Zenith Bank Gets Orders of Mareva Injunction Against Sheba Exploration

Zenith Bank Gets Orders of Mareva Injunction Against Sheba Exploration

Zenith Bank Plc has been granted interim orders of Mareva injunctions against Sheba Exploration and production, a company where Seplat Energy Plc holds a significant stake. The order granted by a Lagos court mandates Seplat Energy Plc and other related parties not to deal with the assets or transfer funds to Sheba Exploration, and other parties related to it.

In a statement, Seplat Energy said the interim orders of Mareva injunction granted in court action against Sheba is in relation to a loan obtained some eight years ago.

Sources told MarketForces Africa that loans obtained by Sheba Exploration and Production from Zenith bank have not been performing despite various discussions between the parties.

“Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties”, the statement reads. 

The company explains that the Interim orders granted by a Lagos court give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako.

“The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014”, the energy company added.  #Zenith Bank Gets Mareva Injunction Against Sheba Exploration

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