Category: Business And Brand

  • Navy Extends Operation Delta Sanity Amidst Continued Success Against Oil Theft

    Navy Extends Operation Delta Sanity Amidst Continued Success Against Oil Theft

    Vice Admiral Emmanuel Ikechukwu Ogalla, the Chief of Naval Staff, announced the extension of Operation DELTA SANITY for an additional 90 days. The announcement was made at the Nigerian Navy Ship PATHFINDER in Port Harcourt.

    Operation DELTA SANITY, initially launched on 6 January 2024, is a robust anti-crude oil theft initiative aligned with the directive from the President and Commander-in-Chief, His Excellency Bola Ahmed Tinubu, to eradicate crude oil theft and enhance Nigeria’s oil production for economic improvement. The operation involves aggressive surveillance and interdiction missions across the Niger Delta, utilizing Navy personnel, platforms, helicopters, and Unmanned Aerial Vehicles.

    The Vice Admiral highlighted the operation’s significant impact on curbing maritime criminal activities and oil theft. The Nigerian Navy has conducted both kinetic and non-kinetic operations, leading to substantial results across multiple states including Bayelsa, Ondo, Rivers, and Akwa Ibom. The efforts have drastically limited the operations of oil thieves and vandals, contributing to the recovery of large quantities of stolen crude oil and refined products.

    Statistics from the operation demonstrate its effectiveness:
    – Recovery of massive quantities of stolen crude oil and refined products
    – Seizure of 95 wooden boats and 13 fiber boats
    – Deactivation of 119 storage tanks and refining ovens
    – Deactivation of 447 dugout pits and 120 illegal refining sites
    – Seizure of 9 vehicles
    – Arrest of 74 suspects
    – Seizure of 14 vessels

    Vice Admiral Ogalla expressed gratitude to President Bola Ahmed Tinubu for his steadfast support of the Armed Forces and the Nigerian Navy. He also commended the valor and dedication of all officers and men involved in Operation DELTA SANITY, who sacrifice daily to uphold the operation’s mandate.

    The extension of Operation DELTA SANITY underscores the Nigerian Navy’s commitment to maintaining maritime security and bolstering the national economy through sustained efforts against crude oil theft.

  • Nestle Facing An Angry Backlash Over Sugar Content In Baby Products

    Nestle Facing An Angry Backlash Over Sugar Content In Baby Products

    Nestle, the renowned global food corporation, finds itself under scrutiny following revelations of high sugar levels in its baby food products across developing nations, notably Nigeria. An investigation conducted by Swiss organization Public Eye and the International Baby Food Action Network (IBFAN) has sparked concerns among parents and health professionals alike.

    The study uncovered traces of added sugar, including sucrose and honey, in Nestle’s Cerelac cereal for children aged six months to two years, as well as Nido, a follow-up milk formula for infants over one year old, sold in countries like Nigeria.

    Comparisons revealed stark differences in sugar content between different regions. Cerelac products in India contain almost 3 grams of sugar per serving, while those in developed countries like Germany and the UK contain no added sugar. In countries such as Ethiopia and Thailand, sugar content per serving peaks at nearly 6 grams.

    Critics have raised alarm bells, citing concerns over the potential health implications, particularly in a region already grappling with rising rates of obesity-related diseases. Akinbode Oluwafemi, Executive Director of Corporate Accountability and Public Participation Africa (CAPPA), emphasized the need for government intervention to address unhealthy dietary trends, including sugar-sweetened beverages.

    “In a country where over 80% of health expenditure is out-of-pocket, the government must prioritize legislation that curtails unhealthy food environments and promotes a culture of healthy consumption,” Oluwafemi stated.

    However, Nestle Nigeria’s Head of Corporate Communications, Victoria Uwadoka, responded to inquiries, asserting the company’s commitment to global nutrition, health, and wellness standards. Uwadoka clarified that Nestle does not add sugars to infant formula for children aged 0-12 months, including in Nigeria. She emphasized adherence to both international and local guidelines, stating that Nestle’s Growing Up Milk in Nigeria contains no added sugars.

