BVI Court Orders Ex-Seplat Chairman Orjiako to Pay $220 Million in Landmark Debt Enforcement Ruling
In a landmark decision that has sent ripples across international financial and legal communities, the British Virgin Islands (BVI) Commercial Court has ordered Dr. Ambrosie Bryant Chukwueloa Orjiako, former chairman of Seplat Energy, to pay over $220 million to Access Bank Plc. The ruling, delivered by Justice Mithani on October 1, 2025, followed a decade-long cross-border dispute over unpaid debts linked to a 2013 oil and gas loan facility. The court also included Dr. Orjiako’s wife and eight BVI-registered companies as co-defendants in the case.
The case stemmed from a syndicated loan exceeding $200 million granted to Shebah Exploration & Petroleum Company Limited (SEPCOL), a Nigerian energy firm controlled by Dr. Orjiako. When SEPCOL defaulted, Access Bank, as the successor to Diamond Bank, sought to recover the funds through enforcement actions in both the UK and the Caribbean. The bank accused Orjiako of using offshore companies to conceal assets and frustrate debt recovery efforts. Justice Mithani’s decision marked the culmination of years of asset tracing and interim court orders, including freezing and receivership measures.
In a detailed 70-page judgment, the BVI court found compelling evidence that Dr. Orjiako had fraudulently transferred company ownership to his wife to hide assets from creditors. Justice Mithani ruled that these transfers were “sham transactions” lacking commercial purpose, affirming that Orjiako continued to control and benefit from the companies despite the purported handover. The court held that “natural love and affection” could not be considered valid consideration under fraud laws, emphasizing that the transactions were designed to defraud creditors.
The judgment not only confirmed Access Bank’s right to recover the full amount but also clarified important legal principles around fraudulent conveyance, beneficial ownership, and the granting of summary judgment in fraud cases. Justice Mithani underscored that courts should not shy away from issuing summary judgments in such cases when evidence is “clear and compelling,” even in the face of serious fraud allegations.
Legal experts describe the ruling as a watershed moment in global debt enforcement, demonstrating the BVI’s readiness to dismantle complex offshore structures used to evade repayment. For Access Bank, it cements its position as a formidable force in international asset recovery, while sending a strong warning to other debtors using similar offshore tactics. The bank is expected to proceed swiftly with enforcement actions to recover the $220 million and accrued interest from the identified BVI assets.
source: primebusiness africa