$101m ‘bankruptcy’: Court Adjourns For AMCON ‘Settlement’ Meeting With Parties.

The Federal High Court sitting in Lagos has adjourned till September 30, 2024, for a settlement report in an alleged bankruptcy suit filed by Access Bank against a businessman, Dr. Ambrose “ABC” Orjiakor, and firms connected to him.

Justice Isaac Dipeolu hinted that the adjournment would also enable the Asset Management Company of Nigeria (AMCON) to meet with all parties.

Apart from that, the court could also use the date to hear all pending applications.

Access Bank filed the suit marked FHC/L/BK/08/2023, following the alleged inability of Dr. Orjiakor to pay the $101 million he allegedly owes the bank.

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

The case, formerly before Justice Nicholas Oweibo, is now being heard by Justice Dipeolu following Justice Oweibo’s transfer out of the jurisdiction.

At the commencement of proceedings, Kunle Ogunba SAN led a team on behalf of the Creditor (Access Bank}, Anthony Idigbe SAN led a team on behalf of the Debtor, Babatunde Olanipekun (Mariam Abubakar) for Zenith Bank – Applicant. E. O. Agboola (Omotunde Adeyeye) for the 1st Respondent (SEPLAT); Regina Obansa for Providus Bank Plc. U. M. Makwodia for Keystone Bank – Applicant and T. Ipaye for the 2nd – 4th, 7th – 12th Defendants.

Justice Dipeolu informed the parties that AMCON had written a letter notifying the court that AMCON met with some of the creditors and was now seeking an adjournment to convene an all-creditors meeting.

Idigbe, while not objecting to AMCON’s request, informed the court that the creditor had been taking further steps against the debtor, and had obtained a receiving order from the British Virgin Islands (BVI) against the debtor.

Responding, Ogunba informed the court that he was now certain that the alleged debtor had no intention to settle the dispute. He prayed the court allow parties to proceed with the hearing of the matter, as, according to him, the debtor was using the alleged settlement discussion to perpetuate his indebtedness to the creditors.

Rebutting the purported order obtained from BVI, Ogunba stated that the court had no jurisdiction over any court outside its jurisdiction (Nigeria), adding that this reinforced his argument that the debtor did not want to settle the dispute. In his view, the debtor was playing one creditor against the other.

Idigbe then affirmed that AMCON had spoken to some debtors but that they were yet to have an all-party meeting. He contended that though the Federal High Court does not have jurisdiction over the BVI court, it had jurisdiction over the creditor, such that the creditor could not take any step anywhere else in the world.

Responding, Justice Dipeolu stated that the court was inclined to give AMCON time to call an all-party “general” meeting.

Ogunba emphasised that he wanted to ensure that there was orderliness, adding that the Debtor was not taking the matter seriously; adding that there were instances where the Debtor allegedly flaunted court orders (by erasing the orders of execution).

The 2nd – 4th, 7th – 12th Defendants’ counsel stated that they had a motion staying all proceedings regarding the creditor’s application to sanction the debtor.

Adjourning till September 30, the court hinted that the next date would be for a report of settlement and/or hearing of pending applications, to enable AMCON to meet with all parties.