Access Bank Bankruptcy Suit Against ABC Orjiako Over $101m Debt For June 26

Court has fixed June 26 to hear Access Bank bankruptcy suit against ABC Orjiako over $101m debt.

 

NewsOnline Nigeria reports that the Federal High Court in Lagos has adjourned a bankruptcy suit filed by Access Bank Plc against Dr. ABC Orjiako to June 26 for a report on settlement efforts over an alleged debt of $101 million USD.

 

This Nigeria news platform learnt that the adjournment was granted on Monday during proceedings in the suit marked FHC/L/BK/08/2023.

 

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Other respondents listed in the case include: 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.

NewsOnline Nigeria earlier reported that in August 2023, Access Bank Plc, through its counsel Mr. Kunle Ogunba (SAN), secured an ex parte order freezing all bank accounts and assets belonging to Dr. ABC Orjiakor over the alleged debt.

 

The order, granted by Justice Nicholas Oweibo, also restrained Dr. Orjiakor, his agents, and anyone acting on his behalf from operating or tampering with funds in any bank or financial institution in Nigeria, pending the determination of a Motion on Notice seeking the appointment of a Special Manager over the companies listed in the suit.

 

At the resumed hearing on Monday, Mr. Kunle Ogunba (SAN) appeared for Access Bank Plc (the applicant), while Mr. Bode Olanipekun (SAN) represented the first respondent. Other appearances included O. Kalu for the debtor, Babatunde Olanipekun for Zenith Bank Plc (a party seeking to be joined), B.U. Ikpeama for the 5th respondent, Benjamin Nwafor for Providus Bank, and Wahab O. for AMCON.

When the court inquired about the status of the settlement, counsel for AMCON stated they were still awaiting confirmation. However, Mr. Ogunba (SAN) disputed that update and noted that the debtor’s counsel was better positioned to clarify.

 

Kalu Esq informed the court that the debtor had drafted and circulated proposed settlement terms to all creditors and was awaiting their responses.

 

In a separate submission, Bode Olanipekun (SAN) introduced an application to strike out the first respondent from the suit, arguing that it had no business being a party to the proceedings.

 

Mr. Ogunba (SAN) opposed the application, stating that the debtor holds approximately one million shares in the first respondent, and therefore, the company’s involvement in the matter is relevant.

 

Olanipekun (SAN) responded by offering an undertaking that the first respondent would not tamper with the shares held on behalf of the debtor.

 

Following the arguments, the court agreed to adjourn the matter to allow parties to continue exploring a potential settlement.

The suit was subsequently adjourned to June 26 for a report of settlement.