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Access Bank serves Seplat Energy bankruptcy court order against Orjiako

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1 year ago

August 11, 2023

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Seplat Plc has been served with a bankruptcy ex-parte interim court order from Access Bank as the financial institution moves to recover the debt A.B.C Orjiako owes the lender.

Orjiako, who served as the chairman of the company between August 2003 to May 2022, has an undisclosed outstanding loan which the bank hopes to recover through his investments in Seplat.

During his period as Seplat’s chairman, Orjiako owned 6.43 per cent of Seplat before he exited the oil and gas company last year.

The recovery of the loan is based on the judgment delivered by the High Court of the United Kingdom and registered in Nigeria as a judgment of the Federal High Court, Seplat disclosed in a statement dated 10 August 2023 but obtained on Friday.

Seplat was warned against dealing with the shares, investments, bonds, assets and funds belonging to Orjiako or held indirectly through proxies.

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According to the statement, the restriction placed on Orjiako’s investments is pending the hearing and final determination of Access Bank’s motion for the appointment of a Special Manager.

“Seplat Energy announces that on 8th August 2023, the Company was served with ex parte Interim Court Orders which were granted by the Federal High Court sitting in Lagos, Nigeria in a bankruptcy court action instituted by Access Bank Plc against Dr. A.B.C Orjiako, for the recovery of an outstanding loan amount that forms the judgment delivered by the High Court of the United Kingdom and registered in Nigeria as a judgment of the Federal High Court.

“The Interim Orders restrain Seplat Energy and other companies/financial institutions from dealing with the shares, investments, bonds, assets, and funds belonging to Dr. Orjiako (whether held by him directly or via proxy), which are in the custody of Seplat or any financial institution, pending the hearing and final determination of Access Bank’s motion for the appointment of a Special Manager.

“Seplat Energy is not a judgment debtor under the UK judgment sought to be enforced. There are no claims against the Company in the bankruptcy proceedings, and the Orders have no impact on the operations of Seplat Energy,” the statement reads.