Feature/OPED
Who is on a Motive to Destroy ABC Orjiako’s Reputation after he Paid $143.3m?

By Hauwa Hazan-Baba
An American business magnate, investor, and philanthropist, Warren Edward Buffett in one of his famous quotes said: “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway”.
Recently, there have been several media publications in relation to loan facilities taken by Shebah E&P Limited to carry out a drilling campaign in OML 108. These cases had been in various courts between London and Nigeria since 2014 until the latest initiated by Zenith Bank in October 2021. All these cases are in relation to the inconclusive drilling campaign in Ukpokiti oil field, offshore the Niger Delta.
The origin of the who brouhaha
Like Buffett said, “What we learn from history is that people don’t learn from history.” The origin of the matter is that in 2012 Shebah E and P obtained a $150million loan facility from a consortium of banks (AFREXIM/Diamond- now Access/Skye- now Polaris) led by AFREXIM.
The facility was meant for a workover and drilling campaign at the Ukpokiti field (OML 108) operated by Shebah E&P.
Incidentally, all these cases have received extensive media attention and each time one individual has been mentioned repeatedly as the debtor in these facilities.
That person is ABC Orjiako, an orthopaedic surgeon, who is also the co-founder and Chairman of Seplat Energy Plc. It is therefore incumbent on any investigative journalist to carry out an independent analysis of these debts and associated court cases to reveal the underlying facts behind all the Stories and whether Dr ABC Orjiako is “Guilty As Charged”.
It is pertinent to state that this current frenzy over the loan matter is not a fresh case but the same case that has been reported variously in the media since 2016.
Never a borrower and never utilized facilities as a person
The most astonishing fact in all this is that Dr Orjiako was never a borrower and never utilised the facilities as a person. He was merely the majority shareholder of Shebah and guarantor of the facilities. Dr Orjiako was not even a member of the management of Shebah but stepped up to salvage the company by making payments to the banks using personal and family assets to liquidate the facilities. The banks disbursed the loan directly to the service providers of the company.
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Shebah drilled a successful horizontal well, the first of its kind in the offshore Niger Delta and tested 4000 barrels per day of oil and condensate production but encountered large gas reserves. The company then decided to find a solution to the huge associated gas based on professional oil field best practices before the continuation of the oil/ condensate production. The company required more funds to commercialize the gas to avoid excessive flaring while producing the discovered oil.
AFREXIM led consortium of lenders
It is worth noting that the AFREXIM led consortium of lenders, could not provide further facilities to Shebah to conclude the operations. In 2014, Shebah then approached Zenith Bank, which appraised the situation and provided a $250 million loan facility fully approved by its board to salvage the situation. Zenith proposed to pay the consortium of banks $50million to reduce their collective exposure, enhance the facility to $350million, provide Shebah with additional funds to monetize the gas and produce the discovered oil. The enhanced facility would have had Zenith join and lead the syndicate with $250 million, while the consortium of existing lenders would have reduced their exposure and stay at $100 million (about $33 million each).
Zenith requested to have a moratorium period of 9 months
Zenith further requested (in line with Shebah’s need) to have a moratorium period of 9 months to conclude the projects and extend the facility tenure to 5 years. This was meant to spread the cash flow and enable easy repayment of the enhanced facility.
Surprisingly, the AFREXIM consortium rejected the $50 million offered by Zenith on the grounds that Zenith should not lead the syndicate and they were not willing to extend the tenure of the facility which was remaining about two and half years as at the time of Zenith’s offer.
Preparatory to monetizing the discovered gas, Shebah negotiated and executed a GSPA of $2.5billion for 20 years gas sale on a take or pay basis with the Nigerian Gas Company(NGC) as the gas offtaker supported by a payment bank guarantee in the sum of $70million from Zenith bank.
The AFREXIM consortium rejected all the efforts being made by Shebah and proceeded to file an action to call the facility in 2014 (just two years after final draw down). The call of the facility ahead of the maturity triggered the default on the loan.
The Justice Phillips of the London High Court judgment
On 19 February 2016, Mr Justice Phillips of the London High Court delivered a judgment in favour of the AFREXIM consortium for the repayment of the $150M loan facility. The judgment creditors then registered the judgment in Federal High Court in Lagos and applied for enforcement of the judgment.
The defendants immediately opposed the registration and the enforcement of the judgment based on their convictions on rule of law and on the fact that they would like to negotiate an out of court settlement and pay back the loan under a restructured arrangement. This case is still life before a Justice of the Federal High Court Lagos. The court is awaiting the outcome on the settlement which will be entered as a consent judgement.
