Justice Deinde Dipeolu of the Federal High Court in Lagos has adjourned proceedings in a $101 million bankruptcy suit filed by Access Bank Plc against Dr Ambrose B.C. Orjiakor to 26 June 2025, to allow parties time to explore a possible settlement.
The suit, marked FHC/L/BK/08/2023, involves several other respondents, including Seplat Energy Plc, Helko Nigeria Limited, Neimeth International Pharmaceuticals Plc, Salvic Petroleum Resources Limited, and nine other firms allegedly linked to the debtor.
Access Bank, represented by Senior Advocate of Nigeria (SAN) Kunle Ogunba, had in August 2023 secured an ex parte order freezing all accounts and assets of Dr Orjiakor over an alleged unpaid debt of $101 million. The order also barred him and his agents from accessing or dealing with any funds in Nigerian financial institutions, pending the determination of a motion seeking the appointment of a Special Manager over the listed companies.
At Monday’s resumed hearing, Ogunba appeared for Access Bank; Bode Olanipekun (SAN) represented the first respondent; O. Kalu appeared for the debtor; Babatunde Olanipekun represented Zenith Bank Plc, which is seeking to join the suit; B.U. Ikpeama appeared for the fifth respondent; Benjamin Nwafor represented Providus Bank, while Wahab O. appeared for AMCON.
When questioned by the court about the progress of the settlement discussions, AMCON’s counsel said they were still awaiting confirmation. However, Ogunba stated that this was inaccurate and that the debtor’s counsel was better placed to brief the court.
O. Kalu informed the court that proposed settlement terms had been drafted and shared with all creditors, and responses were being awaited.
Meanwhile, Olanipekun (SAN) presented an application seeking to strike out the name of the first respondent from the suit, arguing that it had no role in the matter. Ogunba opposed the request, noting that the debtor holds approximately one million shares in the first respondent, which justifies its inclusion. In response, Olanipekun offered to provide an undertaking that the first respondent would not tamper with the shares in question.
Following the exchanges, Justice Dipeolu agreed to adjourn the matter to allow for further settlement efforts and fixed 26 June for the report of progress.
