AFEX Commodities Exchange Limited and Guaranty Trust Bank (GTB) have reached a resolution in their long-running legal dispute over a N17.8 billion debt, with the Federal High Court in Ikoyi formally adopting their Terms of Settlement as a consent judgment on May 7, 2025.
At the court hearing, both parties confirmed that an amicable settlement had been reached. AFEX’s legal counsel requested that the Terms of Settlement be adopted by the court—an application that went unopposed by GTB’s representatives. The court granted the motion, thereby concluding the core dispute.
As part of the settlement, the court authorized the transfer of funds from GTB’s accounts to an account designated by AFEX. To support this process, AFEX filed an Affidavit of Facts, addressing the inadvertent omission of certain banks in earlier submissions. The defense raised no objections, acknowledging the affidavit’s relevance.
In a final step toward resolution, both parties withdrew all pending contempt proceedings, including those involving third-party banks and individuals linked to the case. With the consent judgment in place and all legal actions withdrawn, the case is now fully resolved.
Leave a comment