Energy tycoon ABC Orjiako Sinks Into Trouble As Court Freezes His Assets

MICHAEL AKINOLA

A Federal High Court in Lagos has granted an ex-parte order to freeze the bank accounts and assets of Energy tycoon, Dr. Ambrose Bryant Orjiako.

The freezing order comes in response to alleged indebtedness to Access Bank Plc, a prominent financial institution under Access Corporation.

Justice Nicholas Oweibo delivered the order following an ex-parte application filed by Access Bank Plc, referencing case number FHC/L/BK/08/2023.

The court’s directive not only locks down Orjiako’s accounts and assets but also explicitly forbids him, his representatives, employees, or any entities acting on his behalf from engaging in financial transactions involving his funds within Nigerian banks or financial establishments.

The court has enjoined Orjiako’s former employers and investment entities from conducting any financial transactions with him until the alleged debt is resolved.

In this case, the list of respondents includes Helko Nigeria, Neimeth International Pharmaceuticals, Salvic Petroleum Resources, Zebbra Energy, and others.

Orjiako, who owns a significant 6.4-percent stake in Seplat Energy, one of Nigeria’s largest energy companies, stepped down from his position as chairman in May. His stake in Seplat Energy has positioned him as one of Nigeria’s wealthiest business figures.

Orjiako, who co-founded Seplat Energy in 2009 alongside Austin Avuru, has played a pivotal role in steering the company’s transformation into one of Nigeria’s most successful indigenous oil and gas enterprises.

The company’s remarkable trajectory has propelled it to become the premier listed energy conglomerate on the Nigerian Exchange, boasting a market capitalization exceeding $1.3 billion and annual revenues soaring past $700 million.

In 2022, a report unveiled transactions surpassing $450 million between Seplat Energy and firms associated with Orjiako and Avuru.

The payments, spanning from 2010 to 2021, encompassed diverse goods and services provided by these affiliated companies.