AMCON Bares Its Fang, Moves against Sheba E&P, Orjiako

Direct banks to stop withdrawals from accounts

Less than a month after President Muhammadu Buhari, signed into law, the Asset Management Corporation of Nigeria (AMCON) (Amendment) Act, 2019 into law, which increased the powers of the corporation to enforce recovery of debts from its debtors, the corporation through its lawyers has written all commercial and merchant banks in the country, directing them to forthwith, stop Sheba Exploration & Production Company and its President, Dr. A.B.C Orjiako and Allenne Limited from withdrawing monies from their accounts domiciled in all the banks.

In addition, the interim order by the court, gave the Receiver/ Manager the mandate to take over all the assets of Sheba E & P, its subsidiaries and affiliate companies, the personal assets of Orjiakor (including his homes at Parkview Estate, Ikoyi, in London and Maryland in the US), his offices and offices of SEPLAT, a floating, production, storage and offloading (FPSO), as well as the shares of SEPLAT Petroleum and Development Company Plc and Platform Petroleum, pending the determination of the case.

Lexavier Partners Legal Practitioners, solicitors to AMCON, disclosed this in a letter to the chief executive officer of one of the tier 1 banks, dated August 16, 2019,a copy of which was obtained by THISDAY yesterday.

Specifically, it disclosed that on August 15, 2019, Justice T.O. Taiwo, had in a ruling at a Federal High Court, at the Abuja, in an interim order against the defendants and in favour of AMCON, had appointed Francis Chuka Agbu, (SAN), as Receiver/Manager.

Lexavier Partners Legal Practioners, in the letter stated: “We refer to the above subject matter in which we act as Solicitors to AMCON, which is the plaintiff in the suit.

“We wish to inform you that on Thursday, August 15, 2019, the Federal High Court, holden at the Federal Capital Territory, Abuja, coral, Honourable Justice TO Taiwo, made the attached order against the defendants and in favour of AMCON.

“By the said Order, your bank is mandated to henceforth prevent all further withdrawal(s) of funds and other debit transactions from the defendants’ account (s) domiciled with your bank and also furnish the Receiver/ Manager within seven days from the date of this notice, with comprehensive statements in respect of each account.”

It added: “The said account should be forwarded within the stipulated time to an address at Ikoyi. Please note that the attached order is binding and enforceable against your bank and shall remain so until and unless a subsequent order is made to the contrary.

“Consequently, we expect that your bank will fully comply with the order. Thus, we shall be constrained to initiate contempt proceedings against the bank and every responsible officer of the bank in the event that the terms of this order are flouted or in any way undermined by any action or conduct of the bank or any of its officers.”

Meanwhile, the interim court ruling obtained by THISDAY on the matter states that the judge had, “granted judicial protection to Francis Chuka Agbu, (SAN), the Receiver/Manager of the Ist defendant applicant herein vide the Deed of Appointment of Receiver of July 30, 2019, to take possession of and preserve the first defendant, Shebah Exploration and Production Company Limited and all assets and undertaking wherever they may be found, including but not limited to those assets lying and situate at: 10c Lugard Avenue, Ikoyi, Lagos; 25a Lugard Avenue, Ikoyi, Lagos; MT Trinity Spirit, a vessel used as a FPSO facility and located in, around, and or within the first defendant’s Ukpokiti oil field, whether or not under the control of the first defendant and wherever it is, within or outside jurisdiction.”

It also directed that, “all and any movable and immovable assets of Shebah Exploration and Production Company Limited wherever located, in Nigeria or outside of Nigeria, including the production facilities and all other assets belonging to the first defendant and located in and around the Ukpotiki oil field and to take possession of and inventory of all equipment, machinery and any chosen thereon.”

“That interim order is hereby made directing the Sheriffs of this Honourable Court to liaise with Francis Chuka Agbu, (SAN), as the Receiver of the first Defendant to enter upon the following: The 2nd defendant’s property in Parkview Estate, Ikoyi, Lagos; the 2nd defendant’s property in Maryland, United States of America; the 2nd defendant’s property in London, United Kingdom.

“An interim order directing all the financial institutions listed in the schedule to this motion to disclose to, and or furnish the Receiver with all sums standing to the credit of the defendant in their custody by sending to Francis Chuka Agbu (SAN), as Receiver/ Manager, within seven days of receiving this order, a statement showing the outstanding balances of the Defendants.

“An order directing the Nigeria Police and all its officers, including the Inspector General of Police, Assistant Inspector General of Police Zone 2 and 9, and the Commissioners of Police of the Lagos State and Delta State Police Commands, their Deputies and Officers attached to them, as well as all other law enforcement agents/personnel to assist and protect the Receiver/ Manager and the Sheriff of this Honourable Court in the execution of the orders granted pursuant to this application, and secure and keep all the properties listed in prayer two above or all the properties affected by the said order of this court, pending the hearing and final determination of the motion on notice before this court.”