There are men who gain from their wealth only the fear of losing it. But can the same be said of Dr. ABC Orjiakor? But despite his huge loss, Orjiakor must learn to find consolation in the fact that capitalism without loss, is like Christianity without hell.

The greatest hazard of all is losing his mojo, and for a magnate of his stature, this can occur very quietly in the world, as if it were nothing at all. Until there is nothing left of his repute and beleaguered enterprise.

Even as you read, at Seplat, fortune may lose its radiant sheen; directors and shareholders of the oil company are running helter skelter as you read, like frightened life forms dreading the flare of an angry asteroid.

However, 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.

In the application, AMCON asked the court to grant Francis Chuka, a Senior Advocate of Nigeria, right to exercise its function as Receiver/Manager of Mr Orjiako’s assets in Nigeria and abroad, including Shebah Exploration & Production Company Limited.

Mr Chuka was appointed by AMCON as Receiver/Manager on July 30, 2019, with the mandate to “take possession of and preserve all its assets and undertakings” by Mr Orjiako.

The assets and undertakings included his personal properties at Nos. 10C and 25A Lugard Avenue, Ikoyi, Lagos; an oil vessel, MT Trinity Spirit, used as a floating, Production, Storage, and Offloading (FPSO) facility in Ukpokiti Oil Field belonging to Shebah Exploration & Production Company Limited.

Also affected are all movable and immovable assets of Shebah Exploration & Production Company Limited in and outside Nigeria, including the oil production facilities and other assets belonging to Shebah Exploration & Production Company Limited and located in and around Ukpokiti Oil Field.

Source: Thecapital.ng