AMCON, Shebah, Orjiako resolve loan face-off

Following the recent media reports on the intervention of the Asset Management Corporation of Nigeria in the outstanding dispute between a consortium of banks and Shebah Exploration and Production Company Limited over unpaid loans since 2012, both parties and all stakeholders involved met last Tuesday to seek a way forward, especially on how it can be settled amicably.
The meeting, which held in the boardroom of AMCON, had in attendance representatives of Shebah Exploration and Production Limited, Dr. ABC Orjiako, who is also the Guarantor of the loan; the representatives of the consortium, including AFREXIM, Access Bank and Polaris Bank; representatives of AMCON; and the receiver/manager.
At the meeting, Orjiako, the Loan Guarantor and Chairman of Seplat Petroleum development company, who, according to reports, had previously paid $68 million from his personal money to the creditors, disclosed his plans to make more commitment as regards the payment of the loan.
The Defendant had in the pipeline plans to pay some money to the creditors prior to the AMCON intervention.
It was gathered that at the end of the meeting, the respective parties were pleased with the outcome of the meeting and looking forward to faithful implementation of agreements reached at the meeting.
According to reports, it was revealed that in line with the outcome of the meeting, Orjiako will be presenting a comprehensive repayment plan for all outstanding loans, which are due to the syndicate.
The agreed first tranche of payment is expected to be made latest by September 18, 2019.
In 2012, Shebah E and P obtained a $150 million loan facility from a consortium of banks: AFREXIM; Diamond, now Access; and Skye Bank, now Polaris, but led by AFREXIM.
The loan facility was meant for a drilling campaign at the Ukpokiti field, OML 108, operated by Shebah E&P.