    The controversy underscores the importance of transparency and consumer awareness in ensuring the nutritional integrity of baby products and promoting the health and well-being of infants and young children.

  • Fidelity Bank Celebrates Air Peace’s Milestones

    Fidelity Bank Celebrates Air Peace’s Milestones

    …London Service: You Can Fly From Any Domestic Route- Onyema

    Fidelity Bank Plc last weekend celebrated Air Peace for its milestone of commencing scheduled flight operations into London, United Kingdom.

    The special event, organised by the bank at Civic Center on Sunday, April 21, 2024, was graced by stakeholders in aviation, media personalities and well-wishers of both brands.

    Onyeali-Ikpe Commends Air Peace
    In her remarks, the Managing Director, Fidelity Bank, Dr Nneka Onyeali-Ikpe, commended Air Peace’s giant strides and financial discipline which it has upheld since inception.

    She added: “Air Peace has been very loyal to us. We are grateful to have them as our client and we are celebrating their milestone of launching direct flight service to London and other milestones they will achieve”.

    The Chairman, Air Peace, Dr Allen Onyema, who noted that it was not rosy for the airline to attain its current status, expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

    He emphatically acknowledged the pivotal role played by former DG, Nigerian Civil Aviation Authority, Engineer Ben Adeyileka, in helping the airline secure its Airline Operator Certificate, AOC.

    Onyema Appreciates Fidelity Bank
    The Air Peace boss thanked Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

    “I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity”, he added.

    Air Peace, Job Creation & CSR
    The aviation maestro emphasised that Air Peace was set up primarily to create employment, not to profiteer. According to him, the motivation behind the business was to empower Nigerians economically.

    “Air Peace was not borne out of the intent to profiteer but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

    Highlighting how the airline nevers fails to engage in humanitarian interventions for Nigerians, especially the numerous evacuation flights at critical times, the aviation leader asserted that Air Peace truly cares about the Nigerian project and supporting the airline means supporting the growth of the Nigerian economy.

    London Service: We Need Your Support- Onyema
    Onyema said the airline needs the support of Nigerians to sustain the newly launched London service.

    “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

    “Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer”, Onyema affirmed.

    Pledging that the airline will continue to fully adhere to the standard of safety, he lauded the Management and staff of Air Peace for the efforts in realising the London dream.

    Shun Ethnic Nationalism
    “Let’s shun ethnic nationalism and spread love and broad nationalism. Air Peace is not an Igbo airline. It is a Nigerian airline that belongs to two hundred million people”, Onyema stated.

  • Access Bank Launches Revolutionary Offline Banking Platform, 901 Connect

    Access Bank Launches Revolutionary Offline Banking Platform, 901 Connect

    Access Bank Plc, a pioneering institution in Nigeria’s financial sector, has introduced its groundbreaking offline banking platform, www.901.ng, to offer customers an additional digital channel for managing and conducting daily transactions seamlessly.

    This innovative solution aims to redefine convenience and security in banking, ensuring uninterrupted access to financial services even in the absence of internet connectivity.

    During a media round table chat at the bank’s headquarters, Victor Etuokwu, Deputy Managing Director of Access Bank, highlighted the significance of the platform. “In today’s fast-paced digital age, connectivity is often taken for granted. However, millions of individuals worldwide still face challenges accessing online banking services due to various reasons such as poor internet infrastructure, remote locations, or security concerns. Recognizing this gap, Access Bank has developed this solution to empower our customers to bank securely, anytime, anywhere, irrespective of internet availability,” he stated.

    Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized that the platform reaffirms the bank’s core value of innovation and sets a new standard for accessibility and security in the banking industry. “As part of its ongoing commitment to excellence, Access Bank will continue to evolve its offerings to meet the evolving needs of its diverse customer base,” she added.

    The offline banking platform, www.901.ng, boasts several key features, including a simple way to send money, buy airtime, and pay bills without incurring extra fees or hidden charges. Notably, it requires no internet subscription or session fees, ensuring accessibility for all customers.

