The enervating process and long-drawn legal efforts by the Access Bank Plc which ‘merged’ with Diamond Bank Plc, to recover an outstanding $86m loan to SEPLAT Petroleum Development Company’s associated entity draws attention to seemingly contrived pitfalls in subsisting loan recovery templates which endangers depositors’ funds and society, writes Louis Achi
It could be recalled that on Wednesday, December 02, 2020, the Seplat Petroleum Development Company Plc corporate headquarters at 16A Temple Road, Ikoyi, Lagos, was closed to business based on a court order which authorised a receiver/manager, Messrs Kunle Ogunba & Co to enforce an ex parte motion requesting that Access Bank Plc take over SEPLAT’s headquarters. A related ruling by Justice Rilwan Aikawa of the Federal High Court in Lagos, had set the ball rolling.