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ACCESS BANK V SEPLAT and ORJIAKO: Smear Campaign of a bully

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By Sola Olusoji

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It is no longer in doubt that the ongoing legal battle between Access Bank PLC and Seplat Petroleum Development Company PLC over the loan transaction between the bank and Cardinal Drilling Services Limited has transmuted into a campaign of calumny against the Chairman of Seplat, Dr. ABC Orjiako as some notorious hatchet jobbers try to outdo themselves in the false claim that the surgeon-turned business tycoon business owes Access Bank PLC some millions of dollars. Instructively, the story and figure of the supposed keep changing from the unreasonable to the totally ridiculous with each writer.

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Obviously, the entire campaign of lies is built on a quicksand of the strange lawsuit, which Access Bank and their counsel, Kunle Ogunba (SAN), instituted against Seplat, leading to the ex parte orders, interlocutory and Mareva injunctions, but which have since been suspended by the Court of Appeal on 22nd January 2021. The fact that a three-man Appeal Panel suspended the orders of the Federal High Court did, underscores the point by Seplat that the lower court was totally misled and deceived through deliberate misrepresentation and suppression of facts by Access Bank and their counsel, Ogunba.

This is further underlined by the fact that the Legal Practitioners Privileges Committee (LPPC) and the NBA’s Legal Practitioners Disciplinary Committee (LPDC) are currently probing Access Bank’s lawyer, Kunle Ogunba for gross professional misconduct following the petitions lodged against him by Seplat. It will also interest the public to know that this is not the first time Ogunba would be running into troubled waters for professional misconducts. He was stripped of his SAN rank in 2018 for professional misconduct, before it was later restored.

The fact that they have resorted to media trial with a view to obtain in the court of public opinion what they are unable yet to obtain from the court of law, shows how desperate, dishonourable, and dishonest they are. However, so long as they keep churning out falsehoods in public space, men of good conscience, who have followed this matter with rapt interest are obligated to put the truth out there, undiluted, so that every unbiased will easily know the truth and easily see through Ogunba and Access Bank’s campaign of calumny against the person of ABC Orjiako and Seplat.

Meanwhile, the fact, as has been widely reported in the media, remains that Cardinal Drilling obtained credit facilities from Diamond Bank (now Access Bank) to procure four drilling rigs (CDS Rigs 101, 201, 202, and 203) between 2012 and 2014. The loan was secured with Deeds of Fixed Debenture tied to Cardinal Drilling’s assets, namely the four specific rigs. But rather than face Cardinal Drilling when the company could not liquidate the outstanding loan of about $85.8 Million, Access Bank sued Seplat (that was not a party to the loan) as First Defendant, Cardinal Drilling (its real debtor) as Second Defendant, Orjiako (that was not also a party to the loan) as Third Defendant, and Kalu Nwosu (former MD of Cardinal Drilling) as the Fourth Defendant in clear violation of well-established principles in law.

To push the perfidy through, Kunle Ogunba law firm deposed to an Affidavit that: Cardinal Drilling is a sister-company of Seplat; Seplat employed Cardinal as a veritable vehicle, smokescreen, and shell company “in furtherance of the purchase of drilling rigs for their sole benefit, but has refused to liquidate the outstanding indebtedness”; Cardinal transferred the loans disbursed to it to Seplat; Cardinal is a sister-company of Seplat; the said loan was secured with Floating and Fixed Debentures; and Orjiako is the promoter and alter ego of SEPLAT . They further averred that “Unless the Defendants are restrained together with other Directors of the First and Second Defendants (Seplat and Cardinal, respectively), they would strip the assets of the Defendants and dispose them…”; and that unless the Defendants and Directors of both companies are also restrained, “they would place the assets of the Defendants (Seplat and Cardinal Drilling) beyond the reach of this Court and the Receiver/Manager (Kunle Ogunba)”

However, as reports emerging from the courts also clearly show, Seplat and Orjiako were never parties to the loan and did not guarantee it. Cardinal Drilling never transferred any part of the loans to the oil company as claimed by Ogunba and Access Bank (without any supporting documents). Also, the rigs were used to execute drilling jobs for other firms, including the government-owned Nigerian Petroleum Development Ltd, a subsidiary of Nigeria National Petroleum Company (NNPC). Furthermore, Cardinal Drilling obtained the loan with Fixed Debentures, not Fixed and Floating Debentures as falsely claimed by Access Bank and their lawyer. Therefore, in the event of debt recovery, a Fixed Debenture legally confines Access Bank to the four Cardinal Drilling’s assets they were charged to.

