AFEX Commodities Exchange’s Bank Accounts Frozen Over N17.8bn Debt

AFEX Commodities Exchange’s Bank Accounts has been frozen over N17.8bn debt.

NewsOnline Nigeria reports that 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).

Justice Chukwujekwu Aneke issued the order on June 24, 2025, following an ex parte application filed by GTBank’s legal representatives, Chief Ajibola Aribisala (SAN) and A. Adedeji (SAN).

The court granted an order nisi, restraining all listed banks from transferring, tampering with, or placing restrictions on any accounts held by or linked to Afex, pending the determination of garnishee proceedings.

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Additionally, the 60 banks involved have been directed to submit affidavits within seven days, detailing all account information and associated Bank Verification Numbers (BVNs) related to Afex. The matter has been adjourned to July 18, 2025, for further hearing.

The garnishee proceedings come after GTBank secured a Global Standing Instruction (GSI) order on May 27, 2024, allowing the bank to recover funds directly from Afex’s accounts across the Nigerian banking system.

In suit number FHC/L/CS/911/2024, GTBank claims Afex owes a total of N17.808 billion, comprising:

• N15.766 billion in principal and accrued interest (as of April 17, 2024),

• Pre-judgment interest at 28% from April 18, 2024, until judgment,

• Post-judgment interest,

• N2.041 billion in recovery and incidental costs.

According to a 285-paragraph affidavit by GTBank staff member Ifeoma Esemudje, the debt stems from a nine-month loan granted to Afex under the Central Bank of Nigeria’s Anchor Borrowers’ Programme, meant to support smallholder maize farmers. The loan matured on April 22, 2021, and remains unpaid despite repeated demands, prompting GTBank’s legal action.

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