Court Freezes Afex Commodities’ Accounts In 60 Banks Over N17.8bn Debt To GTBank

Justice Chukwujekwu Aneke of the Federal High Court in Lagos has ordered the freezing of all bank accounts operated by Afex Commodities Exchange Limited across 60 Nigerian banks over an alleged N17.8 billion debt owed to Guaranty Trust Bank (GTBank).

The order followed an ex parte application filed by GTBank’s legal counsel, Chief Ajibola Aribisala (SAN) and A. Adedeji (SAN), on June 24, 2025.

In his ruling, Justice Aneke granted an order nisi, restraining the listed banks from transferring, dealing with, or placing any charge on Afex’s accounts—whether in its name or any other name connected to it—pending the determination of garnishee proceedings.

The court also directed the 60 banks, referred to as garnishees, to disclose under oath, within seven days of being served, full details of all accounts operated by Afex and linked to the relevant Bank Verification Numbers (BVNs). The matter was adjourned to July 18, 2025, for mention.

The garnishee order comes after GTBank had earlier secured interim relief on May 27, 2024, when the same court granted approval for a Global Standing Instruction (GSI) to enable the bank to recover funds directly from Afex’s accounts across all banks.

GTBank, in suit number FHC/L/CS/911/2024, claimed that Afex is indebted to the bank to the tune of N17.808 billion. The sum includes N15.766 billion as outstanding principal and accrued interest as of April 17, 2024; pre-judgment interest at 28 percent from April 18, 2024, until judgment; post-judgment interest; and N2.041 billion for recovery costs and incidental expenses.

According to a 285-paragraph affidavit deposed to by a GTBank staff member, Ifeoma Esemudje, the bank had granted a nine-month facility to Afex under the Central Bank of Nigeria (CBN)-backed Anchor Borrowers’ Programme to support smallholder maize farmers. The facility matured on April 22, 2021.

GTBank alleged that Afex failed to repay the loan despite multiple demands, prompting legal action to recover the debt.

Afex is the sole defendant in the suit, while 27 commercial banks and all other deposit money banks were listed as nominal respondents.