Industrialist Petition Senate, AGF, Over Seizure of Properties By AMCON

Industrialist Petition Senate, AGF, Over Seizure of Properties By AMCON

Legal practitioner and business man Oreye Livingstone has petitioned the Attorney General of the Federation (AGF) and the Senate Committee on Banking, Insurance and other Financial Institutions over seizure of his properties by a government agency.

The petition signed by Ovie Edomi, media consultant to Oreye and made available to journalists on Monday accuses AMCON of threat over a matter currently at the supreme court.
According to the petition, the case brought by Peace Global Satellite Communication owned by Oreye is currently at an Abuja Federal High Court which is set to deliver Ruling on 24/11/2020.
Three motion brought before it by an ex-parte order secured by Asset Management Company Of Nigeria (AMCON).
Oreye in the statement says his two housing properties and business premises were sealed with 15 heavily armed Policemen in attendance while his private residence was also taken possession of.

“AMCON Receiver is threatening us to move out of the property. This is even happening when the matter which has dragged on for years is now before the Supreme Court until AMCON recently went to secure an ex-parte order from an Abuja Federal High Court, ” the petition reads in part.

Findings reveals that Oreye through his company Peace Global/ Peace Hotels limited in 2004 borrowed N 178 million to supplement the rolling out of wired phone. Out of the N178m borrowed, the sum of N162 million was paid back, remaining a balance of N16m on principal. There was a thunderstorm that destroyed the Peace Global Satellite Communications network, a development that made WEMA bank to attempt selling the collateral used to secure the loan but Peace Global went to court in 2009 claiming that WEMA Insurance Brokers failed to process their thunderstorm claim for 2 years. This matter we also gathered was already in court before the creation of AMCON but according to Oreye, WEMA Bank misrepresented to AMCON that balance on principal was N240m which made AMCON to buy the loan for N123m. According to the petition, compilation of records was done by all parties including AMCON on June 16, 2020. Thereafter the records were transmitted on June 19, 2020 to Supreme Court while brief of Argument has since been filed.

Oreye however plead that AMCON should be called to order requested the suit at Federal High Court Abuja be withdrawn and let parties pursue their remedies at Supreme Court.