A Federal High Court in Lagos has granted Guaranty Trust Bank (GTB) the authority to temporarily seize the funds and assets of Afex Commodities Exchange due to a N17.8 billion debt under the Central Bank of Nigeria’s Anchor Borrowers’ Loan program.
Presiding Judge Chukwujekwu Aneke issued the interim Global Standing Instruction (GSI) injunctive relief following GTBank’s application on May 27, 2024.
This order allows GTB to recover its debt from Afex’s accounts held in other financial institutions.
GTBank, represented by Chief A. Aribisala, SAN, and Ade Adedeji, SAN, argued the motion, highlighting that the debt consists of N15.766 billion in unpaid loan facilities with accrued interest as of April 17, 2024, and an additional N2.041 billion in recovery costs and incidental expenses.
The court’s order places a “No Debit” restriction on all Afex accounts across 27 commercial banks until the debt is fully repaid. Banks are also directed to transfer any funds in Afex accounts to GTBank until the N17.8 billion debt is cleared.
Afex is required to provide a current statement of account to the court and GTBank’s lawyers within seven days of the order.
The case is adjourned until June 10, 2024, for further hearing.
