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Access Bank Plc has been granted interim Court Orders freezing the assets of Dr. A.B.C Orjiako, a former Chairman of Seplat Energy.
Seplat Energy said in a filing that on 8th August 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.
The court action was 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.
Seplat Energy Plc is Nigeria’s leading indigenous energy company. It is listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).
Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market.