Nigerian Concord Newspaper
A Benue State High Court sitting in Makurdi presided over by Hon. Justice T.A Kume has awarded ₦1 billion in general damages against Keystone Bank Limited in the long-running dispute involving MIKAP Nigeria Limited, the company associated with the production of Miva Rice chaired by Hon. Michael kaase Aondoakaa SAN.
The judgment, delivered on 17 September 2026 by Hon. Justice T. A. Kume in Suit No. MHC/119/2024, followed MIKAP’s claims concerning the alleged non-disbursement and handling of a ₦2 billion CBN-backed Paddy Aggregation Loan.
According to reports on the earlier stages of the dispute, MIKAP alleged that although the facility was credited to its account, the funds were subsequently withdrawn, preventing the company from using the facility for the intended procurement of paddy. The company consequently sought substantial damages from the bank.
The court after an extensive hearing from all parties, reportedly awarded ₦1 billion in general damages against Keystone Bank in favour of MIKAP NIGERIA LIMITED.
The judgment raised a bigger questions about how agricultural intervention funds are administered, how banks treat beneficiaries of government-backed credit schemes, and what happens when the terms of a facility become the subject of litigation.
For MIKAP, the producers of Miva Rice, the judgment represents a major legal development. For the banking sector, it is another reminder that the relationship between a financial institution and its customer comes with contractual and regulatory obligations.