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.
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.
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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filed by either party, including those involving commercial banks and individuals connected to the case, were formally withdrawn in court.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.
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