By Rosemary Iwunze

The protracted legal dispute between AFEX Commodities Exchange Limited and Guaranty Trust Bank (GTB) has reached a resolution point, following the adoption of Terms of Settlement as a consent judgment by the Federal High Court, Ikoyi on May 7th 2025.

At the hearing, legal representatives for both parties confirmed to the court that a settlement had been reached. The plaintiff’s counsel applied to have the Terms of Settlement adopted, an application that was not opposed by the defense. The court granted the request, thereby concluding the substantive matter.

Following this, the court also granted an application for the transfer of funds from the Defendant’s bank accounts to a designated account provided by the Plaintiff. To support this process, the Plaintiff submitted an Affidavit of Facts addressing certain banks that had been unintentionally omitted in earlier filings. The defense raised no objection, as the affidavit aligned with the purpose of their application.

In a further sign of reconciliation, all pending contempt proceedings filed by either party, including those involving commercial banks and individuals connected to the case, were formally withdrawn in court.

With the adoption of the consent judgment and the withdrawal of all related legal actions, the matter has now been fully concluded.