Obviously, none of Access Bank’s claims makes Seplat or Orjiako liable for the loan in question because there absolutely no privity of contract between Access Bank and Dr. Orjiako or Seplat for which any court action or debt recovery enforcement could be pursued against them. It is an established principle in law that only a party, which directly obtained a credit facility or a party, which guaranteed a loan in writing, is liable to the loaner for a debt. Also, only a party that is liable for a bank debt in law or in equity can be sued. This to apply for an injunction against the assets of a party that is not liable for a bank debt, as Access Bank and Ogunba has done, is an aberration unknown to Nigerian laws.

Furthermore, is it not absurd to imagine, let alone imagine, that Seplat’s assets, including five Oil Mining Licences (OML), which are not only immovable assets, but are also producing crude oil on a daily basis could easily be moved out of the reach of the court. Or to claim that a firm with impeccable local and international reputation in raising and servicing debt; a firm that just raised $260million, being its obligation towards the $650million financing for the ANOH Gas Processing Plant (a record 50:50 Joint Venture with the Nigeria Gas Company, a subsidiary of the NNPC); a company worth over $2.8 Billion in assets and about $500 Million in market capitalisation; a company listed on both the London Stock Exchange and Nigeria Stock Exchange since 2014; would strip its assets or play “hide and seek” over a $85.8 Million alleged debt if it truly owes.

It is even bizarre that while Cardinal Drilling has not denied indebtedness to Access Bank, Access Bank and its lawyer and hatchet jobbers are insisting that it is Seplat and Orjiako, not Cardinal, that owe them.

One wonders what their idea of indebtedness and owning a company is. Does one own a company simply by holding shares or equity in the company? I thought that any serious-minded writer or blogger bent on unmasking the truth on this matter could have at least named all the shareholders, including the Directors Cardinal Drilling Ltd. Why the shielding? There is need to conduct “Lifting the Corporate Veil” to unmask the ownership structure of Cardinal Drilling, including the Directors. When the wind blows, the world would then clearly see the fowl’s rump.

Furthermore, the last time one checked, Seplat was still a highly regulated oil firm owned by very many reputable shareholders from all around the world. Reduced it to a one-man business owned by Orjiako is mischief of the drunk. While Dr. Orjiako deserves accolades for co-founding Nigeria’s flagship indiginous oil and gas firm, being Seplat’s co-founder and Chairman do not make Seplat his personal property.

This fixation on Seplat and Orjiako, including suing these non-parties to the loan in question as First and Third Defendants; this insistence on sealing/takeover of a business of Seplat magnitude and import to the economy; and this sponsored campaign of calumny against the person of Orjiako by well-known hatchet jobbers and guns for hire, are the more reason many believe that Access Bank is more interested in asset extortion than debt recovery.

It is equally mischief to claim that Orjiako is using the courts to avoid repaying a loan when it was Access Bank that sued Seplat and Orjiako over a debt they do not owe. And the reasons of Seplat’s appeal against the orders of the High Court are very clear: palpable falsehood, misrepresentation and suppression of facts by Access Bank and their lawyer.

It is instructive, for instance, that while Access Bank uploaded all manner of lies, including the claim that Seplat’s assets could be stripped by the Directors and placed beyond the reach of the court, the Court of Appeal, in suspending the orders of the lower court, specifically held that Access Bank had nothing to lose if Seplat continued to do its business while the litigation lasts. Their Lordships held that it would be “bad and tragic” to continue to seal the offices of a company that is of such strategic economic import to the nation. Seplat supplies gas to three power plants that are responsible for the 40 per cent of power supply in Nigeria and employs over 400 Nigerians.

