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The Federal High Court in Lagos has dismissed two applications filed by Nigerian energy magnate ABC Orjiakor, and associated firms in an alleged $101-million bankruptcy case brought against him and his companies by Access Bank Plc.
Access Bank, the flagship banking unit of Access Holdings, a prominent financial services group led by Nigerian multimillionaire Herbert Wigwe, initiated the legal proceedings with the suit numbered FHC/L/BK/08/2023. The lawsuit alleges that Orjiakor and his firms failed to repay a purported debt of $101 million owed to the bank.
Justice Nicholas Oweibo, presiding over the case, rendered the latest ruling and adjourned the case until Jan. 22, 2024, to address pending applications, including Access Bank’s contempt application against Orjiakor. Among other points, Oweibo ruled that the order remains in effect pending the determination of the bank’s motion on notice for the appointment of a special manager.
Connected companies and respondents in the $101-million debt lawsuit
Orjiakor, known for holding a substantial 6.4-percent stake in Seplat Energy, one of Nigeria’s leading energy companies, has solidified his position as one of the country’s wealthiest business figures. His influence extends to the Nigerian Exchange, where he ranks among the richest investors.
The companies listed as respondents in the case include Seplat Energy Plc; Helko Nigeria Limited; Neimeth International Pharmaceuticals Plc; Salvic Petroleum Resources Limited; Zebbra Energy Limited; Ordrec Group Limited; and Helko Marine Services Limited. These companies are linked to Orjiako, and their involvement adds complexity to the legal dispute.
Orjiakor’s contribution to Seplat Energy, Nigeria’s largest listed energy conglomerate
Orjiakor, a co-founder of Seplat Energy in 2009 alongside Austin Avuru, has played a pivotal role in the company’s growth. Under his leadership, Seplat Energy transformed into one of Nigeria’s most successful indigenous oil and gas enterprises.
The company’s journey culminated in it becoming the largest listed energy conglomerate on the Nigerian Exchange, boasting a market capitalization exceeding $1.3 billion and annual revenues surpassing $700 million.
As legal proceedings unfold, the outcome will undoubtedly have ramifications not only for Orjiakor and his affiliated companies but also for the broader Nigerian business landscape. The adjournment to Jan. 22, 2024, sets the stage for further legal developments in this high-profile case.
