Gtbank takes legal action against Stanbic IBTC over Anchor Borrowers Programme loan

GTBank is taking legal action against Demola Shogunle’s Stanbic IBTC, Standard Chartered Bank, Jaiz Bank, NDIC (acting as liquidator for Heritage Bank), and over 56 other high-ranking officials from 13 commercial banks due to a pending dispute regarding a N17 billion debt related to the Anchor Borrowers Programme loan with Afex Commodity Exchange.

The lawsuit, with reference to suit no FHC/L/CS/911/2024, filed by Guaranty Trust Bank Limited against AFEX Commodities Exchange Limited, is being overseen by Justice CJ Aneke of the Federal High Court, Lagos division. In the court’s ruling dated May 27, 2024, a No-Debit-Order was reportedly issued on Afex Commodity Exchange’s accounts with the aforementioned banks. Allegedly, these banks and their executives, including chairmen, chief executive officers, directors, and company secretaries, failed to comply with this order, leading to contempt proceedings.

In response, a legal notice titled ‘Order to serve notice of disobedience to order of court via newspaper publication’ was published in national dailies, such as The PUNCH, on Thursday. This notice grants permission for the Plaintiff Applicant to serve Form 48 (Notice of Consequences of Disobedience to Order of Court) dated June 11, 2024, and other relevant forms and processes, including Form 49, to the parties cited for contempt, numbering from the 1st to the 60th.