Contrary to the Syndication agreement by the AFREXIM consortium, Polaris Bank transferred its share of the judgement facility to AMCON.
Notwithstanding the unilateral action by Polaris bank, AMCON initiated a fresh action in Federal High Court Abuja, not minding that the same case had already got a ruling in London and was subject to a contested enforcement proceeding in the Federal High Court Lagos. It was by the case that AMCON filed that an Ex-Parte order was granted in 2019 which was widely reported in the press.
See what Orjiako has paid
Buffett’s saying goes that, “If past history was all that is needed to play the game of money, the richest people would be librarians”. Orjiako has paid the following sums to the lenders: $89.3 million (out of a total principal of $150 million) including $20 million paid this year to the consortium of AMCON/AFREXIM/ACCESS toward the repayment efforts. This means that if his proposal is accepted by these creditors, the outstanding Principal amount would be $60.7 million. He had made a proposal to these creditors to accommodate Zenith bank in the distribution of the repayment, but they have not accepted this proposal, which would have prevented the Zenith bank action of October 2021.
In the case of Zenith Bank, ABC Orjiako has also paid back $54 million (including proceeds of forced sale of his family Seplat shares by Zenith bank) out of the principal of $70m and is currently engaging the bank to negotiate an out of court settlement. This means that Dr Orjiako has paid a total sum of $143.3 million ($89.3 million plus $54 million).
Why the misrepresentations of facts
Most stories read recently on this issue are unfortunately been used to misrepresent facts as they have portrayed an innocent person in a very bad light with enormous reputational damage.
It is important to note that these kinds of misrepresentations are misinforming the global investing community with their negative consequences for Nigeria. It would be recalled that Dr Orjiako has continued to lead Seplat Energy to its exponential growth attaining the enviable position as an indigenous Nigerian Independent Energy company listed in the London and the Nigerian Stock Exchanges, among many other feats.
Payments clearly show high moral duty and integrity
These payments are a clear show of high moral duty and integrity to repay a loan Dr Orjiako did not utilise and for oil assets that are not generating any revenues. From the deluge of negative media reports, most of which misrepresent the matter, there is a strong impression that these are smear campaigns.
It was also revealed that SEPLAT where Dr ABC Orjiako is the Chairman is not involved in any of these matters whatsoever contrary to the nuances in the media report. The SEPLAT board of directors being very strong in corporate governance had activated all governance and compliance processes and procedures to ensure that there are no breaches of any aspect of regulatory compliance or its governance policies.
Out of court settlement in the offering
There is information also that the parties may be considering out of court settlement of the commercial dispute. A positive outcome of such a settlement will bring the entire impasse to a final close.
In a completely different case, Access Bank versus Cardinal Drilling, ABC Orjiako, unfortunately, had the misfortune of being blamed for the Cardinal facility because he is seen as the alter ego of the company.
Dr Orjiako’s involvement was just as an investor in Cardinal where his company Shebah invested alongside Platform Petroleum and Maurel et Prom, all of who are founding shareholders of Seplat. Neither Orjiako nor other shareholders ever received dividends from Cardinal. All the equity investments were lost but again, curiously, only Orjiako was singled out for the smear campaign.
Hauwa Hazan-Baba (BSc Econ, MSc Management) is an Economist and Public Affairs Analyst based in the United States
Feature/OPED
Nigeria’s Bold Strides Towards a Sustainable Future

By Alex Oware
President Bola Tinubu has firmly established Nigeria as a proactive and visionary leader in the global pursuit of climate action and sustainable development. Recognising that environmental stewardship is intrinsically linked to economic prosperity, his administration has moved beyond viewing climate change as a mere ecological concern, positioning it instead as a pivotal economic opportunity ripe for exploration and investment.
President Tinubu’s emphatic pronouncements at the 2025 Abu Dhabi Sustainability Week and during a high-level virtual dialogue underscored Nigeria’s unwavering commitment to international collaboration, emphasising the critical need for a unified global response to the escalating climate crisis. He astutely highlighted that the realisation of a truly sustainable future necessitates robust global interconnectedness and a shared sense of responsibility amongst all nations.
Nigeria’s comprehensive strategy for tackling the multifaceted challenges of climate change rests upon three fundamental pillars: a decisive shift towards clean energy transition, the building of robust climate resilience, and an overarching commitment to sustainable development. To translate these core principles into tangible realities, the current administration is actively implementing a range of key initiatives designed to wean the nation off its reliance on traditional fossil fuels.
