Economy
Court Orders Seplat Chairman to Pay Diamond Bank, Skye Bank $114m
By Dipo Olowookere
Founder and chairman of Seplat Petroleum Development Company (Seplat) Plc, Mr Ambrosie Bryant Chukwueloka Orjiako, has been directed to pay the sum of $144.2 million to three banks being the outstanding and accrued interest of a facility granted to him and one of his companies in 2011.
Seplat is a company trading its shares on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE).
The trained medical doctor and his firm, Shebah Exploration and Production Company Limited had dragged Skye Bank (now defunct and known as Polaris Bank), Diamond Bank and the Africa Import Export Bank to a court in Lagos, seeking for the judgement of a Court of England and Wales, which awarded $143.9 million to the three lenders, to be set aside.
But the Federal High Court sitting in Ikoyi has certified judgment delivered by the High Court of Justice Queen’s Bench Division and upheld by the Supreme Court of the United Kingdom, directing Shebah Exploration & Production Company Ltd, Allenne Ltd and its president, Mr Orjiako to pay the three financial institutions a sum of $144.2 million.
According to ThisDay, the Lagos court certified the judgments on March 28 and ordered the defendants to comply with the judgment, denying them the permission to appeal it.
The first defendant, Shebah Exploration & Production Company Ltd is a Nigerian company engaged in oil exploration and production while the second defendant, Allenne Ltd is the guarantor of the borrowed loan.
The third defendant, Mr Orjiako, is the President of Shebah and a personal guarantor of the liabilities of Shebah and Allenne pursuant to a Deed of Guarantee and Indemnity dated July 1, 2011.
The claimants had dragged the defendants before the High Court of Justice Queen’s Bench Division in order to be able to recover an outstanding of the facility loan granted to them.
The claimants had apply for a summary judgment against the defendants for sums outstanding under a syndicated loan facility agreement totalling over $144.2 million, together with interest on those sums.
They had prayed the court to determine whether it is arguable that, in entering the Facility Agreement, the parties were contracting on the claimants’ written standard terms of business so as to engage section 3 of the Unfair Contract Terms Act 1997 (‘UCTA’).
In a judgment delivered by Mr Justice Phillips of the High Court of Justice Queen’s Bench Division on February 19, 2016, the court said Shebah had taken the loan for purpose of discharging certain of its existing borrowing and to provide working capital for its operations, including funding for a work-over programme to stimulate production at oil wells in the Ukpokiti oil field.
According to the court, the defendants never denied that the claimants advanced $150 million to Shebah pursuant to the Facility Agreement, nor dispute that, apart from paying one instalment of $6,111,111.11 in June 2012 but Shebah has failed to meet any further repayment instalment, despite the claimants agreeing to the deferral of several instalments.
The judge said in a previous proceeding, which commenced on March 11, 2014, the defendants agreed that, in exchange for the claimants’ discontinuing the proceedings, Shebah would repay all sums outstanding under the Facility Agreement in two tranches: $49.999,999.86 (with accrued interest) by April 30, 2014 and the balance of the loans and interest by July 1, 2014.
He added that Shebah failed to pay any part of the sum due on April 30, 2014. “The claimants were therefore entitled, under the terms of the Discontinuance Agreement, to commence fresh proceedings in respect of their claims.
These proceedings were commenced on June 2014, repeating the claims previously made and adding a claim against Shebah in respect of the $49.999,999.86 due under the Discontinuance Agreement”, the judge said.
Phillips stated that notwithstanding their previous stance, the defendants now contended that no sums whatsoever are due to the claimants, adding that they (the defendants) have arguable defence to the claim.
The judge however ruled that there is no merit in the defendants’ contention on the issues on the ground that there is simply no basis for inferring that the claimants, or any of them, habitually put forward the LMA form (or a tailored version of it) as a basis for their syndicated loan transactions.
“The most likely scenario is that it was chosen or selected by the claimants’ lawyer and that they will have adapted it to reflect the specifics of the transactions. It is impossible to draw any inferences as to what starting points may have been taken in other transactions, involving other permutations of lenders and other lawyers.
