AMCON obtains Court order to take over SEPLAT Petroleum chairman’s assets

The Federal High Court in Abuja has granted an application by the Asset Management Corporation of Nigeria (AMCON) to take over the assets of the Chairman of SEPLAT Petroleum Development Company, Ambrose Orjiako.

The court also ordered the take over of the assets of two of Mr Orjiako’s affiliate companies, Shebah Exploration & Production Company Limited and Allenne Limited.

Premium Times reports that the court order, issued on August 15, was accompanied with the letters to the Managing Directors of 29 commercial and merchant banks in the country where Mr Orjiako and his allies have accounts.

In the application, AMCON asked the court to grant Francis Chuka, a Senior Advocate of Nigeria, right to exercise its function as Receiver/Manager of Mr Orjiako’s assets in Nigeria and abroad, including Shebah Exploration & Production Company Limited.

Mr Chuka was appointed by AMCON as Receiver/Manager on July 30, 2019, with the mandate to “take possession of and preserve all its assets and undertakings” by Mr Orjiako.

The assets and undertakings included his personal properties at Nos. 10C and 25A Lugard Avenue, Ikoyi, Lagos; an oil vessel, MT Trinity Spirit, used as a floating, Production, Storage, and Offloading (FPSO) facility in Ukpokiti Oil Field belonging to Shebah Exploration & Production Company Limited.

Also affected are all movable and immovable assets of Shebah Exploration & Production Company Limited in and outside Nigeria, including the oil production facilities and other assets belonging to Shebah Exploration & Production Company Limited and located in and around Ukpokiti Oil Field.

In granting AMCON’s application, the FCT Federal High Court presided by Justice Taiwo Taiwo, gave the Receiver/Manager judicial protection to take over and manage Shebah Exploration & Production Company Limited till the full determination of the case.

The court also permitted the Receive/Manager to take over all shares belonging to Mr Orjiako and his affiliate companies, Shebah Exploration & Production Company Limited, and Allenne Limited, which they own directly or through proxies.

By the order, counsel to AMCON said the Receiver/Manager was also ordered to take steps to take over the assets of Shebah Exploration and Production Company Limited for the purpose of liquidating its outstanding indebtedness to AMCON.

Read also: ICYMI: SPECIAL REPORT… Nigeria set to join league of electric car producers? We visited UNN to see what is happening

Mr Orjiako and other directors of the Shebah Petroleum Development Company Limited was ordered to desist from harassing the Receiver/Manager from doing his job.

The court also granted a request for an order restraining Mr Orjiako and his allies from interfering with or removing from the court’s jurisdiction in respect of the oil firm’s funds in the banks and financial institutions in and outside the country without the consent of the AMCON.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now