AFEX Commodities Exchange Limited and Guaranty Trust Bank (GTB) have resolved their long standing legal dispute, following the Federal High Court’s adoption of their terms of settlement as a consent judgment on May 7, 2025, in Ikoyi.
During the court session, legal representatives from both parties confirmed that a settlement had been reached. The counsel for AFEX requested the court to adopt the agreed Terms of Settlement, a motion that GTB’s legal team did not contest. The court subsequently granted the request, bringing the substantive case to a close.
Additionally, the court approved the transfer of funds from GTB’s accounts to a designated account provided by AFEX. To facilitate this, AFEX submitted an Affidavit of Facts to include several banks that had previously been omitted.
GTB raised no objections, acknowledging the affidavit’s consistency with the agreed terms.
As part of the resolution process, all contempt proceedings initiated by either party—including those involving commercial banks and individuals connected to the dispute—were formally withdrawn.
With the court’s endorsement of the settlement and the dismissal of all related legal actions, the matter has been fully resolved.
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