September 25, 2023

Zenith Bank, through Court Order, Blocks Seplat Chairman from Accessing Company’s Funds and Assets

Seplat Energy Company has said that it has received an order from a Federal High Court sitting in Lagos blocking it from transacting with its Chairman and Co-founder, Dr. A.B.C. Orjiako.

The oil and gas firm disclosed this on Tuesday in a statement signed by Edith Onwuchekwa, Director Legal/ Company Secretary.

Justice Yellin Bogoro of the Federal High Court, Lagos made an interim order while granting ex-parte Mareva application filed by Zenith Bank Plc through its counsel, Mr. Kemi Balogun (SAN), in the case of an alleged $78,426,578.64 debt.

The restriction stems from a loan granted to Cardinal Drilling, and Kalu Nwosu, the former Managing Director of Cardinal Drilling by Zenith Bank back in 2014.

Cardinal Drilling failed to repay the outstanding amount leading Zenith to sue Seplat.

Cardinal Drilling was promoted by Orjiako as the debt was transferred to Seplat.

Seplat said it “has been made aware of the ex-parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

“The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako.

“The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.

The Whistler

Leave a Reply

Your email address will not be published. Required fields are marked *