Access Bank Gets Court Order to Freeze Seplat’s ABC Orjiako’s Accounts, Assets

By Dipo Olowookere

An interim order has been secured by Access Bank Plc to freeze the accounts and assets, including shares of the co-founder of Seplat Energy Plc, Mr ABC Orjiako.

The lender filed a bankruptcy suit against the businessman in the United Kingdom and obtained a judgment from the High Court of the UK, and registered it in Nigeria as a judgment of the Federal High Court.

In a notice signed by Director Legal/Company Secretary, Mrs Edith Onwuchekwa, Seplat said it was served with the ex parte interim court orders on Tuesday, August 8, 2023.

“Seplat Energy announces that on August 8, 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 notice stated.

Business Post reports that Mr Ambrose Bryant Orjiako got into trouble waters after he secured funds from the defunct Diamond Bank Plc, which merged with Access Bank.

It is alleged that the billionaire entrepreneur owed the financial institution about $200 million, and efforts to recoup the loans have been allegedly futile, forcing Access Bank to take this drastic step.