AFEX Commodities Exchange, GTB reach resolution of pending N17.8bn debtcase

The protracted legal dispute between AFEX Commodities Exchange Limited and Guaranty Trust Bank (GTB) has reached a resolution point, following the adoption of Terms of Settlement as a consent judgment by the Federal High Court, Ikoyi, on May 7, 2025.

A signed document from the court said at the hearing, legal representatives for both parties confirmed to the court that a settlement had been reached. The plaintiff’s counsel applied to have the Terms of Settlement adopted, an application that was not opposed by the defence. The court granted the request, thereby concluding the substantive matter.

Following this, the court also granted an application for the transfer of funds from the Defendant’s bank accounts to a designated account provided by the Plaintiff. To support this process, the Plaintiff submitted an Affidavit of Facts addressing certain banks that had been unintentionally omitted in earlier filings. The defence raised no objection, as the affidavit aligned with the purpose of their application.

Related News

Attempts to obtain a response from GTBank regarding the development proved unsuccessful, as a message sent to Oyinade Adegite, Chief Communication Officer at GTCO Plc, went unanswered.

In a further sign of reconciliation, all pending contempt proceedings filed by either party, including those involving commercial banks and individuals connected to the case, were formally withdrawn in court.

With the adoption of the consent judgment and the withdrawal of all related legal actions, the matter has now been fully concluded.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.