Alleged $101m Debt: Bank To Declare Billionaire Businessman ABC Orjiakor Bankrupt

Related stories

These Are The Most Beautiful Women In The World

Europe is home to several famous mega-cities, from London...

Elon Musk’s Fortune Plummets By $34 Billion As Feud with Trump Escalates

By Abiola Olawale Tech billionaire and founder of Tesla, Elon...

Gov. Umo Eno: Why I Dumped PDP For APC

By Kolawole Ojebisi After weeks of dilly-dallying which fuelled widespread...

[Video] Akwa Ibom: Gov Umo Eno Officially Defects to APC in Major Political Shift

By Abiola Olawale Akwa Ibom State Governor Umo Eno has...

Otedola Hails Dangote’s Refinery As “Eighth Wonder Of The Modern Era”

Applauds Tinubu’s Vision By Kolawole Ojebisi Nigerian businessman, Femi Otedola,...

By Louis Achi

Following a bankruptcy suit filed by Access Bank Plc against billionaire businessman Ambrosie “ABC” Orjiakor, Justice Nicholas Oweibo of the Federal High Court sitting in Lagos, Tuesday, adjourned till October 3, to rule on an application to interpret its orders.

Access Bank filed the suit FHC/L/BK/08/2023, following Orjiakor’s default to pay the $101 million he allegedly owes the bank.

Listed as respondents are Seplat Energy; Helko Nigeria; Neimeth International Pharmaceuticals; Salvic Petroleum Resources; Zebbra Energy; Ordrec Group; Helko Marine Services; Berwick Nigeria; Abbeycourt Petroleum Company; Abbeycourt Energy Services; Abbeycourt Company and Pursley Resources.

On July 26, while granting an ex-parte motion filed by Access Bank’s lawyer, Kunle Ogunba (SAN),
the judge froze Orjiako’s accounts and assets over alleged indebtedness.

Justice Oweibo ruled, among others, that the order subsists pending determination of the bank’s motion for appointment of a special manager.

When the case resumed Tuesday, Ogunba led a team of counsel on behalf of the creditor, whereas Anthony Idigbe (SAN) represented Orjiakor

Opeyemi Adekoya was for the first respondent, Babajide Koku (SAN) led a team for 2,3,4,7,8,9,10,11 and 12th respondents, A. C. Onuoha was for the fifth and sixth respondents while Oluwakemi Balogun (SAN) led a team for Zenith Bank/party affected by preservative order of court.

There were other legal representations for the banks.

Ogunba informed the court that Orjiakor carried out an unlawful conduct by (in the company of his private security men) invading the property at 25A Lugard Avenue, Ikoyi, in defiance of the orders of court.

Koku argued it was the bailiffs of the court that executed the order. This was disputed.

The senior lawyer informed the court he had an application to vary or correct a purported error in the order of the court made on August 17.

After submissions, the court agreed to hear Koku’s application to interpret the preservative orders; vis a vis variation at the last adjourned date.

He moved his application and adopted his further affidavit and reply on point of law.

Ogunba adopted the creditor’s counter affidavit and written address filed in response to the application.

Consequently, the judge adjourned till October 3.

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
These Are The Most Beautiful Women In The WorldElon Musk’s Fortune Plummets By $34 Billion As Feud with Trump EscalatesGov. Umo Eno: Why I Dumped PDP For APC[Video] Akwa Ibom: Gov Umo Eno Officially Defects to APC in Major Political ShiftOtedola Hails Dangote's Refinery As "Eighth Wonder Of The Modern Era"Tears as Mohammed Uwais, ex- Chief Justice of Nigeria, Dies at 89Trump Slams Musk in Explosive Fallout Over Policy ClashNo Untouchables, I'll 'Touch' Abuja Wealthy And Heavens Won't Fall -- Wike BoastsTears As Nigeria's Ex-Ambassador To US, Jubril Aminu, Dies At 85"Why Wike's Politics Should Be Studied At Universities," Says Ooni of IfeUsing FOI Act As Blackmail tool Not Activism But Sabotage -- NEITI WarnsOil Prices Rise Despite OPEC+ Output Hike PlansTop 10 wealthiest cities in the world in 2025Ruto Teases Kenyan Men: Nigerians Marrying Our Women...'Balance This Scale' To Avoid Brain DrainTrump, Biden Clash Over Probe Into Alleged Cover-Up of Health Crisis
X whatsapp