The long-running legal dispute between AFEX Commodities Exchange and Guaranty Trust Bank (GTB) has been fully resolved, following the adoption of an amicable settlement by the court.
During the latest court hearing, legal counsel for AFEX confirmed that both parties had reached a mutually agreed resolution, requesting the court to formally adopt the Terms of Settlement. The application went unopposed by GTB’s representatives, and the court promptly granted the motion, thereby concluding the core dispute.
As part of the consent judgment, the court authorized the transfer of funds from GTB’s accounts to an account designated by AFEX. To facilitate the process, AFEX submitted an Affidavit of Facts explaining the inadvertent omission of certain banks in earlier filings. GTB’s legal team raised no objections, recognizing the affidavit’s significance.
In a final move towards closure, both parties agreed to withdraw all pending contempt proceedings, including those involving third-party banks and individuals linked to the case. With the consent judgment now in effect and all legal actions withdrawn, the case is officially resolved.
The development marks the end of a complex dispute and paves the way for both entities to move forward without further legal entanglements.
