AFEX Commodities Change’s financial institution accounts frozen over N17.8bn debt

The Federal Excessive Courtroom in Lagos has ordered the freezing of all financial institution accounts operated by Afex Commodities Change Restricted throughout 60 Nigerian banks over an alleged N17.8 billion debt owed to Guaranty Trust Financial institution (GTBank).

The ruling made by Justice Chukwujekwu Aneke adopted an ex parte software filed on June 24, 2025, by GTBank’s authorized staff, Chief Ajibola Aribisala (SAN) and A. Adedeji (SAN).

In his choice, Justice Aneke issued an order nisi restraining the listed banks from transferring, coping with, or inserting any encumbrance on Afex’s accounts—whether or not in its personal title or any title linked to it—pending the conclusion of garnishee proceedings.

The courtroom additionally directed the 60 affected banks, listed as garnishees, to file affidavits inside seven days of service, disclosing all Afex accounts and related Financial institution Verification Numbers (BVNs). The case was adjourned to July 18, 2025, for point out.

This garnishee order comes after GTBank had earlier obtained interim aid on Could 27, 2024, when the identical courtroom accredited a International Standing Instruction (GSI), permitting the financial institution to instantly get better funds from Afex’s accounts throughout all Nigerian banks.

In swimsuit quantity FHC/L/CS/911/2024, GTBank alleged that Afex is indebted to the financial institution to the tune of N17.808 billion. This sum consists of N15.766 billion in excellent principal and curiosity as of April 17, 2024; pre-judgment curiosity at a price of 28 p.c from April 18, 2024, till judgment; post-judgment curiosity; and N2.041 billion in restoration prices and incidental bills.

Based on a 285-paragraph affidavit deposed by GTBank workers member Ifeoma Esemudje, the financial institution granted Afex a nine-month facility below the Central Bank of Nigeria (CBN)-backed Anchor Debtors’ Programme to help smallholder maize farmers. The mortgage matured on April 22, 2021.

GTBank claimed that Afex Commodities Change Restricted didn’t repay the power regardless of repeated calls for, resulting in the initiation of authorized motion to get better the debt.

Afex is the only defendant within the swimsuit, whereas 27 business banks and all different deposit cash banks in Nigeria had been listed as nominal respondents.