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AMCON Debt: Court orders takeover of SEPLAT Petroleum chairman’s assets

The Federal High Court in Abuja has granted the Asset Management Corporation of Nigeria (AMCON) application to take over the assets of the Chairman of SEPLAT Petroleum Development Company, Ambrosie Orjiako.

The court also ordered the take over of the assets of two of Mr Orjiako’s affiliate companies, Shebah Exploration & Production Company Limited and Allenne Limited.

SEPLAT Petroleum is a Nigerian independent oil and gas company operating a portfolio of oil and gas assets in Nigeria’s Niger Delta region.

The court order, issued on August 15, was accompanied with the letters to the Managing Directors of 29 commercial and merchant banks in the country where Mr Orjiako and his allies have accounts.

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