Access Bank Drags Seplat’s Billionaire Co-Founder, Orjiako To Court

Access Bank Drags Seplat’s Billionaire Co-Founder, Orjiako To Court

A bankruptcy suit has been filed against the co-founder of Seplat Energy, ABC Orjiako, by Access Bank Plc.

Fabenmedia gathered that a Federal High Court in Lagos has also granted an ex-parte order to recover an outstanding loan due to a court judgment by the High Court of the United Kingdom.

In a regulatory filing document sighted by The Whistler on Thursday, an Interim Order restrained Seplat Energy, other companies, and financial institutions from dealing with the shares, investments, bonds, assets, and funds belonging to its retired co-founder, Orjiako.

Seplat, in the order which was served on August 8, 2023, said, “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.”

Recall that in 2021, Orjiako had a similar experience with Zenith Bank, which also obtained an ex parte Interim Orders of Mareva Injunction granted by a Federal High against the Seplat co-founder.

In that incident, Sheba Exploration & Production and seven others with 29 cited parties.

During that time, Neimeth Internationals Plc also received orders not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Sheba Petroleum Development Company Limited linked to Orjiako.