Corporate SpotlightFinancial MarketOil & Gas
AMCON debt: Federal High Court Abuja orders seizure of SEPLAT Chairman’s asset
SEPLAT says it is not party to litigation, says company
Dr A.B.C. Orjiako, Chairman of SEPLAT Petroleum Development Company Plc, stands the risk of losing his assets as the Federal High Court, Abuja has granted the Asset Management Corporation of Nigeria (AMCON) the authority to confiscate such assets over debts owed the Corporation.
The order was issued by Honourable Justice Taiwo O. Taiwo on August 15, 2019, following an application by the bad debts agency.
By this order, banks are mandated to henceforth prevent all further withdrawals of funds and other debit transactions from the Orjiako ‘ accounts domiciled with the banks.
They are also expected to furnish the Receiver/Manager within seven (7) days from the date of the notice with comprehensive statements in respect of each accounts while the order is expected to be binding and enforceable against the banks.
Meanwhile, the oil company, which is quoted on both Nigerian and London Stock Exchanges, has clarified that it is not a party in the litigation.
Mrs. Edith Onwuchekwa, Company Secretary, made the clarification in a statement on Friday, August 30, 2019, stating that the organization would be monitoring the situation and “would issue further communication on the matter as appropriate.”
“Seplat has been made aware of media publications on the issuance of an interim order by the Federal High Court, Abuja, against the Defendants (Shebah Exploration & Production Company Ltd., Allene Ltd., and Dr. A. B. C. Orjiako, (who is also the Chairman of the Board of Directors of Seplat) granting leave to the Plaintiff/Applicant (Asset Management Corporation of Nigeria (AMCON)) to foreclose on the assets of the Defendants.
“As stated in the NSE announcement dated 17″ October 2018 of the same subject, Seplat is not a party to the litigation. The Company will continue to monitor the progress of this suit and would issue further communication on the matter as appropriate.
“This announcement is being made by the Company in accordance with Rule 17.10, Rulebook of the Nigerian Stock Exchange, 2015 {Issuers’ Rule).”
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