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,
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. Before GSI, borrowers who defaulted on their loans to a particular financial institution were still able to maintain their bank balances in other institutions, even if those balances were sufficient to repay their debt.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
N17.8b debt: GTB gets nod to seize Afex assetsThe Nation Newspaper N17.8b debt: GTB gets nod to seize Afex assets
Read more »
AFEX emerges 5th fastest growing company in AfricaThe Financial Times, Tuesday, ranked AFEX, Africa’s leading commodities market player 5th fastest growing company on the 2024 Fastest Growing Companies in Africa List.
Read more »
Rivers schools vie for N17.5m prize in book readingSome secondary schools in Port Harcourt, Rivers State, will be competing for N17.5 million prize in a quiz competition organised
Read more »
Victims lose N17.67 billion to fraudsters in 2023 in 2023Though fraud count reduced to 95,620 in 2023 when compared to 2022, the amount lost however increased to N17.67 billion last year compared to the previous one.
Read more »
Court stops Osun lawmaker from appearing in court to defend clientsA Federal High Court in Osogbo presided over by Justice Nathaniel Ayo-Emmanuel, has struck out the suit filed by Mr Kanmi Ajibola, asking to be allowed to continue appearing to defend clients after becoming a lawmaker. In the suit, No.
Read more »
Alleged N80.2 billion fraud: Court insists on Yahaya Bello’s appearance in courtJustice Emeka Nwite of the Federal High Court in Abuja on Friday insisted that its order made on April 17, for the arrest and production of ex-governor of Kogi State, Yahaya Bello still subsists.
Read more »