    Oluremi Gabriel, Head of Digital Channels at Access Bank, highlighted the uniqueness of the platform: “What we have today is a first-of-its-kind, and what it does is allow customers to do their basic banking with or without data. This innovation is driven by data as we know what customers want to do, and we have made it very easy and available to our customers, especially when they run out of data.”

    Access Bank remains committed to providing innovative and customer-centric financial solutions, focusing on digital transformation and community engagement to redefine the banking experience for its customers.

  • Fidelity records PBT of N76.3bn for H1 2023

    Fidelity records PBT of N76.3bn for H1 2023

    …Declares interim dividend of 25 kobo Per Share

    Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

    A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

    The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

    On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

    Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

    The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

    Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

    To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

    “We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

    Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

  • UBA Back2School Package Offers Exclusive Discounts, Other Benefits For Children, Parents

    UBA Back2School Package Offers Exclusive Discounts, Other Benefits For Children, Parents

    Africa’s Global Bank, United Bank for Africa (UBA) Plc is proud to announce its highly anticipated “Back2School” package, designed to provide exclusive discounts and benefits for both children and their parents.

    As the new school session kicks off, UBA continues to fulfil its commitment to fostering a seamless educational journey with innovative offerings aimed at assisting parents in nurturing their children’s educational journey with ease.

    UBA’s Head, Retail, Products and Sales, Prince Ayewoh explained that the bank recognises the pivotal role that education plays in shaping the future, which is why it developed strategic offerings and entered collaborations to enable families embrace the new school season with enthusiasm and confidence.

    He said, “We want our customers – both old and new ones – to know that we are more than just a financial institution, we are a reliable partner in their daily journey. With exclusive discounts and benefits tailored for both children and parents, we aim to alleviate some of the financial burdens associated with every new school season. This initiative reflects our holistic approach to banking, where we consider not only the financial needs of our customers but also their well-being and aspirations.”

    With the UBA ‘Back2School’ package, parents are set to enjoy scholarships, affordable healthcare plans as well as a 13th-month cash reward for their wards when they open and maintain a UBA Kiddies and Teens Accounts with N5,000 for 12 months or N10,000 for six months.

    Additionally, the bank is offering a UBA Personal loan, where parents can access up to N30million to enable them give their children and wards the kind of world-class education and life they deserve.

    UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, who expatiated on the array of offerings to be enjoyed by the bank’s customers this season, said that by using a UBA prepaid or debit card, customers can now access to an exciting world of discounts for their children.

    She said, “This season, UBA presents an array of exciting benefits that come with their prepaid or debit cards. Our customers now have access to a world of discounts that extend not only to their children but to themselves as well. For the students, for instance, their after-school learning is sorted with a 10% discount on ULesson packages when customers pay with their UBA card.

    Continuing, she said, “Also, the bank has partnered with i-Fitness Gym, offering an exclusive opportunity for parents to de-stress during the school year, and by paying with a UBA card, parents can enjoy up to 30% off at any of their gyms nationwide, promoting a healthier and more balanced lifestyle.”

    Ladipo shed light on the bank’s partnership with Aura by Transcorp; as she explained that using the UBA card, parents can book a rejuvenating staycation package through the Aura by Transcorp app and enjoy a generous 5% discount. “It is a perfect way for parents to recharge while entrusting their children’s education to capable hands,” she explained. She also added that parents can also get a relaxing massage at Oriki Spa, as they will enjoy a 10% discount using their UBA cards.

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

  • Fidelity Bank Secures Top Spot For Earnings Per Share On NGX In First Half Of 2023

    Fidelity Bank Secures Top Spot For Earnings Per Share On NGX In First Half Of 2023

    In a remarkable achievement for the second consecutive year, Fidelity Bank Plc, a prominent player in the financial sector, has clinched the position of the company boasting the highest earnings per share (EPS) on the Nigerian Exchange Limited (NGX) for the first half of 2023.

    According to an in-depth report published by BusinessDay, Fidelity Bank stands tall among industry leaders, including Seplat Energy, Total Energies, Okomu Oil, Presco, Dangote Cement, MTN Nigeria, BUA Foods, First City Monument Bank (FCMB), and Geregu Power. These organizations have demonstrated remarkable EPS performance during this review period.

