Federal High Court sitting in Lagos has authorised Guaranty Trust Bank to temporarily take over funds and assets of Afex Commodities Exchange following its N17,808,452,467.107
The debt comprises “N15,766,475,417.06 as amount outstanding and unpaid, as of April 17, on the loan facilities granted by plaintiff to defendant. GTBank is sole plaintiff/applicant in the suit FHC/L/CS/911/2024, with Afex as defendant/respondent, while 27 commercial banks and money deposit banks were listed as nominal respondents.
Before GSI, defaulting borrowers were able to maintain their balances in other institutions, even if those balances could repay their debt.
Source: Loan Digest (loandigest.net)
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