Amanze Chinonye
Access Bank Plc says it is yet to take an official position following the landmark judgment of the British Virgin Islands (BVI) Commercial Court, which granted the Nigerian lender summary judgment exceeding $220 million against businessman and former Seplat Energy chairman, Dr. Ambrosie Bryant Chukwueloa Orjiako, his wife, and eight associated offshore companies.
The ruling, delivered by Justice Mithani on October 1, 2025, marked a decisive victory for Access Bank in a decade-long cross-border debt enforcement dispute. However, while the judgment affirmed the lender’s rights over the disputed assets, questions remain about the practical steps for enforcement across multiple jurisdictions.
When contacted on Thursday, Access Bank’s Head of Corporate Communications, Mr. Amaechi Okobi, told Prime Business Africa that the bank had not yet adopted an official position on the ruling.
Join our WhatsApp Channel“We are yet to have an official position on the matter but would reach out the moment the bank has one,” Okobi said.
READ ALSO: BVI Court Slams $220m Judgment on Ex-Seplat Chairman Orjiako in Landmark Debt Enforcement Case
Analyst Highlights Complexities of Cross-Border Enforcement
A Lagos-based financial analyst, Mr. Abiola Rasaq, in an exclusive interview with Prime Business Africa said that while the judgment was a clear legal triumph for Access Bank, the enforcement phase could present new complexities, particularly in navigating international asset recovery and cross-jurisdictional recognition.
“I’m not sure both parties would want arbitration after this long legal battle and judgment in favour of Access Bank,” Rasaq said. “While the defendant has the right to appeal, I doubt he still has the resources to pursue further litigation.”
Rasaq noted that Access Bank would need to carefully assess the structure and dynamics of the collateral assets as well as potential legal hurdles in different jurisdictions where Dr. Orjiako may have holdings, Prime Business Africa reports.
“There is a process for executing this type of judgment, and Access would get relevant advice on the best strategy to achieve the best outcome, including possible interests of other lenders to the loan,” he added.
He also explained that although Nigeria and the BVI have a reciprocal recognition agreement for court judgments, the lack of full statutory implementation on Nigeria’s side could complicate local enforcement, Prime Business Africa reports.
“For this BVI judgment to be executable in Nigeria, Access would have to go through a process called a common law action,” Rasaq explained. “That means filing a new lawsuit in a Nigerian High Court, which would then treat the BVI judgment as the cause of action.”
According to him, in jurisdictions without reciprocal agreements, judgement execution could be even more difficult or impossible “like getting a judgment in the BVI and seeking to execute it in a Caribbean island that lacks such recognition.”
Implications
The latest development adds a new layer to the decade-long financial dispute originally stemming from a $200 million syndicated loan granted in 2013 to Shebah Exploration & Petroleum Company Limited (SEPCOL), controlled by Dr. Orjiako.
Access Bank, as the successor to Diamond Bank Plc, had previously obtained an English Commercial Court judgment and subsequently pursued enforcement in the BVI after tracing offshore companies allegedly used to shield assets.
While the October 1 ruling has been hailed as a milestone in cross-border enforcement, and a warning to debtors using offshore structures, experts say the next phase, execution, will determine the real financial impact for the Nigerian lender.
Access Bank is expected to issue a formal statement in the coming days outlining its enforcement strategy and next steps in the ongoing effort to recover the debt.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
