By Destiny Day
Ambrose B.C. Orjiako, Seplat Chairman and Guarantor of the loan in ongoing litigation between Asset Management Corporation of Nigeria (AMCON) and Shebah Exploration and Production (E&P) Company Limited has pledged to make further payment on his indebtedness.
He reportedly made strong commitment to pay further when he led a large entourage to the AMCON office on Tuesday to seek the management’s buy-in on his readiness to defray his debt running into billions of naira (or millions in dollars).
A source from Orjiako’s office on Thursday said the parties to the litigation met on Tuesday, September 3 and discussed how to amicably resolve the various issues that have been in public recently.
It added that in line with the outcome of the meeting, the guarantor will be presenting comprehensive repayment plan for all outstanding loans which are due to the syndicate. The agreed first tranche of payment is expected to be made latest on September 18, 2019.
The meeting which held at AMCON office had in attendance representatives of the obligor company (Shebah Exploration and Production Limited), ABC Orjiako (the Guarantor of the loan), the representatives of the lenders – Afrexim Bank, Access Bank and Polaris Bank of which is the subject of an Order of the Federal High Court made on August 15, 2019, representatives of AMCON, and the Receiver/Manager.
The court order directed that Orjiako’s homes in Nigeria and abroad, his shares and office in Seplat, and all tank farms associated to the obligor be confiscated, and all accounts in banks belonging to Shebah exploration and Production Limited, be frozen
Though it was learnt that the respective parties were pleased with the outcome of the meeting, AMCON told TheNiche on Thursday that commitment to pay does not translate to payment.
An AMCON official who confirmed the meeting said: “We can only take him seriously when he pays what he is owing. We have had cases of many of the debtors coming here to make commitment to pay, but when they leave they will renege without honouring the commitment.
“What is standing between them and AMCON is the debt they are owing and when we get confirmation they have paid we will be the one to inform the public, but not them using mere commitment to launder their image and buy time as responsible citizens.
“Commitment or not, let him pay what he owes and it is only when that is done that AMCON will let go its hold on their property in line with the order of the court.”
Regardless, Orjiako was to have plans to pay some money to the creditors prior AMCON’s intervention.
He was said to have earlier paid $68million of his personal money to the creditors.