    EPS, a pivotal metric, signifies a company’s net profit divided by its outstanding common shares. Widely regarded as a key indicator for assessing corporate worth, it reflects the monetary gain a company generates for each of its stock shares. A higher EPS often correlates with enhanced value, as investors are willing to pay a premium for shares of companies believed to possess substantial profits relative to their stock prices.

    An impressive highlight from the report reveals that Fidelity Bank has achieved an EPS of N184 in the first half of 2023, in stark contrast to its N79 figure during the same period in 2022. This robust growth showcases the bank’s resilient financial performance and strategic prowess.

    The bank’s outstanding shares stand at 32.01 million, with a stock price of N7. Notably, the bank has witnessed an impressive trading volume of 32.15 million as of Friday, 12:59 p.m., further underlining its prominence in the market.

    The bank’s profit figures are equally striking, with a staggering rise from N22.84 billion in the first half of 2022 to N53.3 billion in the corresponding period of 2023. A testament to its sound financial management and customer-focused initiatives.

    Furthermore, Fidelity Bank’s cash and cash equivalents have surged to N501.54 billion in the first half of 2023, demonstrating a significant increase from N276.07 billion during the same period in 2022. This remarkable growth reflects the bank’s dedication to solidifying its financial position and fostering a strong foundation for future endeavors.

    In a strategic move to bolster its operations and continue its upward trajectory, Fidelity Bank’s shareholders recently greenlit a capital raising initiative. This involves a Public Offer for up to 10 billion Ordinary Shares and a Rights Issue of up to 3.2 billion Ordinary Shares. This Rights Issue presents existing shareholders with an opportunity to acquire one new share for every ten shares held, while new shareholders can partake in the Public Offer.

    Fidelity Bank’s consistent success in achieving the highest EPS on the NGX affirms its standing as a leading financial institution and a preferred choice for investors seeking stable and lucrative opportunities.

    With its innovative approaches and steadfast commitment to excellence, the bank’s future endeavors are likely to shape the landscape of the financial industry.

  • Fidelity Bank Proposes Solutions to Address E-Fraud Concerns

    Fidelity Bank Proposes Solutions to Address E-Fraud Concerns

    The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has urged the Nigeria Electronic Fraud Forum (NeFF) to devise solutions for the issues presented by electronic fraud within the financial system.

    As reported by Vanguard Newspaper, she delivered this message during a gathering in Lagos, addressing NeFF’s 3rd quarter general meeting. Nneka Onyeali-Ikpe emphasized that electronic fraud involves online activities aimed at exploiting individuals and businesses for financial gain.

    During her speech, she provided examples of electronic fraud, including Phishing, Advanced Fee Fraud (419), Online Auction Fraud, Identity Theft, Tech Support Scams, Online Romance Scams, Investment Scams, Business Email Compromises, Ransomware, Online Rental Schemes, Pyramid Schemes, and Click Fraud.

    Drawing attention to the escalating prevalence of electronic fraud in the nation and the resultant challenges, the leader of Fidelity Bank underscored, “NIBSS’s data reveals a staggering 298% Year-on-Year increase in the value of electronic payment transactions in Nigeria, rising from N34.04 trillion in Q1 2022 to N135.52 trillion in Q1 2023.”

    “As technology continues to advance at an unprecedented pace, our reliance on digital transactions has grown exponentially. However, with this rise in digital interactions, the threat of e-fraud has become a significant challenge affecting individuals, businesses, and industries alike.

    “The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7b reported in 2021. As at Q1 2023, the total fraud loss was N5b according to the NIBSS Annual Fraud Landscape reports.

    “The Mobile channel is the most exploited channel by fraudsters in 2021 and 2022 with 42,821 and 45,090 reported fraud records respectively. Total fraud count in 2021 was 123,918 and 101,668 in 2022.

    “E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.

