$101m Debt: Court May Hear Contempt Action On Access Bank’s Bankruptcy Suit Against Dr. ABC Orjiakor Sep. 30

Justice Deinde Dipeolu of a Lagos Federal High Court, has fixed September 30, for the further hearing of the suit, seeking to declare Dr. ABC Orjiakor bankrupt, over unpaid debt.

The suit marked FHC/L/BK/08/2023, was filed by Access Bank Plc, through its lawyer, Mr. Adekunle B. Ogunba (SAN).

It would be recalled that Justice Nicholas Oweibo, had on July 26, 2023, frozen all the bank accounts and other assets belonging to the businessman, over alleged indebtedness, while granting Access Bank Plc’s Exparte motion filed and moved by its lawyer, Ogunba (SAN).

Justice Oweibo also restrained Orjiakor’s former employers and his other investment vehicles from having anything to do with him financially until his alleged indebtedness was cleared.

Listed as respondents in the suit are: Helko Nigeria Limited, Neymeth International, Pharmaceuticals Plc, Salvic Petroleum Resources Limited, and Zebbra Energy Limited, among others.

At the resumed hearing of the matter today, Ogunba (SAN) leading O. A. Divine; O. Taiwo Ogunba and Edward Isuama, for the petitioner, (Access Bank Plc); Mr. Anthony Idigbe (SAN) leading O. Kalu, for the Debtor, Babatunde Olanipekun appeared for Zenith Bank; E. O. Agboola appeared for the first respondent, Seplat; while Regina Obasa; U. M. Makwodia and T. Ipaye, appeared for second to fourth, seventh to twelfth defendants, respectively.

At the today’s proceedings, Justice Dipeolu informed counsel of AMCON’s correspondence to the court notifying the court of its meeting with some of the creditors.

AMCON in the letter therefore prayed the court for a further date to enable it convene an all inclusive creditors’ meeting.

The debtor’s counsel while not objecting to the request from AMCON for a further date, told the court that the Creditor has been taking further steps against the Debtor, and has obtained a Receiving Order at BVI against the Debtor.

As a rejoinder, Ogunba (SAN) informed the court that he is now certain that the Debtor does not want to settle the dispute. He prayed the court to allow parties to proceed with the hearing of the matter, as the debtor was using the alleged settlement discussion to perpetuate his indebtedness to the creditors.

As a rebuttal to the purported order obtained from BVI, Ogunba (SAN) stated that this court has no jurisdiction over any court outside the jurisdiction of the court (Nigeria). And that this goes to buttress the fact that the Debtor does not want to settle the dispute; that the Debtor is playing one Creditor to the other. He further appreciated the court for taking steps in aiding parties to settle their disputes.

The debtor’s counsel said that he confirms that AMCON has spoken to some creditors, however, they are yet to have an all party meeting. Adding that even though, the Federal High Court does not have jurisdiction over the BVI Court; that the court has jurisdiction in respect of the Creditor herein, to the effect that the Creditor cannot take any step anywhere else in the world.

Upon hearing the debtor’s counsel, the court thereafter stated that it is inclined to give AMCON time to call an all party “general” meeting.

But petitioner counsel, Mr. Ogunba (SAN) stated that he wants to ensure that there is orderliness, and that the debtor is not taking the instant action seriously; saying that there are instances where the debtor flaunted court orders (by erasing the orders of execution).

Counsel to the second to fourth and seventh to twelfth defendants, stated that they have a motion staying all proceedings, with regards to the creditor’s application to sanction the Debtor.

The court hinted that the next date shall be for report of settlement and/or hearing of pending applications, to enable AMCON meet with all parties.

Consequently, Justice Dipeolu adjourned the matter to September 30, 2024, for report of AMCON’s meeting and/or hearing.