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Business

Seplat Petroleum set to sue Access Bank over sealing of its headquarters

Seplat Petroleum Development Company Plc is set to seek legal action against Access Bank over the sealing of its corporate headquarters.

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Seplat Petroleum set to sue Access Bank over sealing of its headquarters

Access Bank Plc has sealed the corporate headquarters of Seplat Petroleum Development Company over a loan owed by Cardinal Drilling Services Limited, a drilling services company.

Access Bank obtained an Ex-Parte Order dated November 13th, 2020, to seal the assets of Seplat. The sealing of its headquarters has prompted Seplat to announce that it will sue Access Bank for the sealing of its property.

In a press release seen by Nairametrics, Access Bank sealed the premises of the Seplat due to its relationship with Cardinal Services Limited. The move by Access Bank has triggered a corporate battle between the bank and Seplat with the latter claiming it is not an obligor of a loan to Access Bank. The Cardinal Drilling Services loan was originally obtained from Diamond Bank in 2012 and collapsed into Access Bank after their merger.

Nairametrics understands Seplat helped mid-wife Cardinal Drilling Nigeria Ltd helped the latter unlock 60% of its equity in a joint venture with Maurel & Prom.

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What they are saying

A part of the press statement issued by Seplat, signed by its company’s Secretary and General Counsel, Mrs. Edith Onwuchekwa, and seen by Nairametrics reads thus:

“We understand that Cardinal Drilling has outstanding loan obligations to Access Bank. However, SEPLAT is neither a shareholder in Cardinal Drilling nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank. SEPLAT strongly believes that there is no merit or justification for this action against it and has taken prompt legal action to vacate the court order pursuant to which the building was sealed.

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“This action was taken by Access Bank without any prior notice to SEPLAT, as required under Nigerian law. SEPLAT will vigorously defend against this improper action to the full extent of the law and will seek all appropriate legal remedies.”

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What you should know

According to findings by Nairametrics, the third-party – Cardinal Drilling Service Limited, which provides drilling services to Seplat, has outstanding loan obligations to Access Bank, prompting the legal action.

  • Nairametrics understands Seplat’s corporate headquarters at 16A Temple Road, Ikoyi, Lagos was sealed, while a Mareva injunction has been obtained by the bank to seize its bank accounts and other assets owned by Seplat.
  • A Mareva injunction is a court order freezing a debtor’s assets to prevent them from being taken abroad.
  • The court order obtained by Access Bank to seize the assets of Seplat included Seplat Chairman, ABC Orjiakor, Managing Director of Cardinal Drilling Services, Kalu Nwosu, and Cardinal Drilling Services as defendants.
  • The court also appointed Kunle Ogunba SAN as the receiver-manager for the assets of the defendants.

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Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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    Business

    Breaking: CBN includes sugar, wheat on FX restriction list

    The CBN is set to include sugar and wheat in the forex restriction list.

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    CBN forex restrictions on food itemsCBN approves new cheque standard for banks

    The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.

    The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.

    The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”

    What you should know

    The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.

    In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.

    Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.

    In 2020, the apex bank included maize in its FX restriction list.

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    Business

    FG signs new Sustainable Development Goals agreement with UN

    The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.

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    Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

    The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.

    This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.

    The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”

    What you should know 

    The 17 Sustainable Development Goals are:

    No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.

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