Industrialist Writes Senate, AGF Over Seizure Of Properties

LAWYER and businessman, Livingstone Oreye, has petitioned the Attorney-General of the Federation (AGF) and the Senate Committee on Banking, Insurance and other Financial Institutions over the seizure of his properties by the Asset Management Corporation of Nigeria (AMCON).

The petition, signed by Ovie Edomi, media consultant to Oreye, said the subject-matter is pending at the Supreme Court.

According to Oreye, his properties and business premises were sealed by 15 heavily armed policemen 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.

Oreye said he borrowed N178million through his companies, Peace Global and Peace Hotels Limited, in 2004 to fund a telecoms investment. He said he repaid N162 million, with N16million balance.

According to him, a thunderstorm destroyed the Peace Global Satellite Communications network, a development that made Wema Bank attempt to sell the collateral used to secure the loan.

But Peace Global went to court in 2009, claiming that Wema Insurance Brokers failed to process the thunderstorm claim for two years.

Oreye denied that sum the bank and AMCON claim his companies owed, and urged the Senate and the AGF to call the agency to order, especially as the case is pending at the Supreme Court.