  • Ecobank Introduces Enhanced Cross-Border Business Facilitation with Foreign Currency Transfers on Mobile, Omnilite Apps

    Ecobank Introduces Enhanced Cross-Border Business Facilitation with Foreign Currency Transfers on Mobile, Omnilite Apps

    Ecobank has emphasized its commitment to fostering seamless cross-border business and financial transactions through the implementation of Foreign Currency transfer services on the Ecobank Mobile and Omnilite apps.

    The primary objective is to facilitate and promote convenient international trade interactions, highlighting its potential to greatly benefit both individuals and small enterprises across Africa.

    Ecobank Nigeria has recently announced a significant enhancement to its services, allowing its customers to execute rapid money transfers to 33 African nations within the Ecobank Group’s operational network.

    This service leverages the Ecobank Mobile and Omnilite apps, ensuring that recipients promptly receive funds in their respective local currencies.

    The Head of Consumer Banking at Ecobank Nigeria, Korede Demola-Adeniyi, has underlined that this introduction aligns with the ongoing advancements within the banking sector. Notably, individuals holding domiciliary accounts with the bank can effortlessly initiate transfers of up to $10,000 per transaction without any impediments.

    “While cash transfers are restricted to $10,000 per day, there are no such restrictions for international transfers that are not funded by foreign currency cash. Let the boundaries of your finances be effortlessly broadened with Ecobank,” she added.

    Here are the revised instructions for accessing the Ecobank Mobile app and Omni Lite:

    Accessing the Ecobank Mobile App:
    After logging in, navigate to the menu.
    Locate the “Transfer” option and select it.
    Choose the “Ecobank Africa” transfer option.
    Specify the destination country for the transfer.
    Select the mode of delivery for the transfer: CASH, WALLET, INTERBANK, ECOBANK ACCOUNT, or XPRESS ACCOUNT.
    Provide accurate recipient details.
    Indicate the reason for the transfer.
    Enter the desired transfer amount.
    Finalize the transaction by pressing the “Send” button.

    Accessing Omni Lite:

    Visit www.ecobank.com.
    Select “Omni Lite” and provide your username and password to log in, or use the Omni Lite mobile app to log in.
    Click the toggle menu button at the top left of the home page.
    Select “Transactions” and then choose “Ecobank Africa.”
    Pick the USD account to debit from.
    Select the destination country.
    Input the beneficiary’s account information and confirm the details.
    Click “Next.”
    Input the OTP sent to your registered mobile number and/or email address.
    For amounts exceeding 1,000,000 Naira or its equivalent FCY, enter the token generated on the Ecobank authenticator app.

    These steps will enhance a smooth navigation in both the Ecobank Mobile app and Omni Lite platforms for your transactions.

  • Court Freezes Accounts, Restrains ABC Orjiakor From Assets, Investments, Bank funds Over $101million Debt

    Court Freezes Accounts, Restrains ABC Orjiakor From Assets, Investments, Bank funds Over $101million Debt

    A Federal High Court sitting in Ikoyi, Lagos has frozen the accounts of Dr. Ambrosie Bryant Chukwueloka (ABC) Orjiakor and restrained him from dealing with assets, investments, and funds in bank accounts over the sum of $101.12 million outstanding debt against him.
      
    The development was sequel to his inability to pay the judgment sum entered in favor of Access Bank by Mr. Justice Philips of the High Court of Justice of England and Wales in case No. CL-2014-000815; a matter that was affirmed by the Supreme Court of England and duly registered as the judgment of the Federal High Court in Suit No. FHC/L/CS/219/2018, with the sum of $101,126,629.99 being the outstanding as at15th September 2021.

    In an Ex-parte Motion dated July 12, 2023, with Charge No. FHC/L/BK/08/2023 between Access Bank Plc (Creditor) and Dr. Ambrosie Bryant Chukwueloka Orjiakor (Debtor), an Interim Order was made restraining the “Debtor” and “his agents, servants, and or privies from interfering with, tampering and removing from the jurisdiction of this Honorable Court his funds,  investments, bonds, shares, pecuniary and other beneficial interest in all banks, financial institutions and/or company in Nigeria” pending the hearing and final determination of Motion on Notice  for the appointment of a Special Manager.

