A Federal High Court, sitting in Lagos has ordered the Central Bank of Nigeria, CBN, and the Economic and Financial Crime Commission, EFCC, to carry out individual investigation on the accounts of the Afex Commodities Exchange Limited in 28 banks across Nigeria following its inability to pay alleged N17,808,452,467.107 loan facilities granted by Guaranty Trust Bank.
Justice Chukwujekwu Aneke granted the motion ex-parte following an application filed by GTBank’s counsel, Chief Ajibola Aribisala, SAN.
The investigation which is to cover the period of February 27, 2024 to May 27, 2024, is to ascertain whether Afex Commodities Exchange maintain accounts with the 28 banks, and whether there has been any falsification of the account statements of the company in the 28 banks listed on the face of motion paper.
The court also gave the CBN, and EFCC minimum of 30 days from the date of service of the Orders on them to file their report to the court.
Specifically, the court ordered Stanbic IBTC Bank Plc, Providus Bank Limited and Union Bank Plc, jointly, and along with any other listed banks found, based on the reports of the Economic and Financial Crimes Commission and the Central Bank of Nigeria, to have misdirected the court as to the true state of the accounts of the defendant/respondent in their custody to transfer same into the account of Afex Commodities Exchange Limited’s account with account Number 0425755319 with Guaranty Trust Bank Limited.
At the resumed hearing of matter yesterday, GTBank’s counsel, Chief Aribisala urged the court adjourned the matter to enable the CBN, EFCC comply with the order of the court.
READ ALSO: EFCC secures conviction of 25 internet fraudsters in Ibadan, Osogbo
Aribisala informed the court that 90 percent of all the banks directed by the court to disclose all monies standing to the alleged debtor’s account in their custody have not been truthful and have failed to present accurate accounts before the court.
He urged the court to await the report of investigation by the CBN and EFCC before entertaining any further application(s) in the matter.
The senior lawyer, opposing the application for adjournment, Afex lawyer, Prof. Olawale Olawoyin, SAN argued that the business of the day was for the hearing of pending applications.
He submitted that the defendant have not moved a single application since the commencement of the suit, and urged the court to hear the preliminary objection filed by the defendants.
Olawoyin also urged the court to release some persons cited for contempt of court, but have nothing whatsoever to do with the matter.
In a brief ruling, Justice Aneke adjourned the matter till September 26, 2024, for hearing of pending applications.
Recall that the court had authorised GTBank to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.8 billion CBN Anchor Borrowers’ loan.
