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$1.5m debt: Court freezes billionaire, Muhammadu Indimi’s Oriental Energy bank accounts



A Federal High Court in Lagos has restrained Oriental Energy Resources Limited owned by billionaire, Alhaji Muhammadu Indimi, from withdrawing, transferring, removing any funds, properties, or assets, outside the jurisdiction of Nigeria or encumbering any funds belonging to or held to the account of the company with the 12 commercial banks except for payments of salaries.

Justice Chukwujekwu Aneke made the order in an exparte application filed and argued by Mr. Uchechukwu Obi (SAN), on behalf of a limited liability company, Uniterm Nigeria Limited, who alleged that Oriental Energy Resources Nigeria Limited owes it the sum of $1,453,356,76.

The court also restrained Oriental Energy Resource Limited, an oil exploration and production company, either acting alone or in concert with the Central Bank of Nigeria, and the Nigeria Petroleum Development Company, from exporting, transferring or removing from the jurisdiction of the court any asset, crude oil or gas due to the company from Ebok Marginal Field or any other oil block, pending hearing and determination of the motion on notice.

Investors lose N312bn as stocks’ bearish position persists

The court also granted an interim order attaching and taking legal possession of all funds, deposits, credit, and receivables belonging to or due to the company with or in the custody of the 12 banks listed before the court.

The banks are, First City Monumental Bank Plc, Access Bank Plc., Ecobank Plc, Fidelity Bank, First Bank Plc, Guarantee Trust Bank, United Bank for Africa, Zenith bank Plc, Standard Chartered Bank, Stanbic IBTC Bank, Polaris Bank Plc, Union Bank Plc.

Besides, the court directed all the banks listed, to within seven days from the day of service of the orders file an affidavit disclosing the respective balances, funds, deposits, credit, and receivables, held in or the accounts of the company at the date of the order supported by a certified print out of the statements of accounts covering three months, pending the hearing and determination of the motion on notice.

In a 63-paragraph affidavit in support of the application, sworn to by the General Manager, Finance of Uniterm Nigeria Limited Company, Adekunle Okunnowo, it was alleged that Oriental Energy Resources Limited, was desirous of engaging a consortium comprising a local and foreign contractor to provide it with a Rig, specialized drilling unit, local and foreign personnel, and catering services required in the Well Drilling project for Ebok Field located within OML 67.

He averred that Oriental Energy Resources Limited contacted Borr International Operations Incorporated, a company engaged in the business of providing drilling services, and one existing under the laws of Marshall Island and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.

He further averred that the petitioner was to provide local personnel and catering and incidental services on the rig location; while Borr was to provide the Rig, drilling unit, and expatriate personnel for the project comprised in the contract.

The petitioner, Borr, and the respondent as separate juristic entities fully aware of their roles, rights, and obligations, entered into a business relationship in May 2021.

According to the deponent, the drilling operations and other contractual services commenced in May 2021 and ended in October 2021.

He stated that the Petitioner had submitted a total number of 61 invoices totalling $2,232,638.67 and N104,120,896.20.

The deponent added that all of these duly issued invoices were sent directly by the Petitioner to the Respondent in accordance with the Ordering and Invoicing process and most of them were allegedly received and honoured by the Respondent.

He stated that the Respondent, however, failed to pay six outstanding invoices all of which amount to the $1,453, 356.76 VAT inclusive.

He stated that sometime in October 2021 the Respondent alleged that Borr supplied Rig that malfunctioned thereby leading to temporary stoppage of work within the period resulting in non-productive time (NPT) and consequential spread cost losses.

In the light of this, the Respondent had sent a letter to Borr on 14th October 2021, informing Borr that they were disputing the service rates on Borr’s specific invoices dated 6th September 15th September 2021 in view of the non-productive time (NPT) and spread cost losses.

The letter was addressed to Borr, which was simply copied to the petitioner.

