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Access Bank rejects Appeal Court’s suspension of injunction against Seplat, approaches Supreme Court

Access Bank Plc has filed a Notice of Appeal at the Supreme Court, objecting to the suspension of the interim Mareva injunction on the assets of Seplat Petroleum Development Company, by the Appeal Court

.Expressing dissatisfaction over the ruling by the appeal court, Access Bank, through its Solicitors, Kunle Ogunba and Associates maintained that the learned justices of the court erred in law through the suspension of the interlocutory orders made by the trial judge at the Federal High Court. The solicitors regarded the outcome as an abuse of court process filed to interfere with the due administration of justice. The bank in an affidavit maintained that “by discharging the said interlocutory orders, the Lower Court had unwittingly (via a motion) determined the main Appeal which seeks to also discharge the interlocutory orders made by the trial court. The bank is praying that the Supreme Court reinstate the interlocutory orders made by the Trial Court on December 24, 2020, thereby overriding the judgement of the Appeal court en route In the same vein, the Bank is also seeking a court order restraining the defendants, that is Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako, Ambrose Bryant, Kalu Nwosu and/or any other person acting through them from taking further steps towards enforcing, executing or giving any effect to the ruling/order of the Court of Appeal pending the hearing and final determination of the appeal it has filed at the Supreme Court.

 It was  had earlier reported that the Court of Appeal had suspended the Mareva injunction, and subsequently ordered the opening of Seplat’s corporate offices.

 It was reported that Access Bank Plc had obtained the Mareva injunction through an Ex-Parte order dated November 13, 2020 to seal offices and freeze the accounts of Seplat, over the indebtedness of Cardinal Drilling Services, a company which Access Bank believes is partly owned by Seplat’s boss, Mr ABC Orjiako After some months of being under lock and keys, respite came the way of Seplat Petroleum on January 22, 2021 when Hon. Justice Ikyegh of the Appeal Court lifted the interim order on Seplat Petroleum assets, pending the determination of the appeal filed by Seplat. Recall that Nairametrics reported some months ago that Access Bank obtained an Ex-Parte Order dated November 13th, 2020, to seal the assets of Seplat over debt owed by Cardinal Drilling Services Limited. The bank also obtained a Mareva injunction freezing the accounts of Seplat in Nigeria and abroad. Seplat had appealed the December 24, 2020 decision of the Federal High Court granting injunctions that, among others, resulted in the sealing of its corporate offices in LagoThe Federal High Court had earlier turned down an application by Seplat to access its accounts and offices which were earlier shut down by a Mareva injunction obtained by Access Bank against it. Access Bank is understood to be grappling with a string of bad loans issued under the defunct Diamond Bank and is now stepping up efforts to go after some of the debtors by obtaining several court orders to seize properties.

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