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AMCON Gets Order to Seize SEPLAT Chairman’s Assets, Shares

An authorization has been given to the Asset Management Corporation of Nigeria (AMCON) for the takeover of assets of the Chairman of SEPLAT Petroleum Development Company, Mr Ambrosie Orjiako.

This order was granted to AMCON by a Federal High Court sitting in Abuja on August 15, 2019, with letters addressed to Managing Directors of 29 commercial and merchant banks in the country where Mr Orjiako and his allies have accounts.

These banks are Access Bank, Citi Bank Nigeria Limited, Ecobank Nigeria, Fidelity Bank, First Bank of Nigeria, First City Monument Bank, Guaranty Trust Bank, Heritage Bank Limited, Keystone Bank Limited, Mainstream Bank Limited, Polaris Bank Limited Providus Bank Limited, Stanbic IBTC, Standard Chartered Bank, Sterling Bank, Suntrust Bank, Union Bank and United Bank for Africa, all in Lagos.

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Other banks include Unity Bank, Wema Bank, Zenith International Bank, Titan Trust Bank, Globus Bank Limited, Coronation Merchant Bank FBNQuest Merchant Bank Limited, FSDH Merchant Bank Limited, Rand Merchant Bank Limited, and Nova Merchant Bank Limited in the Lagos as well as the African Export-Import Bank in Abuja.

According to Premium Times, the court also directed the asset recovery agency to seize properties of two of Mr Orjiako’s affiliate companies, Shebah Exploration & Production Company Limited and Allenne Limited.

The judge, Justice Taiwo Taiwo, gave the Receiver/Manager, Mr Francis Chuka (SAN), judicial protection to take over and manage Shebah Exploration & Production Company Limited till the full determination of the case.

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The court also permitted Mr Chuka to take over all shares belonging to Mr Orjiako and his affiliate companies, Shebah Exploration & Production Company Limited, and Allenne Limited, which they own directly or through proxies.

Their equity holdings are in registered corporate entities like Seplat Petroleum Development Company Limited, Platform Petroleum (Joint Ventures) Limited, Abbeycourt Trading Company Limited, Helko Nigeria Limited, Shebah Petroleum Development Company Limited BVI, Plumage Management Limited, Sinclair Commercials Limited BVI and Allenne Limited BVI.

The order also authorized the Receiver/Manager to take over Mr Ojiako’s property in Parkview Estate, Ikoyi, Lagos, and Maryland in the United States as well as London, United Kingdom.

By the order, counsel to AMCON said the Receiver/Manager was also ordered to take steps to take over the assets of Shebah Exploration and Production Company Limited for the purpose of liquidating its outstanding indebtedness to AMCON.

Mr Orjiako and other directors of the Shebah Petroleum Development Company Limited was ordered to desist from harassing the Receiver/Manager from doing his job.

Source: businesspost

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