Seplat, Neimeth Dissociate from Bankruptcy Case Instituted by Access Bank Against Bryant Orjiako
- Neimeth has said it is not in association with any deals that relate to Seplat Chairman following a court order
- It also emphasised that the court order has no impact on the operations of the company
- In a similar notice, Seplat has also distanced itself from Dr Bryant Orjiako
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In response to interim court orders issued by the federal high court in Lagos in a bankruptcy action brought by Access Bank, Neimeth International Pharmaceutical Plc has withdrawn from dealing with the shares, investments, bonds, assets, and funds belonging to Dr Ambrose Bryant Orjiako, the chairman and co-founder of SEPLAT.
Neimeth emphasised in a notice to the NGX that there are no claims against the company in the bankruptcy proceedings because it is not a judgement debtor in the UK judgement that is being sought to be executed. It further stated that the order does not affect the company's activities.
Source: UGC
Recall that Legit.ng reported that Byrant Orjiako, the former Chairman of the energy company Seplat Energy Plc, had his bank accounts frozen by an ex-parte judgement of the federal high court in Lagos due to an alleged debt to Access Bank.
On July 28, 2023, Nicholas Oweibo, the presiding judge, issued the ruling in response to an Access Bank motion ex parte in a case with the case number FHC/L/BK/08/2023.
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Neimeth distances self from Orjiako
Neimeth had distanced itself from the Seplat chairman in the past. The corporation reportedly stopped doing business with the businessman in 2021.
According to the pharmaceutical company, it is forbidden from dealing with the assets or sending money to Orjiako, Sheba Exploration & Production Company Ltd, or Sheba Petroleum Development Company Ltd.
The ex-parte interim orders of Mareva injunction issued by a Federal High Court in Lagos in a case brought by Zenith Bank against Orijiako, Sheba Exploration & Production, and 7 other parties with 29 mentioned parties served as the foundation for the judgement.
The restriction results from a loan given by Zenith Bank in 2014 to Cardinal Drilling and Kalu Nwosu, the company's former managing director.
Zenith filed a lawsuit against Seplat because Cardinal Drilling refused to pay the debt. Orjiako promoted the drilling company as the loan was given to Seplat.
Seplat issues similar note
Notably, Seplat Energy previously announced in a bankruptcy court action brought by Access Bank Plc against Orjiako, for the recovery of an outstanding loan amount that constitutes the judgement delivered by the High Court of the United Kingdom and registered in Nigeria as a judgement of the Federal High Court, the company was served ex parte interim court orders.
It stated:
The Interim Orders restrain Seplat Energy and other companies/financial institutions from dealing with the shares, investments, bonds, assets and funds belonging to Dr. Orjiako (whether held by him directly or via proxy), which are in the custody of Seplat or any financial institution, pending the hearing and final determination of Access Bank’s motion for the appointment of a Special Manager.
Seplat Energy is not a judgment debtor under the UK judgment sought to be enforced. There are no claims against the Company in the bankruptcy proceedings, and the Orders have no impact on the operations of Seplat Energy.
Shareholders Call for Sack of Seplat CEO, Directors Over $19.4m Legal Fee
Legit.ng earlier reported that in relation to the $19.4 million professional legal charge in the energy company's half-year report, Seplat Energy Plc shareholders and Make a Difference Initiative (MADI)-affiliated civil society organisations have been charged with wrongdoing.
In order to undertake a fair investigation into the wrongdoing at Seplat before it was too late, they also demanded that the independent non-executive directors and SEPLAT CEO Roger Brown be dismissed immediately or removed from their posts.
The organisation is also pleading with President Bola Tinubu to immediately investigate claims that the business's board violated the Nigerian Code of Corporate Governance (NCCG) to save the company from going down.
Source: Legit.ng
