Alleged $101m Debt: Court Fixes 5 Nov. For Ruling On Access Bank’s Bankruptcy Suit Against ABC Orjiakor

Ruling on bankruptcy action filed by Access Bank Plc against Nigeria businessman, Dr. Ambrosie Bryant Chukwueloka Orjiakor and his companies, before a Lagos Federal High Court, has been adjourned to November 5, 2024.

Justice Deinde Dipeolu, who presided over the court fixed the new date for either final report of settlement or delivery of his ruling on the applications earlier argued by the parties in the matter since February 2024, which was suspended to enable the parties resolve the matter amicably.

The court stated that counsel shall re-adopt their processes to pave way for delivery of the ruling.

Other respondents in the bankruptcy action marked FHC/L/BHK/08/2023 are: 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.

It would be recall that Access Bank Plc through its lawyer, Mr. Kunle Ogunba (SAN) had sometimes in August 2023, obtained an Exparte order freezing all the bank accounts and assets belonging to Dr. ABC Orjiakor, over alleged indebted to the bank.

The court presided over by Justice Nicholas Oweibo also restrained Orjiakor, his agents, servants and/or privies or any other person or group of persons whatsoever 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 within Nigeria, pending the hearing and determination of the Motion on Notice for the appointment of a Special Manager of the companies listed in the suit.

However, at the hearing of the suit today, which was slated for report of settlement, Mr. Ogunba (SAN) leading Obinna A. Divine, O. T. Ogunba and E. Isuama, appeared for the Access Bank; A. Abdulsalam appeared for the Dr. Orjiakor; Elijah Agboola appeared for Seplat Energy Plc and Toheeb Ipaye appeared for the second to fourth and seventh to 12th respondents, while E. Akpuduvo and Babatunde Olanipekun appeared for Providus Bank and Zenith Bank Plc respectively, but there was legal representation for AMCON.

After announcing their appearance to the court, AMCON’s counsel informed the court that parties were still meeting, in a bid to resolve the subject dispute.

Lawyer to Dr. Orjiakor confirmed the AMCON’s counsel position.

But Access Bank’s lawyer, Ogunba (SAN) informed the court that the debtor is not serious with the settlement; that the matter has been adjourned severally since February, 2024 with the aim of giving room for settlement. He added that it appears the debtor is playing as he has not offered or proposed any tangible amount towards the settlement.

He thereafter urged the court to adjourn proceedings for Ruling on the applications heard in February, 2024.

Justice Dipeolu after listening to submissions of counsel, held that In view of fact that the 90 days period for delivering ruling had elapsed, the matter will be adjourned for re-adoption of the already heard application before the ruling.

The judge thereafter adjourned the matter to November 5, 2024, for final report of settlement and/or re-adoption of applications and ruling.