“The fear and anxiety expressed by the 1st Respondent (Access Bank) appeared unfounded. It would also not amount to hearing the substantive suit. The Supreme Court has held that where machines and workers would be rendered useless, the court would intervene. Disruption of business should be considered in the issue of balance of convenience. The court will exercise its discretion in suspending the injunction. Practical approach should be adopted and not do injustice to any of the parties. Where considerable hardship will be done to a party, the court will intervene by suspending the injunction or stay it.

“I found substance in the argument. The injunction restraining the appellant from operating is hereby suspended. Order on its accounts are also lifted pending the determination of the appeal”, Honourable Justice Joseph Ikyegh held in the ruling concurred by the two other Justices.

Clearly, the issues at stake hold enormous implications for Nigeria, hence Orjiako and Seplat should never succumb to Access Bank’s cooperate bullying. No matter the quantum of lies they tell through their kabukabu hatchet men in the social and conventional media, the just will ultimately be vindicated and the wicked will never go unpunished.

Olusoji writes from Lagos

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Opinion

Tribunal Victory: Redefining the role of opposition politics in Edo State

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By Fred Itua

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The recent ruling of the Edo State Election Petition Tribunal, which saw the Peoples Democratic Party (PDP) lose its bid to overturn the election victory of Governor Monday Okpebholo, marks a defining moment in the state’s political landscape. While elections and legal challenges are essential aspects of democracy, what follows is even more crucial—the role of the opposition in ensuring governance is accountable, effective, and people-centered. However, this must be pursued in a manner that prioritizes the development and stability of Edo State rather than fueling acrimony, political tension, and divisive rhetoric.

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A vibrant opposition plays a crucial role in strengthening democracy. It is expected to provide constructive criticism, propose alternative policies, and ensure that the ruling government remains accountable to the people. However, for this role to be beneficial, it must be driven by the genuine interest of the people rather than personal vendettas, obstructionist tactics, or an attempt to undermine the legitimacy of the government.

In Edo State, the focus should now shift from post-election bitterness to responsible opposition politics. The people of Edo have made their decision through the ballot, and the legal process has affirmed it. It is now imperative that the opposition, especially the PDP, restrategizes its approach by offering meaningful policy alternatives rather than engaging in actions that could destabilize governance.

One of the most damaging aspects of opposition politics in Nigeria is the tendency for acrimonious engagements that serve only to inflame tensions rather than address pressing governance issues. When opposition leaders resort to inciting the public against the government, spreading misinformation, or engaging in character assassination, they create an environment of hostility that hinders governance rather than improving it.

Edo State cannot afford to be embroiled in unnecessary political squabbles that distract from the task of development. The challenges before the Okpebholo-led administration require cooperation, innovative thinking, and a commitment to service delivery. Any opposition that seeks to continuously heat up the polity for selfish political gains is doing a disservice to the very people it claims to represent.

True opposition is not about opposing for opposition’s sake; it is about providing credible alternatives and engaging constructively with the government of the day. There are many pressing issues in Edo State—economic development, infrastructure, education, security, and healthcare—that require the collective input of all stakeholders, including the opposition.

Rather than staging protests or engaging in campaigns to delegitimize the government, the opposition should leverage democratic institutions such as the State House of Assembly, public discourse forums, and the media to articulate well-thought-out policy alternatives. Political parties that lost at the polls should focus on rebuilding, strengthening their grassroots engagement, and preparing robust policy proposals that can win public support in future elections.

Democracy thrives when all parties respect the electoral process and its outcomes. The people of Edo have chosen their leader, and the court has validated this choice. Any attempt to undermine Governor Monday Okpebholo’s administration through disruptive tactics would not only be undemocratic but also counterproductive. The opposition must recognize that its role is not to create instability but to ensure that governance is people-centered and effective.

As Edo State moves forward, it is time for all political actors to set aside differences and focus on governance. The ruling party must be open to constructive criticism, while the opposition must act responsibly, engaging in issues-based politics rather than resorting to acrimony. The interest of Edo people must remain paramount, and every political action should be geared toward their well-being and progress.

Governor Monday Okpebholo has a mandate to govern, and he must be given the space to deliver on his promises. The opposition, rather than being an obstacle, should be a partner in ensuring that democracy works for everyone. Politics should be a contest of ideas, not a battleground of personal or party rivalries. Edo State deserves better, and it is only through responsible and constructive engagement that true progress can be achieved.

