The Federal High Court in Lagos has frozen Afex Commodities Exchange Limited’s accounts across 60 banks over an alleged N17.8bn debt owed to Guaranty Trust Bank.
Justice Chukwujekwu Aneke granted the order on July 4, 2025, following an ex parte application filed by GTBank’s legal team, Chief Ajibola Aribisala (SAN) and A. Adedeji (SAN).
The court restrained the banks listed as garnishees from tampering with, transferring, or placing any encumbrance on the affected accounts, all of which are linked to Afex’s Bank Verification Numbers.
“Having carefully considered the application and the submissions of counsel, an Order Nisi is hereby granted as in Form 26 of the Judgement Enforcement Rules,” Justice Aneke declared in his ruling.
The judge also directed the banks to disclose, under oath and within seven days, all accounts maintained by Afex Commodities or connected to the relevant BVNs.
The case was adjourned to July 18, 2025, for further proceedings. The garnishee order comes after the court had, on May 27, 2024, approved a Global Standing Instruction in favour of GTBank. That order allowed the bank to take temporary control of Afex’s funds and assets to recover the debt, which arises from a loan facility issued under the Central Bank of Nigeria’s Anchor Borrowers’ Programme.
In suit number FHC/L/CS/911/2024, GTBank claimed that Afex Commodities defaulted on the facility, originally issued to support smallholder farmers involved in maize production.
The bank says the loan was granted for nine months and matured on April 22, 2021, but Afex failed to repay.
According to a 285-paragraph affidavit sworn to by GTBank staff member Ifeoma Esemudje, the debt comprises an outstanding principal and accrued interest of N15.766bn as of April 17, 2024.
The bank is also seeking pre-judgement interest at 28 per cent (the CBN rediscount rate), post-judgement interest, and N2.041bn in recovery and incidental costs, bringing the total claim to N17.808bn. GTBank alleged that Afex has failed to meet its repayment obligations.
-Advertisement-
Grab our latest Magazine, "Chief Wole Olanipekun, CFR, SAN, A man of wide horizons and deep intentions". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
Download E-Magazine
