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 ruling made by Justice Chukwujekwu Aneke followed an ex parte application filed on June 24, 2025, by GTBank’s legal team, Chief Ajibola Aribisala (SAN) and A. Adedeji (SAN).
In his decision, Justice Aneke issued an order nisi restraining the listed banks from transferring, dealing with, or placing any encumbrance on Afex’s accounts—whether in its own name or any name linked to it—pending the conclusion of garnishee proceedings.
The court also directed the 60 affected banks, listed as garnishees, to file affidavits within seven days of service, disclosing all Afex accounts and associated Bank Verification Numbers (BVNs). The case was adjourned to July 18, 2025, for mention.
This garnishee order comes after GTBank had earlier obtained interim relief on May 27, 2024, when the same court approved a Global Standing Instruction (GSI), allowing the bank to directly recover funds from Afex’s accounts across all Nigerian banks.
In suit number FHC/L/CS/911/2024, GTBank alleged that Afex is indebted to the bank to the tune of N17.808 billion. This sum includes N15.766 billion in outstanding principal and interest as of April 17, 2024; pre-judgment interest at a rate of 28 percent from April 18, 2024, until judgment; post-judgment interest; and N2.041 billion in recovery costs and incidental expenses.
According to a 285-paragraph affidavit deposed by GTBank staff member Ifeoma Esemudje, the bank granted Afex a nine-month facility under the Central Bank of Nigeria (CBN)-backed Anchor Borrowers’ Programme to support smallholder maize farmers. The loan matured on April 22, 2021.
GTBank claimed that Afex Commodities Exchange Limited failed to repay the facility despite repeated demands, leading to the initiation of legal action to recover the debt.
Afex is the sole defendant in the suit, while 27 commercial banks and all other deposit money banks in Nigeria were listed as nominal respondents.