Fred Itua is the Chief Press Secretary to the Edo State Governor.

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Between Jigawa state government and drop in grain prices

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By Adamu Muhd Usman.

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“If you can think of it, you can plan it; if you can plan it, you can dream it; if you can dream it, you can achieve it.”

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—Unknown author

Farming and livestock are Jigawa’s main occupations. The Jigawa people and its government are always interested in farming. So talking about farming, farmers, commodities and livestock prices are interesting issues for Jigawa people.

The prices of cash crops, grains, etc., are recording a steady drop in Jigawa State occasioned by the yearning and interest of the people of the state and also some state government commitment for both farming of animals and farm produce.

A check and investigations by yours sincerely showed and proved that the prices of many things had dropped by 20-30 per cent in the last four weeks and thereabouts in Jigawa state.

A 10 kg local rice farm (produced) in Jigawa State was sold at ₦9,000 as against the previous price of almost ₦12,000. Millet, sorghum, beans, wheat, Benny seeds, etc., indicated a similar price decrease.

People are of the opinion that the situation of a high supply of the produce from farms in Jigawa State has committed itself to producing a large quantity of farm produce and livestock to meet the demand in the region or the country at large. Surely, the increase in the supply of the produce from the farms or farmers had forced prices down in the recent past.

Others still attributed this price drop to the fear of Allah instilled in the hearts of hoarders because the clerics kept preaching against hoarding, which is seriously frown upon by God Almighty.

While some political critics viewed it as the bad economic policies of the President Tinubu administration, in which Allah used it to bring relief to the common man.

Quite obviously, Jigawa is amongst the three states in the federation that produce and supply the nation and some neighbouring counties with grains, livestock, fish and frogs. Jigawa state is also first in Hibiscus, sesame, gum Arabic, datefarm and also Jigawa is not left behind in the farming of cotton and Siemens. —-Jigawa is blessed.

But at the overround investigations, findings and outcomes, it was largely concluded that all these results and achievements were attributed to the people’s interest and passion for farming, but it is mostly because of the government’s commitments to assist, promote and enhance agricultural production in the state to make it a priority in Jigawa as a means of livelihood, occupation and income for the Jigawa populace and to be a source of internally generated revenue (IGR) for the state and also make the state feed the nation formula. Thank God, the airport (cargo) built by the former governor, Dr Sule Lamido, will now be very functional and useful.

The big question now is, can the state government sustain its support for the agricultural sector and continue to pay more attention and also sustain the package and gesture?

We hope that farmers in the state will continue to enjoy maximum support in crop production, including the use of mechanised farming. This will encourage livestock farming, which will go a long way to reduce or stop farmers’/herders’ clashes.

Also, the issue of soil erosion should be given due attention, and more roads should be constructed across the state in order to facilitate bringing out farm produce from villages and rural areas to urban areas.

As the saying goes, Success is getting what you want, and happiness is wanting what you get.

Adamu writes from Kafin-Hausa, Jigawa State.

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Power, privilege and governance

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President Bola Tinubu

By Abiodun KOMOLAFE

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The concepts of power, privilege and governance are complex and multifaceted. Power refers to the ability to influence others, while privilege denotes unearned advantages.

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Governance encompasses institutions, structures and processes that regulate these dynamics. Together, these concepts raise fundamental questions about justice, equality and resource distribution.

It emphasizes the importance of considering marginalized groups’ experiences and perspectives. The main problem in Nigeria today is its political economy, which is rooted in rent-seeking and fosters a mindset that prioritizes patronage over production.

The country’s politics are characterized by a patron-client relationship, where everything revolves around government handouts rather than effective governance. This has led to a situation where “politics” in Nigeria is essentially a scramble for resources in a country with severely limited opportunities for self-improvement.

When French agronomist René Dumont wrote ‘False Starts in Africa’ in 1962, he inadvertently described Nigeria’s current state in 2025. Nigeria’s missteps have magnified themselves in the theatre of the absurd, such as the construction of a new vice presidential residence and Governor Chukwuemeka Soludo’s boasts about the lavish official residence for the governor of Anambra State, currently under construction.

