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Man petitions AGF, Senate over seizure of properties

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A businessman and lawyer, Livingstone Oreye, has petitioned the Attorney-General of the Federation (AGF), Abubakar Malami, 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 the media consultant to Oreye, Ovie Edomi, said the subject-matter is pending at the Supreme Court.

According to Oreye, his properties and business premises were sealed by men of the Nigerian Police Force while his private residence was also taken possession of.

Oreye said he borrowed N178million from Wema Bank 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 the 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.

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