COURT SLAMS ECOBANK N10M FINE OVER FRAUDULENT USE OF BVN | EMMYNET24

The High Court in Abakaliki has ordered the Executive Chairman of the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN) in Ebonyi State and Eco Bank Plc to pay Nzubechi Okoro N10 million in damages. Okoro was a victims of fraud involving the unauthorized use of his bank details to secure a loan. According to reports, the other defendants include Mr. Ebere Oji Odii, the local MAGPAMAN coordinator, and Mrs. Patience Nwabueze. Okoro, a businessman from Delta State, took legal action after his Bank Verification Number (BVN) was blacklisted by the Central Bank of Nigeria due to a loan he never authorized from the federal Anchor Borrowers’ Scheme. In a judgment delivered on June 28, 2024, Justice Chris Eze found that Eco Bank and Odii did not provide evidence that Okoro was a farmer eligible for the loan scheme, contradicting their claims. The judge stated that Okoro proved he did not withdraw any funds from the account in question, which was contrary to the defenda

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