Access Bank Takes Action: Enforces Seplat Energy Bankruptcy Court Order Against Orjiako

Access Bank has served a bankruptcy ex parte interim court order on Seplat Energy in an effort to collect the money that A.B.C. Orjiako owes the lender.

Between August 2003 until May 2022, Orjiako served as the company’s chairman. He has an undisclosed outstanding loan that the bank intends to recoup through his holdings in Seplat.

Before leaving the oil and gas business last year, Orjiako owned 6.43 percent of Seplat during his tenure as chairman.

Seplat revealed in a statement dated 10 August 2023 that the recovery of the loan is based on the judgement rendered by the High Court of the United Kingdom and registered in Nigeria as a judgement of the Federal High Court, but

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

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.