Access Bank files bankruptcy suit against Seplat, co-founder of Orjiako

Access Bank Plc has instituted a bankruptcy court action against the co-founder of Seplat Energy, ABC Orjiako. Access Bank also obtained an ex-parte order granted by the Federal High Court in Lagos for the recovery of an outstanding loan amount as a result of a court judgment by the High Court of the United Kingdom. Seplat said in a regulatory filing on Thursday seen that Interim Orders restrain Seplat Energy, other companies and financial institutions from dealing with the shares, investments, bonds, assets and funds belonging to its retired co-founder. The energy company said the order was served on August 8, 2023. Seplat 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.”Orjiako faced a similar law suit in November 2021 when Zenith Bank obtained an ex parte Interim Orders of Mareva Injunction granted by a Federal High Court sitting in Lagos against Orijiako, Sheba Exploration & Production and 7 others with 29 cited parties.

The interim orders mandated Seplat to suspend transactions with its former Chairman and Co-founder. 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.