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By Rasheed Adigun In the past few weeks, the management of Seplat Petroleum Development Company has been attempting to twist the narrative in its ongoing suit against Access Bank Plc, in a bid to attract public sympathy. Unfortunately, Seplat which has failed to honour its obligation appears not to be bothered about the implication of its bad behaviour on its reputation as a listed company on both the globally-respected London Stock Exchange and one of Africa’s bourse, the Nigerian Stock Exchange. It is disheartening to note that A.B.C Orjiako, the chairman of Seplat Petroleum Development Company; Seplat as a company; Cardinal Drilling Nigeria Limited, another company associated with the businessman, and Kalu Nwosu, Managing Director of Cardinal Drilling Nigeria Limited, through their sponsored articles now view the move by a commercial bank to recovery its legacy debt that had been put at $85.8 million as corporate bullying and a move for hostile takeover!. ....
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. ....