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 granted an order restraining 60 banks from transferring, dealing with, or placing any charge on accounts operated by Afex Commodities Exchange Limited—either in its name or in any other name connected to it pending the determination of garnishee proceedings initiated by Guaranty Trust Bank (GTBank).

The affected accounts are linked to various Bank Verification Numbers (BVNs) associated with the judgment debtor, Afex Commodities.

The order followed an ex parte application dated and filed on July 24, 2025, and was granted after submissions by GTBank’s legal team, Chief Ajibola Aribisala, SAN, and A. Adedeji, SAN.

“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,” Justice Aneke ruled.

The judge restrained the 60 listed banks, referred to as garnishees, from dealing in any way with the affected accounts pending when they show cause why the order should not be made absolute.

The court further directed all the banks to, within seven days of being served, disclose under oath full details of all accounts maintained or operated by Afex Commodities and linked to the relevant BVNs.

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

The garnishee order follows earlier interim relief granted to GTBank on May 27, 2024, when the same court approved a Global Standing Instruction (GSI) to allow the bank temporarily take control of funds and assets belonging to Afex Commodities Exchange over its alleged indebtedness of N17.808 billion under the Central Bank of Nigeria (CBN)-driven Anchor Borrowers’ Programme.

GTBank, in its suit marked FHC/L/CS/911/2024, claimed that the sum includes N15.766 billion in outstanding principal and accrued interest as of April 17, 2024;

Pre-judgment interest at the CBN-approved rediscount rate of 28% from April 18, 2024, until judgment;

Post-judgment interest on the same amount; N2.041 billion for recovery costs and incidental expenses.

GTBank is the sole plaintiff in the suit, with Afex Commodities Exchange as the defendant/respondent. Twenty-seven commercial banks and all other deposit money banks were listed as nominal respondents.

According to a 285-paragraph affidavit deposed to by GTBank staff member, Ifeoma Esemudje, the loan was granted for nine months to finance smallholder farmers registered under the CBN’s Anchor Borrowers’ Programme. Repayment was expected from the proceeds of maize production, with a maturity date of April 22, 2021.

However, GTBank alleged that Afex failed to fulfill its repayment obligations under the facility.