A Federal High Court sitting in Lagos, yesterday, authorised Guaranty Trust Bank to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.808billion indebtedness to the bank under the Central Bank of Nigeria, CBN, driven Anchor Borrowers’ Loan.
Trial judge, Justice Chukwujekwu Aneke granted GTBank an interim Global Standing Instruction, GSI, injunctive relief, following its application on May 27, 2024,
Vanguard awards 20220.00 / 0.00
The judge made the order after hearing an ex-parte motion filed and argued by GTBank’s counsel Chief A. Aribisala, SAN and Ade Adedeji, SAN.
The N17.808billion comprises “N15.766billion being the amount outstanding and unpaid, as of April 17, 2024, on the loan facilities (with the accrued interest) granted by the plaintiff to the defendant.
“Pre-judgement interest on the N15.766billion at the prevailing rediscount rate of 28 per cent per annum approved by the CBN from April 18, 2024, when the plaintiff’s letter of demand dated April 17, 2024, was delivered to the defendant until judgment is delivered in this suit.
“Post-judgement interest on the said sum of N15.766billion and “Cost of recovery and incidental expenses in the sum of N2.041billion.”
GTBank is the sole plaintiff/applicant in the suit marked FHC/L/CS/911/2024, Afex Commodities Exchange is the defendant/respondent, while 27 commercial banks and all money deposit banks were listed as nominal respondents.
The plaintiff averred via a 285-page affidavit deposed to by its member of staff, Ifeoma Esemudje that the tenor of the facility was nine months, intended to finance smallholder farmers registered under the CBN Anchor Borrower’s programme.
The source of the repayment, it added was to come from the sale of the Maize produced while the maturity date for the loan was April 22, 2021.
But, according to the plaintiff, the defendant did not fulfil its end of the deal.