A significant aspect of this endeavor involves the substantial expansion of infrastructure to support the widespread adoption of Compressed Natural Gas (CNG) and electric vehicles. Simultaneously, the government is strategically focusing on harnessing Nigeria’s abundant solid mineral resources to provide crucial materials for the burgeoning green energy sector.
Complementing these efforts are the implementation of climate-smart agricultural practices, aimed at simultaneously enhancing national food security and minimising detrimental environmental impacts.
Furthermore, the newly introduced National Clean Cooking Policy seeks to promote clean energy solutions at the household level, promising significant environmental, health, and socio-economic benefits for Nigerian citizens.
These ambitious endeavors are meticulously designed to deliver palpable value and positive impact directly to the lives of Nigerians. The diversification of energy sources holds the promise of cleaner air and a significantly healthier environment for communities across the nation.
The active promotion of CNG as a viable alternative fuel is strategically aimed at mitigating the economic and social hardships that have arisen from the removal of fuel subsidies, offering a more affordable and sustainable energy option for transportation and domestic use. The widespread adoption of climate-smart agriculture is paramount for bolstering food security, ensuring a stable and reliable food supply, and safeguarding vulnerable local communities from the increasingly severe adverse effects of climate change, such as droughts and floods.
Moreover, the deliberate expansion of the green energy sector is projected to generate a wealth of new employment opportunities and empower local entrepreneurs, particularly in rural communities that are gaining access to reliable and sustainable electricity for the first time.
In a demonstrably bold move that underscores the administration’s commitment to these overarching goals, President Tinubu’s government has put forward a significant N10 billion solar power project specifically for the Aso Rock Presidential Villa. This ambitious initiative is presented as a crucial step towards establishing a more sustainable and dependable energy future for the entire nation, starting from the highest levels of governance.
Proponents of the project persuasively argue that it aligns seamlessly with global best practices, drawing parallels with the increasing adoption of solar energy in key government institutions worldwide. The Energy Commission of Nigeria (ECN) has vigorously defended the project, asserting that it is fully in line with President Tinubu’s broader reforms aimed at fundamentally transforming Nigeria’s energy landscape and decisively tackling the persistent and crippling energy debt crisis.
The ECN further emphasises that solar energy offers inherent efficiency, provides a crucial shield for Nigerians against the volatility of rising tariffs on conventional energy sources, and has the potential to significantly ease the immense pressure currently burdening the national electricity grid.
While the project has understandably sparked public debate and scrutiny regarding its substantial cost and prioritisation in the face of other pressing national needs, the government strategically positions it as an innovative approach that demonstrates leadership by example and a profound commitment to integrating clean energy solutions at the very apex of Nigerian governance.
Beyond these crucial domestic initiatives, President Tinubu has actively and strategically sought robust international collaboration and support for Africa’s complex transition towards a green economy, fully acknowledging that the necessary investments are inherently capital-intensive.
Nigeria has already demonstrated commendable leadership on the continental stage by being the first African nation to successfully launch Sovereign Green Bonds, specifically designed to finance environmentally sustainable projects across various sectors.
Furthermore, the country is actively in the process of developing a comprehensive Global Climate Change Investment Fund, with the primary aim of attracting substantial further investment in critical green infrastructure and innovative clean energy initiatives.
Nigeria remains steadfast in its commitment to achieving net-zero greenhouse gas emissions by the ambitious target year of 2060 and is actively engaged in the crucial process of updating its Nationally Determined Contributions (NDCs) under the esteemed UN Framework Convention on Climate Change.
The recent finalisation of the Nigeria Carbon Market Activation Policy in March 2025 is projected to unlock a substantial potential of up to $2.5 billion in valuable carbon credit investments by the pivotal year of 2030. This influx of capital is expected to further bolster climate-aligned economic growth and create new avenues for sustainable development.
Moreover, Nigeria is actively collaborating with various United Nations agencies to develop a comprehensive guideline for a just transition towards a fully decarbonised economy. This crucial collaboration ensures that the inevitable shift towards clean energy and climate-resilient solutions is implemented in a manner that leaves no community or economic sector behind, prioritising the creation of green jobs, the development of essential skills, and comprehensive capacity-building initiatives across the nation.
President Tinubu’s overarching strategy underscores a holistic and integrated approach that seamlessly weaves climate action into Nigeria’s broader development agenda, recognising it not as a separate concern but as a fundamental strategic imperative for sustained economic growth and comprehensive national transformation.
