Alleged $101m Debt: Court Fixes June 26 For Report of Settlement In Bankruptcy Suit Against ABC Orjiakor

Justice Deinde Dipeolu of a Federal High Court, Lagos, has fixed June 26, for report of settlement in a bankruptcy suit filed by Access Bank Plc against Dr. Ambrose B. C. Orjiakor, over alleged inability to pay alleged debt of $101 million.

Justice Dipeolu fixed the date for report of settlement on Monday, during the hearing of the suit marked FHC/L/BK/08/2023.

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.

Access Bank Plc through its lawyer, Mr. Kunle Ogunba (SAN) had in August 2023, obtained an ex-parte order freezing all the bank accounts and assets belonging to 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.

At the resumed hearing of the bankruptcy suit on Monday, Mr. Kunle Ogunba (SAN) appeared for the applicant, Access Bank Plc, while Mr. Bode Olanipekun (SAN) appeared for the first respondent, and O. Kalu, appeared for the Debtor, Babatunde Olanipekun, appeared for Zenith Bank Plc (Party seeking to join), B.U Ikpeama, appeared for the 5th Respondent, Benjamin Nwafor, appeared for Providus Bank while Wahab O, appeared for AMCON.

Upon enquiry by the court from the AMCON counsel of the progress made so far in respect of settlement, who told the court that they are still awaiting confirmation. But counsel to the applicant, Mr. Ogunba (SAN) informed the court that the submission of counsel is not the correct position and that the Debtor’s counsel is in a better position to brief the court.

O. Kalu Esq informed the court that the debtor has drafted and served on all the creditors a proposed settlement terms and are currently awaiting the position of the Creditors.

In his submission, Bode Olanipekun (SAN) introduced his application seeking to strike out the name of the first respondent as Party in this suit. Adding that they have no business coming to court.

But Ogunba (SAN) opposed the Olanipekun’s submission, pointing out that the said debtor has about one million shares in the first respondent and the court cannot just strike them out of the instant suit.

Responding, Olanipekun SAN told the court that he was ready to give an undertaking that the first respondent will not tamper with the said shares in its bosom belonging to the debtor.

After series of submissions by counsel, the court was minded to adjourn the suit to enable parties explore further settlement.

Thereafter, the suit was adjourned to June 26, for report of settlement.