscores ongoing efforts to counter the influence and operations of bandit groups in the region.
Residents of Fakai village and surrounding areas hope this effort signals further strides toward restoring peace and security.
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Trump launches his own meme coin, value soars
President-elect Donald Trump launched his own cryptocurrency on Friday, sparking a feverish buying that apparently sent its market capitalization soaring to several billion dollars.
In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” he wrote.
Meme coins have no economic or transactional value and are often seen as a means of speculative trading.
“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the coin’s official site says.
In the hours following the overnight launch, the crypto community posed questions about the legitimacy of the $TRUMP coin, and its actual link to the president-elect, with some fearing a scam.
But the fact that the announcements came on Trump’s official social media channels seemed to reassure the market, as did the fact that Trump has used one of the companies behind the project, CIC Digital LLC, in the past to sell non-fungible tokens (NFTs).
By mid-morning on Saturday, the market capitalization for $TRUMP stood at nearly $6 billion, according to CoinMarketCap.com.
Neither Trump nor the company managing the launch, Fight Fight Fight LLC, offered details about how much he made from the initial batch of meme coins released.
The coin’s official site said 200 million meme coins were issued, with Fight Fight Fight saying an additional 800 million would be added over the next three years.
Formerly a cryptocurrency skeptic, the president-elect is now a convert and has become a champion of the concept.
Before this new announcement, Trump and his sons Donald Jr. and Eric started their own crypto venture – World Liberty Financial – and other members of the incoming administration have previously disclosed investments in and backing for cryptocurrencies.
Last summer, Trump spoke at a Bitcoin conference in Nashville, where he pledged to make America “the crypto capital of the planet” once back in the White House.
The meme coin is Trump’s latest merchandise push, which recently included a line of perfumes, colognes, watches and “President Donald J. Trump First Edition” silver coins selling for $100 each celebrating his election win.
He famously used a photo of him sitting next to first lady Dr. Jill Biden at the re-opening of Notre Dame Cathedral to promote the cologne line.
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