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ZENITH BANK BATTLES SEPLAT BOSS, ABC ORJIAKO. COURT FREEZES HIS PERSONAL ASSETS, COMPANY FUNDS

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* Why the court ordered his company to sever transactions with him

Until he got shamed by some Nigerian banks over unpaid loans, the life of Dr. A.B.C Orjiako bloomed like a prairie dotting the promenade of acclaim. This minute, however, the world unfurls for the Chairman and Co-founder of the energy company in bleak blossom.

There is no gainsaying the uncanny resemblance between him and the lead character of Anezi Okoro’s famous novel, One Week, One Trouble. Like the 1972 novel’s character, the businessman has been hugging negative spokes of the limelight in the past few months.

Like a sewer rat fleeing the onslaught of an unrelenting charwoman, Orjiako is running hither, thither in the wake of an order from a Federal High Court instructing his company not to transact with him anymore.

The court, sitting in Lagos blocked Seplat Energy Company from transacting with its Chairman and Co-founder, Orjiako.

The oil and gas firm disclosed this on Tuesday in a statement signed by Edith Onwuchekwa, Director Legal/ Company Secretary.

Justice Yellin Bogoro of the Federal High Court, Lagos made an interim order while granting ex-parte Mareva application filed by Zenith Bank Plc through its counsel, Mr. Kemi Balogun (SAN), in the case of an alleged $78,426,578.64 debt.

The restriction stems from a loan granted to Cardinal Drilling, and Kalu Nwosu, the former Managing Director of Cardinal Drilling by Zenith Bank back in 2014.

Cardinal Drilling failed to repay the outstanding amount leading Zenith to sue Seplat.

Cardinal Drilling was promoted by Orjiako as the debt was transferred to Seplat.

Seplat said it “has been made aware of the ex-parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

“The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited, and Dr. A.B.C. Orjiako.

“The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.”

 

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Just in : Senate Approves Emergency Rule In Rivers State

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The senate has approved the request of President Bola Tinubu for emergency rule in Rivers state.

Senate President Godswill Akpabio read the president’s letter during Thursday’s plenary before lawmakers went into a closed door session.

 

….More to come

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Stampede: Oyo withdraws charges against Ooni’s ex-queen, Hamzat, principal

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The Oyo State Government has withdrawn all charges against Naomi Silekunola, former wife of the Ooni of Ife; Oriyomi Hamzat, owner of Agidigbo FM; and Abdullahi Fasasi, principal of Islamic High School, Bashorun, Ibadan.

The trio had been facing legal action following the tragic stampede at a children’s event in December 2024, which claimed the lives of at least 35 children.

After Thursday’s court session, the defendants appeared visibly relieved, exchanging smiles and pleasantries as the charges were officially dismissed.

Oyo State Attorney General, Abiodun Aikomo, confirmed the development, explaining the government’s decision.

“It was an unfortunate incident that led to the death of many. And you see, in law, whenever death occurs and the circumstances are not natural, the law will take its course. So, the state responded by filing charges against the persons implicated in the investigation,” Aikomo said.

However, he noted that while prosecution was initially pursued, the accused individuals demonstrated deep empathy and compassion toward the victims’ families.

“In the course of doing that, we actually wanted to prosecute, but the affected persons showed empathy. They showed compassion. And as far as human beings can do, they tried to persuade the feelings of the affected parties. And in the circumstance, we felt the essence of prosecution is not to kill people or persecute them,” he explained.

“It is in the interest of justice to discontinue these charges, and that is what happened today. So, we withdrew the charge, and it was struck out by the court. There is no charge against them again, so they are free,” Aikomo concluded.

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N1.361bn contract fraud allegation rocks Edo Urban Water Corporation, staff petition Okpebholo

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There is tension at the Edo State Urban Water Corporation, following a petition against the Acting Managing Director, Mrs Toyin Rose Adeboyega over an alleged N1.361 billion contract fraud.

SOCIETY REPORTERS reports that Mr Christopher Abhulimen, a staff of the corporation, wrote the petition against the Managing Director to the Edo State Government.

The petition addressed to the State Governor, Monday Okpebholo was dated February 6, 2025.

The petition is titled, ‘Concerning instances of misappropriation of funds, mismanagement of public funds, poorly executed contracts/fictitious contract projects facilitated by the previous administration with the abetment and instrumentality of the Acting Managing Director of Edo State Urban Water Corporation, Mrs Toyin Rose Adeboyega’.

Abhulimen, who listed about eight projects allegedly involved in the fraud, noted that not only did some of the aforementioned projects not exist in reality, but even for the few that exist, there is nothing in them to justify the astronomical funding commitments.

He appealed to Governor Monday Okpebholo to take all necessary actions to ensure thorough investigations of the projects as well as the complicity of the Acting Managing Director, and/or any other person(s) in the facilitation of alleged unwarranted hemorrhage of public funds.

In the petition, Abhulimen, listed the projects and their cost to include N700 million pipeline network reticulation to Ugboha, Uromi and environs, N23 million funding of Abico Pumping Station, and N120 million provision of potable water to Emotan Garden Estate.

Others are N150 million reactivation of water schemes at Etsako and Akoko-Edo, N150 million supply of pipes and accessories to Ugboha/Uromi Water Scheme, N15 million for supply of chemicals, N160 million for the management of Ugboha Dam and N43 million of illegal sales/disposal of exhumed ductile pipe in the course of road construction at Iruekpen and environs.

When contacted, the Acting Managing Director of the Corporation, Mrs Toyin Rose Adeboyega, said a journalist has already written a rejoinder on the petition.

Adeboyega, who forwarded the alleged rejoinder to DAILY POST, denied the allegations levelled against her.

Mrs Toyin Rose Adeboyega, Acting Managing Director, Edo State Urban Water Corporation.

The alleged rejoinder written by Comrade Robinson Akhenoba, titled, ‘Allegation against Mrs Toyin Rose Adeboyega’, alleged that after conducting a thorough investigation in the said ministry, it was found that “these allegations are not only misleading but also a gross misrepresentation of facts”.

Akhenoba, while urging the governor to take time to investigate the allegations as contained in the petition, advised him to remain vigilant and not succumb to the alleged manipulative tactics of those who seek to divide and rule.

According to him, these individuals often rely on misinformation and speculation to achieve their goals, which can lead to unfair treatment of dedicated public servants.

“I implore you to prioritize facts and figures when evaluating these allegations, rather than getting swayed by baseless claims. As findings have shown, Mrs Adeboyega possesses a high level of integrity and a strong commitment to her role. It’s crucial for you to recognize and appreciate her efforts in serving the people

“By focusing on verifiable evidence and ignoring malicious rumors, you can ensure that justice is served,” he added.

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