A federal high court in Lagos has issued an ex parte judgment freezing Nigerian oil billionaire Ambrosie Bryant Orjiako’s bank accounts and properties.
The freezing order is in reaction to alleged debts owed to Access Bank Plc, a well-known financial institution owned by Herbert Wigwe’s Access Holdings.
The order was issued by Justice Nicholas Oweibo in response to an ex-parte application made by Access Bank Plc, referencing case number FHC/L/BK/08/2023.
The court’s order not only freezes Orjiako’s accounts and assets, but it also expressly prohibits him, his representatives, employees, or any entities acting on his behalf from engaging in financial transactions involving his monies within Nigerian banks or financial institutions.
The court has barred Orjiako’s former employers and investment firms from doing business with him until the alleged debt is addressed. Helko Nigeria, Neimeth International Pharmaceuticals, Salvic Petroleum Resources, Zebbra Energy, and others are among the respondents in this case.
Orjiako, who owns a sizable 6.4 percent interest in Seplat Energy, one of Nigeria’s largest energy firms, stepped down as chairman in May. His ownership in Seplat Energy has made him one of Nigeria’s wealthiest businessmen.
Orjiako, who co-founded Seplat Energy with Austin Avuru in 2009, has played a critical part in the company’s transition into one of Nigeria’s most successful indigenous oil and gas firms.
The company’s phenomenal rise has driven it to become the Nigerian Exchange’s leading listed energy conglomerate, with a market value surpassing $1.3 billion and yearly revenues above $700 million.
A report from 2022 revealed transactions worth more than $450 million between Seplat Energy and companies affiliated with Orjiako and Avuru. The payments, which ranged from 2010 to 2021, covered a wide range of goods and services offered by these associated companies.
