Court To Rule On $101M ABC Orjiakor Bankruptcy Suit On Oct 3

Court To Rule On $101M ABC Orjiakor Bankruptcy Suit On Oct 3

7 months ago
1 min read

In a courtroom drama that continues to captivate the financial world, Justice Nicholas Oweibo of the Federal High Court in Lagos has set the stage for a pivotal ruling in the ongoing bankruptcy suit filed by Access Bank Plc against businessman Dr. Ambrosie Orjiakor.

The case, which revolves around an alleged $101 million debt, has taken a new twist, as the court adjourned to October 3rd to untangle the complexities of its preservative orders.

Access Bank Plc initiated the lawsuit against Orjiakor, listing several entities as respondents, including Seplat Energy Plc, Helko Nigeria Limited, and Neimeth International Pharmaceuticals Plc.

Listed as respondents in the suit were: Seplat Energy Plc; Helko Nigeria Limited, Neimeth International Pharmaceuticals Plc; Salvic Petroleum Resources Limited; Zebbra Energy Limited; Ordrec Group Limited; Helko Marine Services Limited; Berwick Nigeria Limited; Abbeycourt Petroleum Company Limited; Abbeycourt Energy Services Limited; Abbeycourt Company Limited and Pursley Resources Limited.

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The bank’s legal maneuvers took a decisive turn on July 26 when Justice Oweibo granted an ex-parte motion, effectively freezing Orjiakor’s bank accounts and assets. The order remained in force pending the determination of the bank’s motion to appoint a special manager.

Furthermore, the court prohibited Orjiakor and his associates from dealing with his funds in any Nigerian bank or financial institution. It also severed financial ties between Orjiakor and his former employers and investment vehicles.

In a courtroom confrontation on Tuesday, Access Bank’s lawyer, Mr. Kunle Ogunba, accused Orjiakor of violating the court’s preservative orders by unilaterally invading a property attached to the case. Ogunba argued that Orjiakor, accompanied by private security personnel, had acted unlawfully.

Meanwhile, Mr. Anthony Idigbe, representing the alleged debtor, initially claimed that court bailiffs executed the order. However, he later backtracked, failing to provide the bailiffs’ names. Instead, he informed the court of an application to rectify a purported error in the court’s August 17, 2023 order.

After intense legal sparring, the court agreed to hear arguments related to the interpretation of the preservative orders and their recent variation. The stage is now set for a significant ruling on October 3, 2023, as the legal battle between Access Bank and Dr. Orjiakor continues to unfold with unexpected twists and turns.


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