The Federal High Court in Lagos has postponed a high-profile bankruptcy proceeding involving Access Bank Plc and prominent businessman Dr. ABC Orjiako until June 26, 2025, as parties continue settlement negotiations over an alleged $101 million debt.
Justice Nicholas Oweibo granted the adjournment during Monday’s proceedings in suit FHC/L/BK/08/2023, allowing additional time for ongoing discussions between the disputing parties.
Multiple Corporate Entities Involved
The case encompasses numerous corporate entities as respondents alongside Dr. Orjiako, including 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.
Background: Asset Freeze Order
In August 2023, Access Bank obtained an ex parte court order freezing all bank accounts and assets connected to Dr. Orjiako. The comprehensive restraining order prohibited him and his representatives from operating or interfering with funds held in any Nigerian financial institution pending the court’s decision on appointing a special manager for the respondent companies.
Legal Representation at Monday’s Hearing
The courtroom featured a distinguished lineup of legal counsel. Mr. Kunle Ogunba (SAN) represented Access Bank, while Mr. Bode Olanipekun (SAN) appeared for the first respondent. Additional representatives included O. Kalu for the debtor, Babatunde Olanipekun for interested party Zenith Bank Plc, B.U. Ikpeama for the fifth respondent, Benjamin Nwafor for Providus Bank, and Wahab O. for the Asset Management Corporation of Nigeria (AMCON).
Settlement Discussions Progress
When the court inquired about settlement progress, AMCON’s counsel indicated that confirmation remained pending. However, Ogunba (SAN) challenged this assessment, requesting that the court hear directly from the debtor’s representative.
Kalu Esq., representing the debtor, confirmed that proposed settlement terms had been drafted and distributed to all creditors, with the parties awaiting feedback from relevant stakeholders.
Dispute Over First Respondent’s Inclusion
A separate legal issue emerged when Bode Olanipekun (SAN) filed an application seeking to remove the first respondent from the proceedings, contending it lacked legal interest in the case.
Ogunba (SAN) countered this motion, arguing that Dr. Orjiako’s ownership of approximately one million shares in the first respondent justified its inclusion. In response, Olanipekun (SAN) provided an undertaking that the first respondent would not interfere with the shares held on the debtor’s behalf.
Court’s Decision
After considering all submissions, Justice Oweibo agreed to provide additional time for settlement efforts, scheduling the next hearing for June 26, 2025, when parties will report on their progress toward resolving the dispute.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
