Oil and Gas company, Seplat, has reacted to the order by the Federal High Court in Abuja, directing the Asset Management Corporation of Nigeria (AMCON) to seize the assets belonging to the company’s Chairman, A.B.C Orjiako.
The court also granted leave to AMCON to take possession of Allene Limited and Shebah Exploration & Production Company Limited which are Orjiako’s affiliate companies.
Nairametrics had previously reported that a Federal High Court in Ikoyi, Lagos ordered Orjiako and the other defendants mentioned above to pay three banks – Diamond Bank Plc (now Access Bank), African Export-Import Bank (AFREXIM), and Skye Bank Plc (now Polaris Bank) – the sum of $114 million. The amount is the outstanding and accrued interest of a credit facility granted to the defendants in 2011.
Orjiako co-founded Seplat in 2009, through Shebah Exploration & Production Company, with Platform Petroleum Limited. He has remained the Chairman of the company, spearheading new business development and providing leadership on strategy and stakeholder relationships.
[READ MORE: ABC Orjiako sells 3.5 million units of shares in Seplat]
However, in a statement sent to the Nigerian Stock Exchange (NSE) and seen by Nairametrics, Seplat said it was not a party to the litigation. This is not the first time Seplat will distance itself from Orjiako. The company also exonerated itself from the case in 2018. Seplat has continued to absolve itself from Orjiako’s case because it is required by Rule 17.10 of the NSE’s RuleBook to make this announcement in the event of this kind of situation.
It is believed that Orkiako sold his 3.5 million units of ordinary shares earlier this month because of the debt owed.
According to the judgement, Orjiako’s shares in Seplat will be taken over by AMCON.
Assets Orjiako stands to lose
- All the shares belonging to Orjiako and his affiliate companies (Orjiako and the companies won shares in Seplat, Platform Petroleum, Abbeycourt Trading, Helko Nigeria, Shebah Petroleum Development Company Limited BVI, Plumage Management Limited, Sinclair Commercials Limited BVI and Allenne Limited BVI.)
- Orjiako’s personal properties at Nos. 10C and 25A Lugard Avenue, Ikoyi, Lagos.
- An oil vessel, MT Trinity Spirit, used as a floating, Production, Storage and Offloading (FPSO) facility in Ukpokiti Oil Field belonging to Shebah Exploration & Production Company Limited.
- Also affected are all movable and immovable assets of Shebah Exploration & Production Company Limited in and outside Nigeria.
- These include the oil production facilities and other assets belonging to Shebah Exploration & Production Company Limited and located in and around Ukpokiti Oil Field.
The assets will be taken over and managed by AMCON’s Receiver/Manager, Francis Chuka, a Senior Advocate of Nigeria. He will oversee the assets until the full determination of the case. The asset seizure is to liquidate Orjiako and the companies’ outstanding debt to AMCON.
[READ MORE: These billionaires lose N5.7bn as Seplat’s share price declines by 10%]
Note: The managers of the 29 banks where Orjiako and his affiliates have accounts were all directed to prevent all further withdrawals of funds and other debit transactions from the accounts.
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