By diligently pursuing these comprehensive and interconnected strategies, Nigeria aims not only to effectively address the urgent and pressing challenges posed by climate change but also to unlock significant and lasting economic and social benefits for all its citizens, paving a clear and sustainable pathway towards a resilient, equitable, and prosperous future for generations to come.
Alex Oware is the Regional Director for YP4T
Feature/OPED
Navigating the Maze: Solutions for Nigeria’s Flourishing Foodtech Industry

By Diana Tenebe
Nigeria’s foodtech sector holds immense promise to transform our nation’s food production, distribution, and consumption systems. However, this burgeoning industry currently navigates a complex maze of challenges that could significantly hinder its progress.
While innovation and entrepreneurial drive are abundant, a confluence of infrastructural deficits, economic headwinds, technological disparities, and logistical complexities casts a shadow on the sector’s long-term viability.
Understanding and addressing these multifaceted hurdles is paramount for foodtech companies aspiring to thrive and contribute meaningfully to Nigeria’s food security.
One of the most significant impediments to the foodtech sector’s advancement is Nigeria’s persistent infrastructural weaknesses. The unreliable power supply, a well-known constraint for businesses nationwide, directly threatens food preservation, increasing spoilage risks and driving up operational costs for companies reliant on refrigeration and consistent processing.
Similarly, the often-deteriorated state of our road networks complicates logistics and transportation, hindering the efficient movement of goods from farms to consumers and across the supply chain.
Furthermore, limited access to clean water exacerbates operational challenges, particularly for maintaining food processing and hygiene standards. Collectively, these infrastructural shortcomings inflate operational expenses and introduce vulnerabilities throughout the food supply chain.
Economic constraints add another layer of intricacy. Fluctuations in currency exchange rates create instability in pricing and procurement, especially for businesses dealing with imported technologies or ingredients. Persistent inflation erodes consumer purchasing power and increases the cost of essential inputs, squeezing profit margins for startups.
Moreover, limited access to credit and investment capital makes it difficult for emerging foodtech companies to secure the necessary funding to invest in crucial technology, infrastructure, and expansion efforts. This financial constraint can stifle innovation and prevent promising ventures from reaching their full potential.
The digital divide also poses a unique challenge for foodtech companies aiming to leverage online platforms and digital solutions. While mobile phone usage is widespread in Nigeria, disparities in digital literacy and access to reliable internet connectivity can restrict the widespread adoption of online food ordering and delivery services, particularly in rural and underserved communities. This necessitates creative and inclusive strategies to bridge the digital gap and reach a broader consumer base.
Inefficiencies within the supply chain represent a critical bottleneck in the Nigerian food system. Fragmented agricultural supply chains, characterised by numerous intermediaries and a lack of transparency, contribute to alarmingly high post-harvest losses.
Inadequate storage facilities and inefficient transportation infrastructure further compound these issues, leading to significant waste and price volatility. Addressing these systemic weaknesses is crucial for ensuring a stable and affordable food supply for all Nigerians.
Navigating Nigeria’s regulatory landscape can also be a daunting task for foodtech businesses. The presence of multiple regulatory agencies, coupled with often bureaucratic and time-consuming processes for obtaining licenses and permits, can create significant hurdles for startups. Clear, consistent, and streamlined processes within the regulatory framework are essential to foster a more enabling environment for innovation and growth.
Building consumer trust and acceptance for new food technologies requires overcoming inherent skepticism and unfamiliarity. Concerns regarding food safety, quality, and the security of online transactions can hinder the adoption of novel food products and digital platforms. Transparent communication, robust quality control measures, and consistent consumer engagement are vital for building confidence and fostering widespread acceptance.
Finally, a notable talent gap exists within the Nigerian foodtech ecosystem. A shortage of professionals possessing specialised skills in food science, technology, business management, and logistics can limit the growth and innovation capacity of companies in this sector. Addressing this skills deficit through targeted training and development initiatives is crucial for long-term success.
Despite these significant challenges, promising pathways forward can be forged through innovative and context-specific approaches. Investing in localised infrastructure solutions, such as independent power generation and efficient localised logistics networks, can mitigate the impact of broader infrastructural deficiencies.
Exploring diverse funding avenues beyond traditional banking, including angel investors, government grants, crowdfunding, and revenue-based financing, can alleviate financial constraints.
Adapting to the digital divide by leveraging basic mobile technology and employing offline strategies like local agent networks can expand reach and inclusivity. Building resilient supply chains through direct farmer relationships, investing in aggregation centres, and utilising technology for farm management offer tangible solutions to logistical inefficiencies.
