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

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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.

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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.

Vanguard

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