Assuming your axle is the similar to the one on the 80 series, it sounds like the inner axle seal has gone causing the CV grease to leak into the axle.
Generally this isn't the end of the world, but you might want to put a batch of cheap diff oil into the axle for a few hundred miles to flush it out a bit. Makde sure the diff is nice and warm when you first drain it and leave it draining for a while to get most of the oil/grease out.
Of greater concern is that the diff oil might be going the other way and flushing the grease away from the CV joint, which is a problem (often identified by oily leaks from the seals on the steering knuckle). If this is the case then well worth stripping down the ends of the axle to replace the inner axle seal and repack the CV joint - might as well also clean off and repack the wheel bearings.
Common causes of the seal going are things like blocked axle breathers, over filling of the axle with diff oil and also worn CV joints causing excessive movement with the half shafts.
Personally I would strip the knuckles down to see what condition the CV joints are in before changing the diff oil.
Euro Landcruiser Owners Club
- Specialising in Land Cruiser preparation and servicing.