Proactive engagement with regulatory bodies and advocating for clearer, more supportive policies are crucial for navigating the regulatory landscape effectively. Building consumer trust necessitates transparent sourcing practices, clear communication about product benefits and safety, and active engagement with consumer feedback.
Finally, investing in talent development through collaborations with educational institutions and in-house training programs can bridge the critical skills gap.
Foodstuff Store is emerging as a business with a clear vision to directly confront several of these challenges. We are actively developing a decentralised network of businesses supported by strategically located distribution hubs across target states. This approach will directly address the limitations imposed by poor road networks, ensuring more localised access to our food products.
Furthermore, the establishment of regional storage facilities, including a state-of-the-art solar-powered cold storage, directly tackles infrastructural deficiencies related to food preservation and ensuring a consistent supply.
Foodstuff Store’s ambition for end-to-end management of the food supply chain, encompassing in-house production, direct sourcing, advanced storage solutions, and efficient distribution, offers a powerful solution to existing supply chain inefficiencies.
This integrated approach promises enhanced quality control, significant reductions in post-harvest losses, and a more reliable supply of both perishable and non-perishable goods for our customers.
Our aspiration to become the “Amazon for Food Products” is a clear and ambitious goal underpinned by a technology-driven approach to all aspects of our operational management. Foodstuff Store’s vision underscores a business model strategically designed to overcome significant hurdles within the Nigerian foodtech sector, offering a beacon of potential and a pathway to a more secure and efficient food system in a challenging yet remarkably promising landscape.
By Diana Tenebe is the Chief Operating Officer of Foodstuff Store
Feature/OPED
President’s Katsina State Visit Exposes Disconnect from People’s Needs

By Abba Dukawa
The recent visit by the President Bola Tinubu to Katsina State has sparked concerns about the disconnect between the government’s priorities and the people’s needs. The visit exposed the hypocritical approach to the need of their people, states and the northern Nigeria as whole. The quality of leadership in the region has been questioned, with allegations of self serving interest, ineptitude, and a lack of vision.
This is in spite of the fact that northern Nigeria as a whole faces numerous challenges that threaten its stability and development. Some of the key issues include insecurity, poverty, education, economic hardship, inequality and social and cultural challenges. The visit has been seen as an opportunity missed to engage with the state’s residents, listen to their concerns, and chart a way forward for development.
While the visit was marked by displays of pageantry and entertainment, the state’s pressing issues such as insecurity, poverty, and economic hardship, seemed to take a backseat. Critics argue that the government’s focus on superficial events rather than addressing the root causes of the state’s challenges is a clear indication of a disconnect from the people’s needs.
The introduction of Rarara’s wife to the President by the Katsina State Governor, contravening cultural and religious norms, raise questions about leaders’ priorities and values.
Current leaders in the north seem more focused on personal interests and political survival than advocating for the northern Nigeria improvement.
Regardless of the challenges in the region the Governors keep praise for the President’s economic reforms, notwithstanding the region’s struggles, is concerning. economic reforms should lift people out of poverty, create jobs, and stimulate growth. If not yielding tangible benefits, they need reevaluation.
The north needs leaders prioritizing regional development and working towards a brighter future. Leaders understanding our region’s problems and committed to tackling them head-on are crucial. It’s time for a shift in approach, prioritizing people’s needs over personal interests.
As we move forward, we must demand more from our leaders. We need leaders who will stand up for the north and work tirelessly to find solutions. Anything less is a disservice to the region and its people.
We need leaders who cultivate a culture of good governance, prioritizing accountability and transparency to address insecurity and promote development.
The north needs a visionary leaders who prioritize all citizens’ needs, regardless of tribe or religion, are crucial for unity and stability.
Leaders who accelerate economic development, create jobs, and provide essential services like education and healthcare can reduce poverty and insecurity.
We require leaders who will combat corruption and promote social justice, reducing inequality and fostering stability.
In northern Nigeria, effective security reforms are necessary, including modernizing security agencies, enhancing intelligence gathering, and addressing insecurity’s root causes to ensure public safety.
To bridge the gap between the government and the people, there is a need for leaders who understand the intricacies of the state’s problems and are committed to tackling them head-on. By prioritizing the people’s needs and working towards sustainable development, the government can build trust and foster a sense of ownership among its citizens
May God guide Nigeria towards true development and prosperity.
Dukawa, a concerned Nigerian, can be reached at abbahydukawa@gmail.com
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