Justice Chukwujekwu Aneke of the Federal High Court in Lagos has fixed June 20 for the hearing of a contempt charge filed against Afex Commodities Exchange Ltd and five of its directors over the alleged failure to obey a court order concerning the firm’s N17,808,452,467.107 loan facilities granted by Guaranty Trust Bank.
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The judge adjourned the matter after hearing arguments from Chief Ajibola Aribisala SAN and Mr. Ade Adedeji SAN, Counsel to the Plaintiff (GTB), and Collins Ogbonna, counsel to the judgment debtor (Afex Commodities Exchange).
The alleged contemnors are Afex Commodities Exchange Ltd and its directors, Ayodeji Olaleye Balogun, Jendayi Fraaser, Justin Lee Topilow, Mobolaji Oluwatomi Adeoye, and Koonal Bharat Ghandi.
When the matter came up yesterday, Chief Aribisala observed that the alleged contemnors were not in court and urged the court to issue bench warrants against them to compel them to appear in court.
He stated that the court order authorizing Guaranty Trust (GTBank) to take over the funds and assets belonging to Afex Commodities Exchange following its inability to pay the N17,808,452,467.107 loan facilities granted by the bank has not been obeyed.
Aribisala said the issue of contempt is sui generis (of its own kind) and takes precedence over any other applications filed before the court.
He submitted that every person to whom a court order is directed has an unqualified obligation to obey the order until it is discharged or set aside on appeal.
He argued that the alleged contemnors are still liable to show cause why they should not be punished for contempt.
However, counsel to the judgment debtor, Collins Ogbonna, objected to the issuance of a bench warrant against the defendants, arguing that his law firm had just been served in court with the processes.
Citing legal authorities, he urged the court to hear a motion filed by the defendants challenging the court order authorizing Guaranty Trust (GTBank) to temporarily take over the funds and assets belonging to Afex Commodities.
Recall that Justice Aneke had on May 27 granted an interim Global Standing Instruction (GSI) injunctive relief following an application moved by GTBank’s counsel, Chief Aribisala (SAN).
GSI was created as a last resort for banks and financial institutions to recover outstanding loans from chronic debtors.
The court also granted a “Pre-judgment interest on the N15,766,475,417.06 at the prevailing rediscount rate of 28 percent per annum approved by the CBN from April 18, 2024, when the Plaintiff’s letter of demand dated April 17, 2024, was delivered to the Defendant until judgment is delivered in this suit.
“Post-judgment interest on the said sum of N15,766,475,417.06” and “Cost of recovery and incidental expenses in the sum of N2,041,977,050.047.”
It further granted a mandatory injunction commanding the defendant/respondent to allow the plaintiff to appoint its appointed agent to take over the commodities/produce stored by the defendant in the 16 warehouses across seven states.
The court also directed the police and Civil Defence Corps to assist GTBank in securing and dealing with the commodities/produce stored by the defendant in the 16 warehouses across seven states.
GTBank is the sole plaintiff/applicant in the suit marked FHC/L/CS/911/2024. Afex Commodities Exchange is the defendant/respondent, while 27 commercial banks and all money deposit banks were listed as nominal respondents.
However, the defendants allegedly refused to comply with court orders, thereby necessitating the plaintiff to file Form 48 and Form 49 against the defendants.
Forms 48 and 49 are notices of consequences of disobedience of a court order and notice to show cause why an order of committal should not be made against the person.
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