Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted an order nisi restraining 60 banks from transferring or dealing with any accounts linked to Afex Commodities Exchange Limited, pending the outcome of a garnishee proceeding initiated by Guaranty Trust Bank (GTBank) over an alleged N17.8 billion debt.

The accounts, tied to various Bank Verification Numbers (BVNs) associated with Afex, are now frozen following an ex parte application filed on July 24, 2025, and argued by GTBank’s legal counsel, Chief Ajibola Aribisala, SAN, and A. Adedeji, SAN.

Justice Aneke, in his ruling, stated:

“Having carefully considered the application and the submissions of counsel, an Order Nisi is hereby granted as in Form 26 of the Judgment Enforcement Rules.”

The judge barred the 60 banks—referred to as garnishees—from transferring, charging, or dealing in any way with the identified accounts. He also directed them to disclose under oath, within seven days of being served, full details of all accounts operated by Afex Commodities and tied to the listed BVNs.

The matter was adjourned to July 18, 2025, for further mention.

The garnishee order stems from GTBank’s efforts to recover N17.808 billion, which the bank claims Afex Commodities owes under the Central Bank of Nigeria (CBN)-driven Anchor Borrowers’ Programme.

In its suit FHC/L/CS/911/2024, GTBank alleges the amount comprises:

  • N15.766 billion in unpaid principal and interest (as of April 17, 2024),
  • Pre-judgment interest at 28% from April 18, 2024,
  • Post-judgment interest, and
  • N2.041 billion in recovery and incidental costs.

A 285-paragraph affidavit deposed by GTBank staff, Ifeoma Esemudje, detailed that the nine-month loan was intended to finance smallholder farmers producing maize. Repayment was expected by April 22, 2021, but Afex allegedly defaulted on its obligations.

The court had previously granted GTBank interim relief on May 27, 2024, allowing it to execute a Global Standing Instruction (GSI) to temporarily recover assets and funds belonging to Afex.

While GTBank is the sole plaintiff, 27 commercial banks and all other deposit money banks were listed as nominal respondents.

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