These are not the best of times for Seplat Energy boss, Dr. ABC Orjiako.

A Federal High Court in Lagos has granted Zenith Bank Plc. interim Mareva injunction orders against Sheba Exploration and Production, a company associated with Seplat Energy, mandating the latter and other related parties not to deal with the assets or transfer funds to Sheba Exploration, a firm in which Seplat Energy holds a significant stake.

Justice Yellin Bogoro of the Federal High Court, Lagos made the interim order while granting ex-parte Mareva application filed by Zenith Bank Plc through its counsel, Mr. Kemi Balogun (SAN), in the case of an alleged $78,426,578.64 debt.

A statement signed by Edith Onwuchekwa, Director Legal/Company Secretary, Seplat Energy said;

“Seplat Energy has been made aware of the ex parte interim orders of Mareva injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank Plc against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.”

“The interim orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and A.B.C. Orjiako.”

“The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank Plc to Shebah Exploration & Production Company Limited in 2014.”