AFEX Commodities Exchange Limited and Guaranty Trust Bank (GTBank) have officially resolved their protracted legal battle over a N17.8 billion debt, following the adoption of their Terms of Settlement by the Federal High Court in Ikoyi, Lagos.
The court, presided over on May 7, 2025, accepted the resolution as a consent judgment, bringing a formal end to the high-profile dispute.
At the hearing, counsel for AFEX informed the court that both parties had reached an amicable resolution and requested that the Terms of Settlement be adopted as the court’s judgment. GTBank’s legal representatives did not oppose the application, prompting the court to grant the motion without contest.
As part of the agreed settlement, the court authorized the transfer of funds from GTBank to an account designated by AFEX. To facilitate the process, AFEX submitted an Affidavit of Facts to correct the omission of certain banks from previous filings. GTBank raised no objections to the affidavit, recognizing its necessity in completing the procedural record.
In a further demonstration of reconciliation, both parties agreed to withdraw all pending contempt proceedings, including those against third-party banks and individuals previously drawn into the legal fray.
With the consent judgment now in force and all legal claims officially dropped, the dispute between AFEX and GTBank is considered fully and finally resolved.
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