A commercial court in the British Virgin Islands (BVI) has ruled in favour of Access Bank Plc, enabling the Nigerian lender to pursue the recovery of a $220 million debt from Bryant (ABC) Orjiako, former chairman and co-founder of Seplat Energy Plc, and his wife, Igra Orjiako.
The ruling also names several companies as co-defendants, including Abbeycourt Energy Services (BVI) Limited, Plumage Management Limited, Pursley Resources Limited, Neville Investment Management Limited, Sinclair Commercial Limited, Shebah Petroleum Development Company Limited (BVI), Salvic Energy Limited, and Salvic Petroleum Resources Limited.
A Decade-Long Legal Battle
According to court documents, the dispute stems from a loan default by Shebah Petroleum Development Company (SEPCOL) in March 2013. The lenders subsequently demanded repayment under Orjiako’s personal guarantee and a corporate guarantee from Allenne Ltd, a BVI-registered entity.
In 2014, the lenders initiated legal proceedings in England against SEPCOL, Orjiako, and Allenne Ltd to enforce repayment. Although a settlement was reached, Orjiako allegedly breached its terms, prompting the lenders to return to court. A summary judgment was issued against him in 2016.
Access Bank, as the successor to Diamond Bank, later acquired the claims of two original lenders and sought to enforce the English judgment in the BVI.
In April 2024, the BVI court, with Orjiako’s consent, formally recognized and enforced the English judgment. The bank then filed additional motions to prevent the defendants from disposing of or interfering with their assets pending the court’s final decision.
Access Bank argued that several BVI shell companies, which held significant share tranches in Seplat Energy Plc, were beneficially owned and controlled by Orjiako, despite his claim that he transferred ownership to his wife in 2014.
Court Finds Share Transfers Were Fraudulent
During a summary judgment hearing in July 2025, the BVI court found that Orjiako had retained control over the companies and assets he claimed to have transferred.
Delivering his ruling in October 2025, Justice Mithani stated that the evidence demonstrated Orjiako’s continued control and use of the companies’ assets — including pledging them as security for personal loans — even after the purported transfers.
The court concluded that the transfers were “deliberate, systematic, and fraudulent,” intended to defraud creditors and obstruct Access Bank’s debt recovery efforts.
“The intention, in my judgment, was to delay and obfuscate matters in the hope of hindering the claimant and Dr. Orjiako’s other creditors from enforcing the BVI judgment,” Justice Mithani said.
He held that the transfers violated Section 81 of the Conveyancing and Law of Property Act (CLPA) of 1961, which prohibits transactions made with the intent to defraud creditors.
The court rejected Orjiako’s claim that the transfers were part of “estate planning” or made out of “natural love and affection” for his wife. Justice Mithani described this explanation as “not just fanciful but false,” noting that such sentiments do not constitute valid consideration under the law.
“A fraudulent intent may readily be established if a debtor cannot pay his debts without the transferred assets being available for repayment,” the judge stated. “In the face of Dr. Orjiako’s clear insolvency, it is difficult to see how these transfers were not intended to defraud creditors.”
Judgment and Consequences
Justice Mithani ruled that Orjiako remains indebted to Access Bank in the sum of $220,298,038 plus interest, as recognized under a consent order dated April 16, 2024.
The court further declared that Orjiako is the sole beneficial owner of the shareholding companies and of Salvic Energy Limited and Salvic Petroleum Resources Limited.
This latest decision follows a 2023 ruling by the Federal High Court in Lagos, which granted an ex parte order freezing Orjiako’s bank accounts over his alleged indebtedness to Access Bank. The Nigerian court also restrained Orjiako and his associates from operating or tampering with any funds held in banks or financial institutions across Nigeria pending resolution of the case.
