A Federal High Court sitting in Lagos has adjourned the bankruptcy proceedings instituted by Access Bank Plc against Dr. Ambrose B. C. Orjiakor to June 26, 2025, for a report on settlement talks between the parties.
Justice Deinde Dipeolu fixed the new date during Monday’s proceedings in the bankruptcy action marked FHC/L/BK/08/2023, which also involves several companies including Seplat Energy Plc, Helko Nigeria Limited, Neimeth International Pharmaceuticals Plc, and others.
The suit stems from an alleged $101 million debt owed by Dr. Orjiakor to Access Bank. The bank, through its counsel, Mr. Kunle Ogunba (SAN), had in August 2023 obtained an ex-parte order freezing all bank accounts and assets belonging to Orjiakor.
Justice Nicholas Oweibo, who issued the order, also restrained Orjiakor and his agents from “operating, withdrawing from or otherwise tampering and/or dealing with his funds in any bank and/or financial institution within Nigeria, pending the hearing and determination of the Motion on Notice for the appointment of a Special Manager of the companies listed in the suit.”
At Monday’s hearing, Mr. Ogunba represented Access Bank Plc, while Mr. Bode Olanipekun (SAN) appeared for the first respondent. Other legal representations included O. Kalu for the debtor, Babatunde Olanipekun for Zenith Bank Plc (a party seeking to join the suit), B.U Ikpeama for the fifth respondent, Benjamin Nwafor for Providus Bank, and Wahab O. for AMCON.
When asked by the court about progress on the settlement, AMCON’s counsel noted that they were still awaiting confirmation. However, Ogunba countered that position, stating, “The submission of counsel is not the correct position and that the Debtor’s counsel is in a better position to brief the court.”
O. Kalu, representing the debtor, then informed the court that “the debtor has drafted and served on all the creditors a proposed settlement terms and are currently awaiting the position of the Creditors.”
During the hearing, Bode Olanipekun (SAN) also moved an application to strike out the name of the first respondent from the suit, stating: “They have no business coming to court.”
Ogunba opposed this motion, arguing: “The said debtor has about one million shares in the first respondent and the court cannot just strike them out of the instant suit.”
In response, Olanipekun SAN offered an assurance to the court, saying: “He was ready to give an undertaking that the first respondent will not tamper with the said shares in its bosom belonging to the debtor.”
Following arguments from all counsel, Justice Dipeolu adjourned the matter to June 26 to allow the parties to explore further settlement options.