“I therefore satisfied that the defendants do not have a realistic prospect of establishing at trial that the Facilities Agreement is on the claimants’ written standard terms of business. The suggestion that the disclosure might alter the position is a classic example of hoping that something may turn up, in this case a forlorn hope given the evidence that there was in fact a degree of real negotiation of the final terms.”
Phillips in his judgment held that whilst the claimants’ purported acceleration of the loans on October 16, 2013 was ineffective, the defendants do not have a defence to the claimants’ alternative case, based upon the acceleration notice dated October 2, 2014 and subsequent demands dated April 14, 2015 and July 27, 2015.
“For the reasons set out above, the claimants are entitled to summary judgment against all three defendants for (i) the principal outstanding under the Facility Agreement of $143,888,888.89, subject to giving credit for the sum paid during the course of this application and the sums conceded in respect of default charges and hedging fees; (ii) the management fees claimed; and (iii) interest calculated on the alternative basis that the loan was accelerated on October 2, 2014”, the judge held.
Dissatisfied with the judgment, the defendants approached the Supreme Court of the United Kingdom, seeking to quash the judgment.
Ruling on the defendants’ application, the Supreme Court sitting comprising Lord Mance, Lord Reed and Lord Lloyd-Jones upheld the decision of the lower court and refused the permission to appeal the decision.
“After consideration of the application filed on behalf of the Appellants seeking permission to appeal the order made by the Court of Appeal on June 28,2017 and of the notice of objection filed by the Respondents.
“The court ordered that (1). Permission to appeal be refused because the application does not raise an arguable point of law of general importance. “(2). The Appellants pay the Respondents costs of the application and, where the Respondents apply for costs, the costs to be awarded be assessed.”
By Aduragbemi Omiyale
One of the brewery companies in Nigeria, Champion Breweries, has received regulatory approval for its N42 billion public offer.
The brewer intends to use net proceeds from the public offer, together with an earlier N15.9 billion rights issue, to fund the acquisition of the Bullet brand portfolio through an asset carve out that transfers ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion Breweries.
In addition, funds from the exercise would be used to support working capital requirements and growth initiatives in areas such as route to market, marketing, innovation and capacity expansion.
Bullet is Nigeria’s leading ready to drink alcoholic beverage and one of the top energy drink brands in its markets of presence. The brand is currently sold in 14 African countries and earns a significant portion of its revenues in foreign currency, providing Champion Breweries with a natural foreign exchange (FX) hedge and a platform for continued regional expansion.
In a statement to the Nigerian Exchange (NGX) Limited, Champion Breweries said it now has the approval of the Securities and Exchange Commission (SEC) to raise the fresh funds.
The company is selling a total of 2,625,000,000 ordinary shares of 50 kobo each at a unit price of N16.00, payable in full on application.
Application for the public offer opened on Thursday, January 8, 2026, and will close on Wednesday, January 21, 2026.
The lead issuing house for the public offer is Rand Merchant Bank Nigeria Limited, while the joint issuing houses are FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited, with Africa Prudential as the registrar.
The exercise, according to the Champion Breweries, gives institutional and retail investors an opportunity to participate in its “next phase of growth.”
“The opening of our public offer is an invitation for investors to share in the next phase of Champion Breweries’ growth. With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan African RTD and energy drink platform,” the Managing Director of Champion Breweries, Mr Inalegwu Adoga, said.
“Champion Breweries’ story is one of disciplined execution and smart capital deployment. The asset carve out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This public offer allows a wider pool of investors to participate in that strategy,” the Managing Director of enJOYcorp, Mr David Butler, added.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced January 14, 2026, for the pre-bid conference of the 2025 oil and gas licensing round.
The conference comes as the federal government intensifies efforts to attract fresh upstream investments.
In an announcement notice dated January 8, 2026, and signed by the commission’s chief executive, Mrs Oritsemeyiwa Eyesan, the event will take place in Lagos.
The notice, published on the official X handle of the agency, said, “The Nigerian Upstream Petroleum Regulatory Commission is proud to announce the 2025 licensing round pre-bid conference scheduled for 9 am on Wednesday, January 14, 2026, at the Grand Ballroom, Eko Hotels and Suites, Lagos.”
The pre-bid conference is a key milestone in the licensing round process and is expected to provide prospective investors with detailed guidance on the conduct of the bid exercise.
