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Anchor Borrowers: Court dismisses 31,309 farmers’ suit against bank

The Federal High Court in Abuja dismissed a N374bn suit filed by 31,309 ginger farmers against Keystone Bank over the Anchor Borrowers’ Programme due to the plaintiffs' failure to serve a pre-action notice as contractually required. The farmers alleged that Keystone Bank failed to disburse N8.6bn of an approved loan and sought additional damages, while the bank argued it had discretionary power over loan disbursement and that the program guidelines were advisory.
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