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The Federal High Court sitting in Lagos has announced an adjournment until Oct. 3, 2023, for a ruling on an application seeking to interpret its preservative orders in a bankruptcy suit brought by Access Bank Plc against Nigerian energy magnate Ambrosie Bryant Chukwueloka Orjiako, aka “ABC Orjiakor.”
Access Bank Plc, the flagship banking unit of Access Holdings, a prominent financial services group led by Nigerian multimillionaire Herbert Wigwe, filed the suit bearing the number FHC/L/BK/08/2023. This legal action follows allegations of Orjiakor’s inability to repay a purported debt of $101 million owed to the bank.
In a swift response, the high court granted an ex-parte order on July 26, 2023, freezing the bank accounts and assets of ABC Orjiakor in response to the alleged indebtedness to Access Bank.
This directive not only immobilizes Orjiako’s accounts and assets but explicitly prohibits him, his representatives, employees, or any entities acting on his behalf from participating in financial transactions involving his funds within Nigerian banks or financial establishments.
The legal team of Access Bank, led by Kunle Ogunba, argued that Orjiakor had carried out unlawful conduct by unilaterally and forcefully invading a property located at 25A Lugard Avenue, Ikoyi, in defiance of the court’s preservative orders. This occurred in the company of his private security personnel.
Following rigorous arguments and submissions from the respective senior counsel, the court consented to hear an application to interpret the preservative orders issued in the suit, especially regarding any variations since the last adjourned date.
ABC Orjiakor, who owns a substantial 6.4-percent stake in Seplat Energy, one of Nigeria’s largest energy companies, has cemented his status as one of Nigeria’s wealthiest business figures.
Co-founding Seplat Energy in 2009 alongside Austin Avuru, Orjiako has played a pivotal role in steering the company’s transformation into one of Nigeria’s most successful indigenous oil and gas enterprises.
The company’s remarkable journey has propelled it to become the premier listed energy conglomerate on the Nigerian Exchange, boasting a market capitalization exceeding $1.3 billion and annual revenues soaring past $700 million.
