More Trouble For Seplat Chairman As NEIMETH Suspends Deals

Zenith Banks Nigeria Plc’s dispute with the Chairman of Seplat Petroleum, A.B.C. Orjiaku has taken worse shape as Neimeth International Pharmaceuticals Plc has suspended all transactions with the embattled businessman.

The action is coming few days after Seplat, a company he co-founded suspended transactions with him.

Neimeth said in a circular dated Thursday October 11, and posted on Friday that it has been mandated not to deal with the assets or transfer funds to Orjiako, Sheba Exploration & Production Company Ltd, Sheba Petroleum Development Company Ltd.

The decision was based on the ex-parte Interim Orders of Mareva Injunction granted by a Federal High Court sitting in Lagos in a court action instituted by Zenith Bank.

The order was against Orijiako, Sheba Exploration & Production and 7 others with 29 cited parties.

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.

NEIMETH said, “The interim orders mandate Neimeth Internationals Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & and Production Company Limited, Sheba Petroleum Development Company Limited and A.B.C. Orjiako in the company.

“The orders have no impact whatsoever on the operations of Neimeth.”