It is to be noted in contradistinction that the newly sworn-in Prime Minister of Canada, Mark Carney, is looking for somewhere to live. The official residence of the prime minister, 24 Sussex Drive, the Canadian equivalent of 10 Downing Street, is in disrepair and uninhabitable. No Canadian government can dare ask the parliament to appropriate the $40m needed to refurbish the residence.

Canada’s Gross Domestic Product (GDP) exceeds $2 trillion, while Nigeria’s GDP is less than $400 billion. Still, Nigeria claims to be a giant! With an electricity generation capacity of less than 6,000 megawatts, Nigeria’s proclamation seems absurd, especially when compared to cities like Johannesburg, Singapore, Hong Kong and Mumbai. Even Lagos State alone should be generating, transmitting and distributing at least 15,000 megawatts, which would be a basic expectation rather than an achievement.

Nigeria today needs a comprehensive overhaul of its governance crisis to build a new political economy and social services that are fit for purpose. Although the government is on the right path in some ways, a root-and-branch transformation is still necessary.

A notable breakthrough is the decision to recapitalize development finance institutions, such as the Bank of Industry and, crucially, the Bank of Agriculture. This move is significant in a rent-seeking state, as it addresses the need for long-term capital – a prerequisite for achieving meaningful progress.

The development finance institutions require annual recapitalization of at least N500 billion, ideally N1 trillion. Achieving this necessitates a thorough cost evaluation of the government’s machinery, starting with the full implementation of the Oronsaye Committee’s recommendations.

The resulting cost savings can then be redirected to development finance institutions and essential social services like primary healthcare. Furthermore, the government should be bolder, if it can afford to be so, especially since there’s no discernible opposition on offer At the moment, the Nigerian political establishment across the board appears to be enamored by the position put forward by the leader of the Russian revolution, Vladimir Lenin, after the failed putsch. Lenin wrote the classic, ‘What is to be done?’

His observation is that revolutions do not take place at times of grinding poverty. They do so during periods of relatively rising prosperity. Significant sections of the Nigerian establishment believe that relatively rising prosperity could trigger off social discontent.

In their own interest, they had better be right. The caveat is that Lenin wrote ‘What’s to be Done’ in 1905. The world has moved on and changed since the conditions that led to the failure of the attempted takeover of government in Russia in 1905. Therefore, the Nigerian political establishment, for reasons of self-preservation, had better put on its thinking cap. Addressing power and privilege in governance requires collective action, institutional reforms and a commitment to promoting social justice. Nigeria currently lacks a leadership recruitment process, which can only be established if political parties are willing to develop a cadre. Unfortunately, the country is dealing with Special Purpose Vehicles (SPVs) instead. It’s rare to find leadership in Nigeria operating political boot camps to recruit and groom youths for future leadership roles.

This might be why many young people have a misguided understanding of politics, viewing it as merely a means of sharing the nation’s commonwealth. Mhairi Black was elected to the British House of Commons at 20 years old.

However, the key point is that Black had started becoming involved in politics at a young age. By the time she was elected, she had already gained significant experience, effectively becoming a veteran in the field. In Nigeria, politics is often seen as one of the few avenues for self-fulfillment. However, the economy is stagnant, with few jobs created in the public sector and limited investment opportunities.

This is a far cry from the 1950s and 1960s, when political parties were more substantial. Today, it’s worth asking how many Nigerian political parties have functional Research Departments. Besides, what socialization into any philosophy or ideology do our politicians have? Similarly to former Governor Rotimi Amaechi, many of those who currently hold power are motivated to stay in politics due to concerns about economic stability.

Of course, that’s why the Lagos State House of Assembly has had to revert itself. It is the same challenge that has reduced the traditional institution to victims of Nigeria’s ever-changing political temperature. It is the reason an Ogbomoso indigene is not interested in what happened between Obafemi Awolowo and Ladoke Akintola.

It is also the reason an Ijebuman sees an Ogbomoso man as his enemy without bothering to dig up the bitter politics that ultimately succeeded in putting the two families on the path of permanent acrimony. Of course, that’s why we have crises all over the place! May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

KOMOLAFE wrote from Ijebu-Jesa, Osun State, Nigeria (ijebujesa@yahoo.co.uk; 08033614419)

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