Justice Chukwujekwu Aneke of a Federal High Court in Lagos has granted an order restraining 60 banks from transferring, dealing with, or placing any charge on accounts operated by a firm, Afex Commodities Exchange Limited, either in its name or in any other name connected to it pending the determination of garnishee proceedings initiated by Guaranty Trust Bank (GTBank).

The affected accounts are linked to various Bank Verification Numbers (BVNs) associated with the judgement debtor, Afex Commodities.

The order followed the granting of an ex- parte application dated and filed on July 24, 2025, following arguments by GTBank’s legal team, Chief Ajibola Aribisala (SAN) and A. Adedeji (SAN).

“Having carefully considered the application and the submissions of counsel, an Order Nisi is hereby granted as in Form 26 of the Judgement Enforcement Rules,” Justice Aneke ruled.

The judge restrained the 60 listed banks, referred to as garnishees, from dealing in any way with the affected accounts pending when they show cause why the order should not be made absolute.

The court further directed all the banks to, within seven days of being served, disclose under oath full details of all accounts maintained or operated by Afex Commodities and linked to the relevant BVNs.

The matter was adjourned to July 18, 2025, for mention. The garnishee order followed earlier interim relief granted to GTBank on May 27, 2024, when the same court approved a Global Standing Instruction (GSI) to allow the bank temporarily take control of funds and assets belonging to Afex Commodities Exchange over its alleged indebtedness of N17.808 billion under the Central Bank of Nigeria (CBN)- driven Anchor Borrowers’ Programme.