Why Seplat Express Displeasure After Access Bank Sealed Headquarter Over Cardinal Drilling Loan Default


Seplat Petroleum Development Company Plc has expressed its displeasure over the sealing of its corporate headquarter by Access Bank Plc, due to a court case against Cardinal Drilling Services Limited a third party company providing drilling service to Seplat.

According to a statement which was made available to Financial Edge “We understand that Cardinal Drilling has outstanding loan obligations to Access Bank. However, SEPLAT is neither a shareholder in Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank.”

“SEPLAT strongly believes that there is no merit or justification for this action against it and has taken prompt legal action to vacate the court order pursuant to which the building was sealed. This action was taken by Access Bank without any prior notice to SEPLAT, as required under Nigerian law”.

Concluding that “SEPLAT will vigorously defend against this improper action to the full extent of the law and will seek all appropriate legal remedies”.

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