    An Order was also made ‘authorizing the creditor herein to take over and preserve all the assets of the Debtor, whether same may be found or situate.’ ‘A consequential Order directing and/or compelling all banks and financial institutions harboring the Debtor’s (Dr. Ambrosie Bryant Chukwueloka Orjiakor) accounts to depose to Oath the sums standing to the credit of the debtor in their custody within seven days from being served with an Order of the Court”.

    The 12 firms listed as respondents to the Motion are Seplat Energy Plc, Helko Nigeria Ltd, Neimeth International Pharmaceuticals Plc, Salvic Petroleum Resources Limited, Zebbra Energy Limited, Ordrec Group Limited, Helko Marine Services Limited, and Berwick Nigeria Limited. Others are Abbey Court Petroleum Limited, Abbey Court Energy Services Limited, Abbey Court Company Limited, and Pursley Company Limited.

    In a letter dated August 4, 2023, signed by Olasubomi Azeezat Saliu for ‘Kunke Ogunba & Associates (Insolvency Forte LP) acting for Access Bank Plc, the chamber advised respondents to the Motion to ‘forthwith stop further dealings or dissipations of the bond/ shares/investments standing to the credit of Dr. Ambrosie Bryant Chukwueloka Orjiakor, be it directly or held via proxy and furnish details of such bond/ shares/investments/interest belonging to the debtor’ to the firm.

    As part of the judgment, Justice Nicholas Oweibo of the Federal High Court granted an order freezing the bank accounts and assets of Dr. Ambrosie Bryant Chukwueloka Orjiakor , a co-founder and former Chairman of Seplat Energy over the alleged indebtedness to Access Bank Plc.

    The court order read: “That an Interim Order is hereby ordered restraining the debtor (Dr. Ambrosie Bryant Chukwueloka Orjiakor), his agents, servants and/ or privies or any other person or group of persons whatsoever under his authority or any other authority (however derived or sources) from operating, withdrawing from or otherwise tampering and/ or dealing with his funds in any bank and/or financial institution within Nigeria pending the hearing and determination of the Motion on Notice for the appointment of a Special Manger filed along herein.

    That a consequential order is hereby made: directing and/ or compelling all banks/ financial institutions harbouring  the debtor’s (Dr. Ambrosie Bryant Chukweloka Orjiakor) in their custody with seven days from being served with a copy of the order of court.

    That Interim Order is hereby made restraining the respondents from dealing with shares, investments, bonds, assets, funds howsoever described belonging to the Debtor (whether held by him directly or via proxy) in their custody and/ or in custody of any bank/ financial institution pending the hearing and final determination of the Motion on Notice for the appointment of a Special Manager filed along herein.

    That a consequential order is hereby made directing and/ or compelling respondents harbouring the debtor’s (Dr. Ambrosie Bryant Chukwueloka Orjiakor) shares, assets, bonds, funds howsoever described, whether held directly by the said Debtor or via proxy, to depose on Oath the shares, assets, investments, sums etc, standing to the credit of the Debtor (Dr. Ambrosie Bryant Chukwueloka Orjiakor) in their custody within 7 (seven) days from being served with a copy of the order of the court.

    That an Interim Order is hereby made restraining the debtor (Dr. Ambrosie Bryant Chukwueloka Orjiakor), his agents, Servants and/ or privies from interfering with , tampering, removing from jurisdiction of this honourable court his funds, investments, bonds, shares, pecuniary and other beneficial interests in all banks, financial institution and/ or company in Nigeria principally in Shebah Exploration and Production Company Limited, Allenne Limited and in the Respondents pending the hearing and final determination of the Motion on Notice for the appointment of a Special Manager filed along herein.

    It stated further: “That an order is hereby made authorizing the creditor herein to take over and preserve all the assets of the debtor, whether same may be found, specifically the following properties belonging to the debtor be it directly or via proxy: No. 25A, Lugard Avenue, Ikoyi, Lagos, No. 6, Agodogba Avenue, Parkview Estate, Ikoyi, Lagos.

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