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EXCLUSIVE: MULTI-MILLION DOLLARS DEBT: HOW ABC ORJIAKO’S COMPANY’S DEBT SANK DIAMOND BANK SHIP … ……………Also heavily indebted to AMCON.

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By: SUNDAY ADEBAYO

Dr. Ambrose Bryant Orjiako, the billionaire owner of a leading oil and gas company in Nigeria is a renowned businessman. But what many people didn’t know was that he is also the leading debtor in the country. His huge debts were among those of those that ultimately sank the diamond bank ship. A staggering $200 million debt is owed the now-defunct Diamond Bank by just one of his companies. It is a scandal that is brewing in business circles. How did this happen? Diamond Bank whose assets and liabilities were taken over by Access Bank went down to the shock of many who had followed its rise and successes over the years and had come to see it as the promise. They wondered what had happened.?
Now the circumstances surrounding its fall are becoming clearer. The Access bank management is not about to play the old game of hiding and seek with chronic debtors who are unwilling to pay. They are taking a very frontal and aggressive approach to recovering monies owed the bank and all they are asking “pay us our money”.

Orjiako, the founder and Chairman of Seplat Petroleum, President of Shebah Exploration and Production Company, and majority stakeholder of Cardinal Drilling Services Ltd. His Sheba E&P and Cardinal Drilling Services Ltd are among major debtors that dragged Diamond Bank to its demise. It is to their shame that one of the most successful Banks owned by a highly successful South-easterner was dragged down businessmen from that region.

In December last year, Access bank secured a Mareva injunction against Orjiako, Seplat, and his other companies owing to a huge debt of $135million, due to accrued interest on dollar value.

However, in the same December 2020, the access bank won the Mareva injunction for Orjiakor’s failure to pay all these years which has summed up to $200million dollars. Orjiako’s business model it appears is to use his subsidiary companies to borrow and then use the borrowed money to acquire assets for Splat’s benefit in order to insulate Seplat from liabilities.…

This bad debt is one of what eventually destroyed diamond banks and the regulator should not allow this to repeat itself if we don’t want these businessmen to finally ruin the financial sector of the country.

Though, orjiakor is saying Seplat is not owing Access Bank the said huge debt, he did not dispute the fact that one of his company is owing to the huge debt in question. He is also not disputing that those loans were taken for the benefit of Seplat. As a gentleman people perceive him to be shouldn’t rise to the challenge and pay up to avoid dragging his name in the mud as he becomes a familiar face in courtrooms over failure to pay loans he or his companies collected?

Meanwhile, in August 2019, a Federal High Court in Abuja had also granted the Asset Management Corporation of Nigeria, AMCON an application to take over Orjiako’s assets. The Court also ordered the takeover of his shares in SEPLAT Petroleum Development Company, Shebah Exploration and Production Company Limited, and Allene Limited.

The assets affected by the Mareva injunction included; 25, Lugard Avenue, Ikoyi, Lagos, 6, Agodogba Avenue, Parkview, Ikoyi, Lagos and the one at 11, Oba Adeyinka Oyekan Street, Ikoyi, Lagos, an oil vessel, MT Trinity Spirit used as a Floating, Production, Storage, and Offloading(FPSO) facility in Ukpokiti Oil Field belonging to Shebah Exploration and Production Company.

Also affected were all the movable and immovable assets of Shebah Exploration and Production Company Limited in and outside Nigeria, including the oil production facilities and other assets belonging to Shebah Exploration and Production Company Limited, located in and around Ukpkiti Oil Field.

The order was accompanied by letters to the Managing Directors of 29 commercial and merchant banks in the country where Ambrose Orjiako and his allies have accounts.

While he has successfully brokered a deal with AMCON.Orjiako’s companies are reluctant to pay back the banks many other financial institutions, they are indebted to. Access bank is currently on its trail to make sure every penny is recovered. And right now, the public is in no mood to tolerate bad debtors whose extravagant lifestyles have always been a source of worry to them. Let everyone who has borrowed pay his or her debt, period. After all the monies borrowed from the banks are depositors’ monies.

Society

Billionaire Femi Otedola’s mother, Christine, receives prestigious Papal honour…

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In a remarkable recognition of her selfless service to the Catholic Church and society, Mrs Christine Doja Otedola, mother of renowned businessman Femi Otedola, has been conferred with a Papal Honour by Pope Francis.

 

 

A Papal Honour, also known as a Pontifical Honour, is a prestigious award conferred by the Pope, the head of the Catholic Church, on individuals who have demonstrated exceptional service, dedication, and commitment to the Church and society.

 

The honour, one of the highest in the Catholic Church, was presented to Mrs Otedola by His Grace, Archbishop Alfred Adewale Martins of the Metropolitan See of Lagos, on behalf of the Pope, on September 14.

 

Mrs Otedola was specifically recognised in the Pro Ecclesia et Pontifice category, a testament to her unwavering commitment to the Church and humanity.

 

Femi Otedola took to his X page to celebrate his mother’s achievement.

 

 

Sharing photos from the ceremony and expressing his pride, he wrote: “Congratulations, Mummy – Dame Christine Doja, on your award of the Papal Honour of Pro Ecclesia et Pontifice by His Holiness Pope Francis. This is an honour well deserved.”

