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Seplat Energy faces asset restraint in Access Bank’s bankruptcy case against ex-chairman Orjiako

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Seplat Energy On Thursday disclosed that it has been served with ex parte Interim Court Orders granted by the Federal High Court in Lagos, Nigeria, as part of a bankruptcy court action initiated by Access Bank against its former chairman, Ambrose Bryant Chukwuemeka Orjiako.

In a regulatory filing with the Nigerian Exchange Limited, Seplat stated that the action pertains to the recovery of an outstanding loan amount, which is in line with a judgment issued by the High Court of the United Kingdom and subsequently registered in Nigeria as a judgment of the Federal High Court.

The Interim Court Orders, as outlined, prohibit Seplat Energy and other relevant entities from engaging in any transactions involving shares, investments, bonds, assets, and funds belonging to Orjiako.

These assets, whether held directly by him or through a proxy, are currently under the custody of Seplat or other financial institutions.

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The regulatory communication noted that the court orders are in effect until the completion of the hearing and the final determination of Access Bank’s motion seeking the appointment of a Special Manager.

Seplat Energy, however, stated that it was not a judgment debtor under the UK judgment that is being sought for enforcement. The company has stated that there are no claims against it within the context of the ongoing bankruptcy proceedings.

According to the energy firm, the Interim Court Orders are not expected to impact the day-to-day operations of Seplat Energy.

The development follows the legal course initiated by Access Bank Plc as part of its efforts to recover the outstanding loan amount in accordance with the judgment issued by the UK High Court. Seplat Energy remains committed to its operational integrity and adherence to legal obligations.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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