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!.
Media Publications Lagos and London - 26
th February 2021: Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat s policy not to comment on press articles, on this occasion it is deemed necessary to clarify Seplat s position on the contents of the inaccurate media coverage. Seplat is current on its royalties to the Federal Government of Nigeria, with a record of increased royalties over a decade of successful production. Reference in the media coverage was made to the assets that are held by Seplat in joint venture partnership with the Nigerian Petroleum Development Company Limited (NPDC). These assets are OMLs 4, 38 and 41. In 2018, the
Access Bank vs Seplat: A tale of banking hostilities, By Undung Pam nationalaccordnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalaccordnewspaper.com Daily Mail and Mail on Sunday newspapers.
Emmanuel Addeh in Abuja
Access Bank PLC has written the Legal Practitioners’ Privileges Committee (LPPC) and the Legal Practitioners’ Disciplinary Committee (LPDC), demanding the sanctioning of Mr Babajide Koku (SAN) as well as Etigwe Uwa (SAN), both lawyers to Seplat Petroleum Development Company, for alleged professional misconduct in the handling of court case between both companies.
In the petition against Koku and Uwa, the bank stated that both senior lawyers engaged in acts unbecoming of legal practitioners and contravened well established legal principles in bad faith.
Access Bank had through its receiver-manager Mr Kunle Ogunba (SAN), taken over the corporate office of Seplat Petroleum Development Company Limited over a debt based on a court order.
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.