The chairman of Seplat Petroleum Development Company, ABC Orjiako has been urged to pay his debt to Diamond Bank now owned by Access Bank.
The advice was given to him by concerned Nigerians.
Recall that Access Bank and Cardinal Drilling Services Limited, a company which Orjiako is the alter ego have been in a legal battle over an outstanding loan of U$.85.8 million obtained from Diamond Bank before it was acquired by Access Bank.
According to the concerned Nigerians, the only solution to the problem presently at hand is one that would see Cardinal Drilling Services Limited paying its debt.
Shaba Mohammed who reacted to the loan drama said that it was unhealthy, adding that if you obtain a loan from a bank to do business, there are terms and conditions of paying back.
He said: “A gentleman must pay his debt. I see ABC Orjiako as a gentleman. I am very disappointed that his name is being dragged in the media as one of the biggest debtors and one of those responsible for the collapse of Diamond Bank.”
Also reacting to the battle between Access Bank and Seplat’s subsidiary company, Akeem Tijani expressed dismay that the oil mogul’s company is refusing to pay its legacy debt owed Diamond Bank.
His words: “I was really surprised when I saw it in the media that ABC Orjiako’s company was owing and that it may have been partly responsible for the demise of Diamond Bank. It is unfortunate that Diamond Bank was one of the fledging banks in the industry that was doing well, but unfortunately started having financial problems because it over-leveraged itself.”
Further, he stated that a person who obtains a loan from a bank is obligated to pay back, wondering why the repayment of the loan owed Access Bank had become a major talking point and a legal tussle.
He maintained further that the path which Cardinal Drilling Services Limited is towing will only hinder legitimate organisations seeking loans for genuine businesses from getting them.
Thus, he urged Orjiako to prevail on his company to pay the legacy debt owed Diamond Bank which is now Access Bank, and avoid unnecessary drama.
Meanwhile, Access Bank has made clear through court filings that all it seeks is the recovery of its debt.
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