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The only problem in this case is that by going after Seplat Petroleum, even suing it as the first defendant, to recover a debt owed by Cardinal Drilling Services Nigeria Limited, Access Bank may have gone on an overdrive and overshot the runway in its bid to recover of what is a legacy debt…
The peace and tranquillity of the corporate world was recently rattled by the news that a Nigerian court had granted an injunction allowing Nigeria’s biggest lender, Access Bank to seal up the headquarters of Seplat Petroleum Development Company, a leading and indigenous player in Nigeria’s Oil and Gas industry in the on-going legal battle over the recovery of a debt of $85.8 million. In a swift execution of the court injunction obtained by Access Bank, it’s appointed Receiver/Manager, Kunle Ogunba & Associates immediately sealed up the Temple Road Ikoyi rented headquarters of Seplat Petroleum, one of Nigeria’s biggest export brands, with a global reputatio
Seplat announces that the Court of Appeal sitting in Lagos has today suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court that led to the sealing of Seplat’s Corporate Head Office situated in a building located at 16A Temple Road, Ikoyi, Lagos, a building which is not owned by Seplat. The Court suspended the Order, upholding Seplat’s application.
On 2nd December 2020, the building in which Seplat’s Corporate Head Office is located was sealed in connection with a court case concerning an outstanding loan to Access Bank Plc by Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to Seplat. Seplat is not a party to the loan agreement, security agreement or guarantees made by or on behalf of Cardinal Drilling to Access Bank Plc., and did not provide any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank Plc.
Davidson Iriekpen
Access Bank Plc at the weekend said it had filed a notice of appeal at the Supreme Court to challenge the decision by the Lagos Division of Court of Appeal to upturn the suspension of the interim order made by a Federal High Court in Lagos sealing the corporate offices of Seplat Petroleum Development Company (SPDC) and freezing its accounts, in respect of loan obtained by Cardinal Drilling Services Limited.
The loan, according to the bank, was utilised by Seplat.
The bank, through its solicitors, Mr. Kunle Ogunba and Associates, approached the highest court after it expressed its dissatisfaction with the decision delivered by the Appeal Court, indicating that the learned justices of the court erred in law when they suspended the interlocutory orders made by the trial judge at the Federal High Court, thereby treating the substantive appeal at an interlocutory stage.
• Senior lawyer denies allegations
Tobi Soniyi
Seplat Petroleum Development Company has asked the Legal Practitioners Privileges Committee (LPPC) and the Legal Practitioners Disciplinary Committee of the Nigerian Bar Association (NBA) to sanction a Senior Advocate of Nigeria, Mr. Kunle Ogunba, for alleged gross misconduct and unethical practices contrary to the Rules of Professional Conduct for Legal Practitioners 2007.
In the petition to the LPPC, which was equally copied to the Nigerian Bar Association (NBA) President, the company accused Ogunba of violating Rules 1, 15, 24, 30 and 32 of the Rules of Professional Conduct 2007 and urged sanctions against the senior advocate in line with paragraph 55 of the Rules of Professional Conduct.
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