 

 

 

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Real Reasons ICPC Arrests El-Rufai’s Finance Commissioner, Shizzer Joy Nasara Bada At Lagos Airport

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Bada was reportedly travelling out of the country on Sunday when ICPC operatives apprehended her at the Murtala Muhammed Airport in Lagos. 

 

 

 

Operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have arrested a former Commissioner of Finance and Accountant General in Kaduna State, under Nasir el-Rufai’s administration, Shizzer Joy Nasara Bada at the Lagos Airport.

 

 

Bada was reportedly travelling out of the country on Sunday when ICPC operatives apprehended her at the Murtala Muhammed Airport in Lagos.

 

The ICPC officials said there was rising suspicion of a potential escape in the wake of mounting corruption allegations against the ex-governor el-Rufai, and herself.

Sources close to the government indicated to The Guardian that the ICPC had been tracking Bada’s movements after receiving an intelligence report suggesting that she might leave the country to evade investigation.

 

 

 

The arrest came as part of a broader crackdown on officials who served under el-Rufai’s administration, with multiple figures now under scrutiny for their roles in the alleged financial mismanagement of the state.

 

 

Already, el-Rufai has been indicted by the Kaduna State House of Assembly in its committee report of allegedly syphoning N423 billion from the state treasury. While the specific allegations against Bada remain under wraps, insiders believe they are connected to large-scale financial irregularities, including the mismanagement of public funds and alleged embezzlement.

Bada’s arrest has sparked widespread interest, with political observers questioning whether this could be the beginning of a wider probe into the former governor’s administration.

 

 

 

The Commission is expected to provide more details as the investigation unfolds, potentially exposing a web of corruption that could implicate several top figures.

Recall that Nasir El-Rufai, had also initiated a legal action against the Kaduna State House of Assembly following its claim that his administration misappropriated N432 billion during his eight-year tenure, resulting in significant state debt.

 

 

 

A fundamental rights suit was filed at the Federal High Court in Kaduna in June by the former governor’s attorney, Abdulhakeem Mustapha, a Senior Advocate of Nigeria.

 

 

 

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Pre-paid meter bills: Nigerians dump electrical appliances to cut cost  …..

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Usage of electrical appliances is one lifestyle Nigerians have come to embrace to achieve ease and save time in the various activities they perform in their homes.

 

 

During the era of pre-paid metres, gadgets such as electric stove, cooker, blenders, washing machines, boiling rings, pressing iron, deep freezers, among others, were highly purchased by households to either upgrade their kitchens or ease time in activities surrounding their lives.

 

 

Many especially women join thrift’s contribution (ajo or esusu as popularly known in Nigeria) to be able to raise money to purchase some of these items thereby putting smiles on the faces of producers and distributors of such gadgets.

 

However, the economy and lifestyle has discovered that many households have now abandoned the use of most of these gadgets since the introduction of prepaid meters.

 

Some ended up selling them to people selling fairly used products or other people still on post paid meters.

 

 

Mrs. Bridget Johnson, a banker said: “ Since I started using prepaid meter, I have stopped using most of my gadgets, especially the electric cooker, washing machine, pressing iron, among other things.

 

“We watch television set once a day. I had to buy an ipad where I downloaded various types of cartoons and educational materials for my kids to keep them busy.

 

“We switch off the lights and put on my fridge for three hours and switch it off once it is iced for a day.

 

“The rate at which the prepaid meter runs is alarming of recently.

 

 

Before I pay N32 per unit and when I load N10,000 with strict adherence to the rules my husband and I placed in the house it lasts us up to two weeks for the bills to get exhausted.

 

 

But recently, I discovered that when I loaded the N10,000 it wasn’t up to the two weeks before it finished.

 

“I had to call the electricity distribution office where they told me I had been transferred to band A.

 

“I was so pissed off with such a transition but had no choice than to accept it .

 

“In Nigeria of today you have to cut costs whether you like it or not.”

 

 

Mr. Shodimu Olorunfemi, a businessman, said: “Using a prepaid meter has its own advantages. “One of them is regulating what you consume.

 

“By doing so you have to forfeit carrying out certain lifestyles, especially using electronic gadgets that consume lots of electricity.

 

“Such gadgets like electric cooker, hot plate, pressing iron, refrigerator, Air conditioner, among others consume higher units of electricity.

 

 

In my house, I prohibited the switching on of lights during the day and also watching television all the time.

 

“Except I have a very important event I want to attend, I don’t iron my clothes. I pick the clothes for each day and hang them to straighten up.

 

 

My wife and I had to give out most of our gadgets to family members and friends who use post paid meters.

 

“With this development and the state of the economy, those selling electronic gadgets are on the losing side because people like us will not even have a spoilt gadget talk of buying a new one.”

 

For Mrs. Bakare Judith, a secretary and newly wed, she sold all her home appliances that consume high electricity units.

 

“I had to sell most of the electric gadgets I brought to my husband’s house when I discovered that he was using a prepaid meter.

 

 

I use the blender once in two months and ironing is done once in a blue moon.

 

 

 

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