$85.8m ‘Debt’: Court Strikes Out Seplat’s Application To Upturn Mareva Order

A Federal High Court in Lagos has struck out an oral application
by an oil firm, Seplat Petroleum Development Company, seeking to
vary an order of Mareva injunction which froze its account and
sealed its offices.

Justice Rilwan Aikawa found merit in the argument of Access Bank
Plc for sustaining the injunction against Seplat pending hearing of
the bank’s motion on notice on January 26.

The bank’s argument was canvassed by its counsel, Mr Kunle
Ogunba, SAN.

The judge struck out the application on Christmas eve in a
virtual proceedings.

Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako Ambrosie
Bryant and Kalu Nwosu are the defendants/applicants in the
suit.

The assets affected by the Mareva order include; 25, Lugard
Avenue, Ikoyi, Lagos, 6, Agodogba Avenue, Parkview, Ikoyi, Lagos
and the one at 11, Oba Adeyinka Oyekan Street, Ikoyi, Lagos.

Justice Aikawa granted the Mareva injunction last November 23,
following the bank’s application in a suit concerning the oil
company’s alleged $85.5m legacy debt.

Ogunba had told the judge that the order was necessary to
preserve the res from being disposed of before the hearing and
determination of the motion on notice.

Upon being served with the order, Seplat filed an application
dated 3 December, 2020 seeking to discharge the orders. The other
defendants did same.

While awaiting the court’s ruling on the applications, Seplat
filed another application dated 12 December, 2020, also seeking to
discharge or lift the same interim order.

During the next adjourned date on December 14, Seplat’s Counsel,
Mr Abubakar Mahmood, SAN, made an oral application praying the
court to grant his client access to the frozen offices and
accounts.

He averred that Seplat had posted a bond of $20 million dollars
as security.

But Ogunba opposed him. The Silk told Justice Aikawa not to fall
for the temptation thrown to it “by the debtor” who, according to
him, owed over $85.8b which was enough to float two banks
successfully in Nigeria.

Ogunba also prayed the court to refuse the application on the
ground that it was not properly before the court, adding that the
rules of court were meant to be obeyed with respect to making an
application which must be filed formally.

In a bench ruling, Justice Aikawa upheld Ogunba’s argument and
refused the oral application.

A Federal High Court in Lagos has struck out an oral application
by an oil firm, Seplat Petroleum Development Company, seeking to
vary an order of Mareva injunction which froze its account and
sealed its offices.

Justice Rilwan Aikawa found merit in the argument of Access Bank
Plc for sustaining the injunction against Seplat pending hearing of
the bank’s motion on notice on January 26.

The bank’s argument was canvassed by its counsel, Mr Kunle
Ogunba, SAN.

The judge struck out the application on Christmas eve in a
virtual proceedings.

Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako Ambrosie
Bryant and Kalu Nwosu are the defendants/applicants in the
suit.

The assets affected by the Mareva order include; 25, Lugard
Avenue, Ikoyi, Lagos, 6, Agodogba Avenue, Parkview, Ikoyi, Lagos
and the one at 11, Oba Adeyinka Oyekan Street, Ikoyi, Lagos.

Justice Aikawa granted the Mareva injunction last November 23,
following the bank’s application in a suit concerning the oil
company’s alleged $85.5m legacy debt.

Ogunba had told the judge that the order was necessary to
preserve the res from being disposed of before the hearing and
determination of the motion on notice.

Upon being served with the order, Seplat filed an application
dated 3 December, 2020 seeking to discharge the orders. The other
defendants did same.

While awaiting the court’s ruling on the applications, Seplat
filed another application dated 12 December, 2020, also seeking to
discharge or lift the same interim order.

During the next adjourned date on December 14, Seplat’s Counsel,
Mr Abubakar Mahmood, SAN, made an oral application praying the
court to grant his client access to the frozen offices and
accounts.

He averred that Seplat had posted a bond of $20 million dollars
as security.

But Ogunba opposed him. The Silk told Justice Aikawa not to fall
for the temptation thrown to it “by the debtor” who, according to
him, owed over $85.8b which was enough to float two banks
successfully in Nigeria.

Ogunba also prayed the court to refuse the application on the
ground that it was not properly before the court, adding that the
rules of court were meant to be obeyed with respect to making an
application which must be filed formally.

In a bench ruling, Justice Aikawa upheld Ogunba’s argument and
refused the oral application.