<h4>Court Orders CBN</h4>
<h4></h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that tThe presiding Judge of a Federal High Court in Lagos, Justice Chukwujekwu Aneke has granted an ordered mandating Central Bank of Nigeria (CBN), and the Economic and Financial Crime Commission (EFCC) to carry out investigation on the accounts of a limited liability company Afex Commodities Exchange Limited in 28 commercial banks in Nigeria following its inability to pay N17,808,452,467.107 loan facilities it took from Guaranty Trust Bank.</p>
<p>Justice Aneke granted the order sequel to an application filed and argued before the court on behalf of Guaranty Trust GTBank by a Senior Advocate of Nigeria, Chief Ajibola Aribisala.</p>
<p>The investigation is to cover the period of February 27, 2024 to May 27, 2024 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 in the application filed before the court.</p>
<p>The court also ordered the Central Bank of Nigeria CBN, and Economic and Financial Crime Commission EFCC within minimum of 30 days from the date of service of the Orders on them to file their report before the court.</p>
<p><a href="https://openlife.ng/">Chief Ajibola Aribisala (SAN)</a> also urged the court to adjourn the matter to enable the CBN,and EFCC to comply with the order of the court within the stipulated time.</p>
<p>Chief Aribisala told the court that 90 percent of all the banks directed by the court to disclose all monies standing to the credit of the alleged debtor’s account in their custody have not been truthful and have failed to present accurate accounts before the court.</p>
<p>He urged the court to await the report of investigation by the CBN and EFCC before entertaining any further application(s) in the matter.</p>
<p>However Opposing the application for adjournment, Afex lawyer, Professor. Olawale Olawoyin SAN urged the court to hear the Preliminary Objection filed by the defendants and release some persons cited for contempt of court, who have nothing whatsoever to do with the matter.</p>
<p>In his ruling, Justice Aneke adjourned the matter till September 26, 2024 for hearing of pending applications.<br />
The court had authorized Guaranty Trust Bank (GTBank) to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.8 billion Central Bank of Nigeria (CBN) Anchor Borrowers’ loan.</p>
<p>Justice Aneke granted the interim order after entertaining an application filed on behalf of GTBank by its counsel, Chief Ajibola Aribisala (SAN).</p>
<p>The N17,808,452,467.107 debt is made up of “N15,766,475,417.06 being the amount outstanding and unpaid, as of April 17, 2024, on the loan facilities (with the accrued interest) granted by the bank to the company<br />
The bank averred that the tenure of the facility was nine months, intended to finance smallholder farmers registered under the CBN Anchor Borrower’s programme.</p>
<p>The source of the repayment was to come from the sale of the maize produced, while the maturity date for the loan was April 22, 2021.</p>
<p>However,according to the bank the company did not fulfil its end of the deal.</p>
<p>Consequently,while granting GTBank’s prayer, <a href="https://www.vanguardngr.com/">Justice Aneke</a> ordered a “Place a No Debit” on all monies standing to the credit of Afex Commodities Exchange as of the day the order was served on the first to 28th respondent banks.</p>
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