₦17.8b Debt: Court Gives GTBank Nod To Seize Assets Belonging To Afex

The Federal High Court sitting in Lagos has authorised Guaranty Trust Bank, to temporarily take over the funds and assets of Afex Commodities Exchange following an indebtedness of ₦17.8bn Central Bank of Nigeria Anchor Borrowers’ Loan.Justice Chukwujekwu Aneke granted an order of interim Global Standing Instruction injunctive relief, following an Exparte application by GTBank through its lawyers, Senior Advocate of Nigeria, Ajibola Aribisala and Senior Advocate of Nigeria, Ade Adedeji.

“Post-judgement interest on the said sum of ₦15,766,475,417.06” and “Cost of recovery and incidental expenses in the sum of ₦2,041,977,050.047.”In the court papers, GTBank is listed as the sole plaintiff/applicant in the suit, Afex Commodities Exchange is the defendant/respondent, while 27 commercial banks and all money deposit banks were listed as nominal respondents.

Our correspondent reports that the GSI, launched in July 2020, by Nigerian banks and the CBN, authorises a creditor bank to recover its debt from any or all other accounts held by the debtor with other financial institutions in case of default by the debtor. The judge further directed all banks in Nigeria to move/transfer all monies standing to the alleged debtor’s credit into the debtor’s account domiciled with GTBank with Account Number 0425755319 until Afex Commodities Exchange’s “entire indebtedness to the Plaintiff/Applicant in sum of ₦17,808,452,467.107 is fully liquidated…”

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