Access Bank Gets Court Order to Freeze Seplat’s ABC Orjiako’s

By Dipo Olowookere

An interim order has been secured by Entry Financial institution Plc to freeze the accounts and property, together with shares of the co-founder of Seplat Power Plc, Mr ABC Orjiako.

The lender filed a chapter go well with towards the businessman in the UK and obtained a judgment from the Excessive Court docket of the UK, and registered it in Nigeria as a judgment of the Federal Excessive Court docket.

In a discover signed by Director Authorized/Firm Secretary, Mrs Edith Onwuchekwa, Seplat stated it was served with the ex parte interim court docket orders on Tuesday, August 8, 2023.

“Seplat Power broadcasts that on August 8, 2023, the corporate was served with ex parte interim court docket orders, which have been granted by the Federal Excessive Court docket sitting in Lagos, Nigeria, in a chapter court docket motion instituted by Entry Financial institution Plc towards Dr A.B.C Orjiako, for the restoration of an excellent mortgage quantity that varieties the judgment delivered by the Excessive Court docket of the UK and registered in Nigeria as a judgment of the Federal Excessive Court docket.

“The interim orders restrain Seplat Power and different firms/monetary establishments from coping with the shares, investments, bonds, property and funds belonging to Dr Orjiako (whether or not held by him straight or through proxy), that are within the custody of Seplat or any monetary establishment, pending the listening to and last dedication of Entry Financial institution’s movement for the appointment of a Particular Supervisor.

“Seplat Power is just not a judgment debtor below the UK judgment sought to be enforced. There are not any claims towards the Firm within the chapter proceedings, and the Orders don’t have any affect on the operations of Seplat Power,” the discover said.

Enterprise Put up studies that Mr Ambrose Bryant Orjiako obtained into bother waters after he secured funds from the defunct Diamond Financial institution Plc, which merged with Entry Financial institution.

It’s alleged that the billionaire entrepreneur owed the monetary establishment about $200 million, and efforts to recoup the loans have been allegedly futile, forcing Entry Financial institution to take this drastic step.