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Alleged $101m Debt: Court Fixes Oct 3 to Rule on ABC Orjiakor’s Bankruptcy Suit

Orjiakor’s bank accounts and assets had been frozen earlier in July over the alleged debt.

Justice Nicholas Oweibo of the Federal High Court sitting in Lagos on Tuesday, adjourned till October 3, to rule on an application to interpret its preservative orders in a bankruptcy suit filed by Access Bank Plc against businessman, Dr. Ambrosie Orjiakor.

Access Bank Plc had filed the suit with number FHC/L/BK/08/2023, following the alleged inability of Orjiakor to pay the sum of $101 million he allegedly owed the bank.

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.

The judge had on July 26, while granting an ex-parte motion filed by Access Bank’s lawyer, Mr. Kunle Ogunba, frozen Orjiakor’s bank accounts and other assets over the alleged indebtedness.

He had ruled, among others, that the order subsists pending the determination of the bank’s motion on notice for the appointment of a special manager.

The court also restrained Orjiakor and his agents or any other person under his authority or any other authority from operating, withdrawing from or otherwise tampering and/or dealing with his funds in any bank and/or financial institution in Nigeria.

The court further forbade Orjiakor’s former employers and his other investment vehicles from having anything to do with him financially until the determination of the motion on notice filed by the bank.

When the case resumed on Tuesday, before the same judge, Ogunba led a team of counsel on behalf of the creditor, whereas Mr. Anthony Idigbe represented the alleged Debtor.

Opeyemi Adekoya was for the 1st Respondent, Babajide Koku led a team for the 2,3,4,7,8,9,10,11 and 12th Respondents, A. C. Onuoha was for the 5th and 6th Respondents while Oluwakemi Balogun led a team for Zenith Bank Plc/Party affected by the preservative order of court.

There were other legal representations for the bank.

Ogunba informed the court that Orjiakor carried out an unlawful conduct by (in the company of his private security men) unilaterally and forcefully invading the attached property at 25A Lugard Avenue, Ikoyi, in defiance of the preservative orders of court.

Koku, who earlier argued that it was bailiffs of the court that executed the order, later reversed his position when he was confronted to mention the name of the bailiffs.

The senior lawyer later informed the court that he had an application to vary or correct a purported error in the order of the court made on August 17, 2023.

After arguments/submissions from the respective senior counsel, the court agreed to hear Koku’s application to interpret the preservative orders made in the suit; vis a vis the variation at the last adjourned date.

Koku, moved his application and adopted his Further Affidavit and Reply on Point of Law.

Ogunba adopted the Creditor’s Counter Affidavit and Written Address filed in response to the application.

Consequently, the judge adjourned till October 3 for ruling.

Wale Igbintade 

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