Breaking News

AMCON/Shebah E&P: ABC Orjiako makes payment commitment

Kindly Share This Story:

Indications have emerged that ABC Orjiako, guarantor of the loan in ongoing litigation between Asset Management Corporation of Nigeria, AMCON, and Shebah Exploration and Production, E&P, Company Limited, has made strong commitment to pay further.

The parties to the litigation had met on Tuesday, September 3, and discussed how to amicably resolve the various issues that have been in public recently, with sources at AMCON saying in line with the outcome of the meeting, the guarantor will be presenting comprehensive repayment plan for all outstanding loans, which are due to the syndicate.

Plateau improves IGR, gets N10.7bn in 7 months(Opens in a new browser tab)

The agreed first tranche of payment is expected to be made latest on September 18.

The meeting, which held at AMCON office, had in attendance, representatives of the obligor company (Shebah E & P), ABC Orjiako (the guarantor), the lenders, Afrexim Bank, Access Bank and Polaris Bank; AMCON, and the Receiver/Manager.

It was learned that the respective parties were pleased with the outcome of the meeting. It was also learned that the defendant had plans in the pipeline to pay some money to the creditors prior to the AMCON intervention.

While negotiations commenced, ABC Orjiako, who had previously paid $68 million of his personal money to the creditors, made commitment to pay further.


Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!