Reprieve may have come the way of Dr. ABC Orjiako, Chairman of SEPLAT Petroleum Development Company Plc, who a Federal High Court, Abuja recently granted the Asset Management Corporation of Nigeria (AMCON) the authority to confiscate his 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.
However, there are emerging reports that the parties and other stakeholders involved in the matter met last Tuesday to seek a way forward, especially on how it can be settled amicably.
According to one account, the meeting, which held in the boardroom of AMCON, had in attendance representatives of Shebah Exploration and Production Limited, Dr. ABC Orjiako, who is also the loan guarantor; the representatives of the consortium, including AFREXIM, Access Bank and Polaris Bank; representatives of AMCON; and the receiver/manager.
At the meeting, Orjiako, who had previously paid $68 million from his personal money to the creditors, according to one of the reports, disclosed his plans to make further repayment of the loan.
He reportedly had in the pipeline plans to pay some money to the creditors prior to the AMCON intervention.
It was gathered that at the end of the meeting, the respective parties were pleased with the outcome and looking forward to faithful implementation of agreements reached.
According to reports, it was revealed that in line with the outcome of the meeting, Orjiako will be presenting a comprehensive repayment plan for all outstanding loans, which are due to the syndicate.
The agreed first tranche of payment is expected to be made latest by September 18, 2019.
In 2012, Shebah E and P obtained a $150 million loan facility from a consortium of banks: AFREXIM; Diamond, now Access; and Skye Bank, now Polaris, but led by AFREXIM.
The loan facility was meant for a drilling campaign at the Ukpokiti field, OML 108, operated by Shebah E&P.
Following the recent media reports on the intervention of the Asset Management Corporation of Nigeria in the outstanding dispute between a consortium of banks and Shebah Exploration and Production Company Limited over unpaid loans since 2012, both parties and all stakeholders involved met last Tuesday to seek a way forward, especially on how it can be settled amicably.
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