Access Bank Plc, Nigeria’s biggest lender, which assumed that position following its merger and acquisition deal with former Diamond Bank, is continuing its quest to clean up the Aegean stable of legacy issues brought upon it by the merger, especially outstanding debt the latter consummated
The bank is now horn-locked with one of Nigeria’s serial debtors, Ambrosie Bryant Chukwueloka (ABC) Orjiako, the chairman of Seplat Petroleum Development Company, SEPLAT itself, Cardinal Drilling Nigeria Limited, another company associated with the businessman, over an indebtedness put at $200 million.
In his bid to cover up his debt profile, he decided to go on a media war attacking Access bank as a bully. Isn’t it funny that a man whose debt profile has made him a serial debtor accusing a bank of corporate bullying?
He should pay his debt and see if anyone is interested in bullying him, as nobody is interested in his company, all they are asking for is for him to pay back depositors’ money.
In business, borrowing money in the bank without paying back is tantamount to putting the financial system at risk.
When a man calls himself a businessman and owes a bank you are putting the financial system at risk, which is not healthy for the economy.
As against his attack towards Access bank, ABC Orjiako should know and understand that been asked to pay back his loan is neither bullying nor a hostile takeover.
The matter, still in court, led to the issuance of a Morava order against Orjoako’s asset, which includes the freezing of seplat account and sealing of the seplat headquarters.
Although the order was lifted by the court of appeal, the Access bank has appealed to Supreme Court to reinstate the order.
Clearly, Orjiarkor’s recalcitrant behavior is a threat to the financial system.
The regulatory authority should find a way to prevent people like Orjiakor from accessing loans until they pay their old debt.
By: SUNDAY ADEBAYO