The Court of Appeal has ruled in favour of the African Export-Import Bank (AFREXIM) and Sterling Bank in a $25 million loan dispute with Patnasonic Industries. The court upheld the validity of the foreign jurisdiction clause, confirming that the facility is a US Dollar-denominated obligation. Additionally, the court ruled that the initial suit filed by Patnasonic and its chairman, Patrick Chidolue, was statute-barred. This judgment reinforces the enforceability of international loan agreements and governing law clauses in Nigeria.