According to the organisation, discussions at the conference will focus on the implementation timetable for the licensing round, bid package preparation, eligibility requirements, as well as the assessment criteria and procedures for determining winning bidders.
The upstream regulator explained that the announcement followed an earlier notice published in both local and international newspapers, in compliance with the provisions of the Petroleum Industry Act (PIA).
“The focus areas of the upcoming pre-bid conference include the implementation timetable, bid package preparation, eligibility terms, and the assessment and winners’ determination procedure. Interested members of the public are urged to register for the pre-bid conference through the portal br2025.nuprc.gov.ng,” the notice stated.
It added that comprehensive information on the licensing round, including guidelines, block descriptions and participation instructions, is available on the commission’s website.
“Detailed information on the licensing round guidelines, block descriptions and participation instructions is also available on the website, nuprc.gov.ng. We look forward to your participation,” it concluded.
Recall that last year, the erstwhile Commission Chief Executive, Mr Gbenga Komolafe, announced that the 2025 oil block licensing bid round would commence on December 1.
The 2025 licensing round, expected to offer 50 blocks across multiple terrains, is part of a broader agenda to rebuild confidence in Africa’s largest oil producer, deepen indigenous participation, and reposition Nigeria as a competitive investment destination.
The licensing round comes at a time when Nigeria is seeking to reverse years of declining upstream investment caused by regulatory uncertainty, oil theft and project delays.
Since the enactment of the Petroleum Industry Act in 2021, the NUPRC has overseen multiple bid rounds aimed at improving transparency, competitiveness and investor confidence in the upstream sector.
Pre-bid conferences have become increasingly important under the PIA regime, as they provide clarity on fiscal terms, compliance obligations and the evaluation framework, helping to reduce disputes and post-award uncertainty.
The last licensing round conducted by the commission attracted a mix of indigenous and international players, with the regulator pledging to ensure a transparent and commercially competitive process.
The NUPRC said it looks forward to broad participation at the Lagos conference, signalling what could be another major test of investor appetite for Nigeria’s upstream assets.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has wooed American investors, declaring that the country will focus on disciplined reforms and transparent markets to restore investor confidence in the country.
Mr Cardoso disclosed this after leading Nigeria’s engagement with senior business leaders and global investors at the US-Nigeria Executive Business Roundtable in Washington, convened by the US Chamber of Commerce’s US–Africa Business Center.
According to him, Nigeria used the platform to send a clear message to international capital: the country is focused on macroeconomic stability, regulatory clarity, and private sector-led growth.
“With global capital cautious and highly selective, we presented Nigeria’s message clearly and practically: disciplined reform, transparent markets, and credible institutions,” the CBN Governor said.
He noted that discussions at the roundtable centred on stabilising the macroeconomic environment and strengthening the financial system to support sustainable business expansion.
“Our discussions focused on macroeconomic stabilisation, regulatory clarity, and fostering private sector-led growth, laying the groundwork for a deeper phase of US–Nigeria commercial engagement,” Mr Cardoso stated.
Looking ahead to 2026, the CBN chief outlined an ambitious reform agenda aimed at reinforcing Nigeria’s financial architecture and improving the operating environment for businesses and investors.
“We will continue to strengthen the banking system through rigorous supervision and sound governance,” he said, adding that the apex bank would also “refine our inflation-targeting framework to deliver durable price stability.”
Mr Cardoso disclosed plans to modernise Nigeria’s payments infrastructure to boost efficiency and financial inclusion, while also promoting responsible fintech innovation anchored on consumer protection and financial integrity.
He further revealed that the CBN would deploy data and artificial intelligence-enabled tools to enhance regulatory responsiveness and execution.
“We will continue to build institutional capacity within the Bank, leveraging data and AI-enabled tools to support faster, more responsive, and higher-quality execution,” he said.
The central banker stressed that sustained reform, rather than short-term measures, remains critical to unlocking long-term growth and investment.
“Reform is a process that rewards consistency and discipline. Our focus remains steady: to protect trust, sustain stability, and entrench the foundations for disciplined, lasting economic growth in Nigeria,” he added.
He noted that the engagements signalled growing international confidence in Nigeria’s reform trajectory, positioning the country for deeper commercial ties with the United States and renewed inflows of global capital in the year ahead.
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