However, the Respondent never disputed the invoices submitted by the Petitioner for the local personnel supply and catering services rendered by it or queried any aspect of the services rendered by the Petitioner in accordance with the OERL Ordering and Invoicing Process,

He stated that the Respondent struggled throughout the contract tenure to comply with the contractual payment terms of 30 days from final invoices submission dates as agreed, instead payments were mostly delayed and irregular and some remained outstanding till date.

He stated that due to the persistent refusal of the Respondent to make payments to the Petitioner, on the six outstanding invoices, the Petitioner wrote a letter to the Respondent dated 14th March 2022 and 5th April 2022, demanding payment of the outstanding debt of $1,453,356.76 VAT inclusive.

By the terms of the contract, the Petitioner is also entitled to interests on the invoices as provided for in the contract. This is because the 30-day period stipulated in the contract has elapsed since the invoices were raised and submitted.

In his ruling, Justice Aneke granted the restraining order.

The suit has been adjourned till September 26, 2022, for a hearing, and it is expected that the defendants would have filed their defence.


Ex-Skye Bank chairman Tunde Ayeni speaks on paternity scandal with former lover, Adaobi Alagwu.



Former chairman of the board of directors of the defunct Skye Bank (now Polaris Bank) Tunde Ayeni has debunked a report that he reunited with his ex-lover Adaobi Alagwu.

Ms Alagwu, 30, a female lawyer based in Abuja, was said to be Ayeni’s daughter’s classmate when their relationship began.

The lawyer, it was gathered, wants him to admit he is the father of the baby girl she has and take responsibility for her.

Ayeni, however, admitted in a statement released by his media office that his affair with Alagwu set his family backwards and that he would not like to revisit his romance with her.

He said, “Ordinarily, the recent series of media reports linking my name with a lady, Adaobi Alagwu, should not deserve a response from me since the section of the media that is feasting on the issue seems to be uninterested in fact-finding, but mere sensationalism.

“But, given the possibility of even some discerning readers placing some value on the story, this short clarification and disclaimer become necessary.

“I wish to state that, indeed, Ms. Adaobi Alagwu and I had a relationship, which has since ended and, as well-meaning Nigerians can imagine, it was a mistake that has caused my family much pain which I regret and do not wish to continue reliving as a section of the media continues to make me do.”

On the paternity of Alagwu’s child, the businessman explained that the issue “is being resolved and will be resolved in due course but whichever way it is resolved, will never mean a rekindling of the ended relationship between myself and Ms. Alagwu.”

Last year, the Economic and Financial Crimes Commission (EFCC) pulled back the N25.4 billion fraud case it filed against Ayeni and Skye Bank’s former managing director, Timothy Oguntayo.

The commission’s move followed an out-of-court settlement which the duo struck with the agency involving the forfeiture of about N15 billion in cash and assets.

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Tony ELUMELU Celebrates 60th Birthday with Symposium



The Group Chairman, United Bank for Africa (UBA) Plc, Tony Onyemachi Elumelu, CFR, clocked 60 years on Wednesday March 23, 2023 and in commemoration of this event, a symposium was held in his honour at the Tony Elumelu Amphitheatre in UBA House.

The symposium tagged ’60 for 60’ was attended by 60 young beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme, friends and colleagues.

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Seplat Sues Retired Founder Orjiako For Fraudulent Use Of Company’s Letterhead



Seplat Energy Plc has cut ties with founder, A.B.C. Orjiako and Amaze Limited for transacting on behalf of the company without the approval of the board after retirement.

The energy company said it has also commenced legal action against its retired founder and Amaze Ltd.

The company made the disclosure in a filing seen by THE WHISTLER on Thursday and signed by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

The company said, “Seplat Energy Plc (Seplat Energy or the Company) announces the termination with immediate effect of the Consultancy Agreement between the Company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited.

“Under the Consultancy Agreement, Dr. Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the Board after the 2022 Annual General Meeting in May 2022.”

Orjiako first resgined in November 2021, eight days after Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled founder, Orjiako.

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