Access Bank Bankruptcy Action Against A.B.C Orjiako, Seplat Claims No Involvement

Access Bank Bankruptcy Action Against A.B.C Orjiako, Seplat Claims No Involvement

Seplayt Energy has said that Access Bank Plc’s bankruptcy action against Dr. A.B.C Orjiako over unpaid loans has no impact on the company’s operation, claiming it is not a judgment debtor, according to a statement.

In its regulatory filing, Seplat Energy said 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.

The legal action by the Nigerian largest bank by total asset was against the erstwhile Chairman of Seplat Orjiako, for the recovery of an outstanding loan amount. The loan 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. 

Meanwhile, Seplat Energy said it 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”, management said. #Access Bank Bankruptcy Action Against A.B.C Orjiako, Seplat Claims No Involvement Naira Steadies as Banks Issue Update on FX Purchase

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