PRESS RELEASE
Just when an Abuja Federal
High Court is set to deliver Ruling on 24/11/2020, the motion brought
before it by Peace Global Satellite Communication over an ex-parte order
secured by AMCON, the AMCON Receiver is threatening the obligor to move
out of the property. This according to the Chief Executive of Peace Global
Satellite Communication 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.
In a statement made
available by Ovie Edomi, media Consultant to Barrister
OREYE
U.Livingstone, CEO, Peace Global/ Peace Hotels limited, the company , Peace
Global 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 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. But even then, Peace Global through the Chief
Executive wrote to AMCON alleging false misrepresentation of figures until
AMCON was joined by Order of Court in 2012 whereas AMCON was created in
2010 and the debt was bought in 2011 when matter was 2 years old in court.
As part of the efforts
to pay the balance to AMCON, Peace Global requested AMCON to reduce the
purchase price of the debt by ¾ hence WEMA Bank claimed that Peace Global was
owing N60m on principal and N60m is ¼ of N240m and on the ground that WEMA
could not provide photocopies of the instruments with which loan account was
drawn down beyond N178m. As a result, the Debt file was sent back to WEMA
through CBN but CBN returned the file back to AMCON.
Meanwhile, the
Suit was dismissed on the technical ground that Claimants failed to file the
CMC forms whereas the Claimants filed the CMC forms but was yet to serve the
parties hence Claimants’ Appeal was dismissed on February 10, 2020 but
Claimants filed Notice of Appeal and served on AMCON on February 14, this
year after 2 days delay due to unavailability of Certified True Copy of
judgement.
According to Oreye,
compilation of records was done by all parties including AMCON on June 16
this year shortly after the covid-19 lockdown. Thereafter the records
were transmitted on June 19, 2020 to Supreme Court while brief of Argument has
since been filed.
Lamenting Oreye's
ordeal, his media Consultant noted that on July 24, 2020, without Oreye being
served any court process, a bailiff of Federal High Court Lagos presented court
order dated 9/03/2020 issued by Federal High Court Abuja which order expires if
no motion on notice is served within 14 days of the Ex-parte order. Motion On
Notice was not filed within 14 days which expired on 23/03/2020. Writ of
Summons was filed on 20/03/2020 and in the supporting affidavit, it was claimed
fraudulently that the matter was not pending before any court whereas it was
pending before Supreme Court. Oreye have since filed Statement of Defence.
The Claimants’ 2
properties at Obadina Street, housing ongoing businesses were sealed with 15
heavily armed Policemen in attendance. Oreye's residence was also taken
possession of.
Though, the Claimants
have applied for the Ex-parte Order to be vacated and have served on the
Receiver.
Meanwhile
Oreye is being asked to pay over a billion naira whereas AMCON bought the
debt for N123 Million and up till date WEMA Bank or AMCON has not been able to
produce photocopies of the instruments with which Peace Global drew the account
down beyond N 178 Million.
Even then, for AMCON
which took a matter which was pending before Supreme Court to Federal High
Court Abuja, is now running away from the Ruling by threatening to seal up
Peace Hotels if the company does not enter into agreement to settle the matter
out of Court before 16/11/2020. All our plea for the Ruling to be
given by the Federal High Court Abuja first, before settlement or sealing is
falling on deaf ears
The AMCON Receiver
equally asked the company to be paying profit made from Peace Hotels into their
account and Oreye agreed pending the judgment of the Court.
Meanwhile the unanswered
questions are:
1.Why did AMCON still
go ahead to buy the debt at 123 million after warning in writing in a letter
dated 31-01-2011, written by Peace Global, alleging that WEMA Bank Plc
misrepresented the facts and figures to be N240 million outstanding on
principal, whereas the outstanding on principal is N16 million ?
ii. Why did AMCON buy
the debt, according to paragraph 16 of their statement of claim, on 30-06- 2012
whereas AMCON was joined to the suit by order of court on 23-02-2012 ?
iii. Why did AMCON go
to Federal High Court Abuja, to file ex parte motion dated 11-02-2020, to take
possession of Peace Global’s property including where the MD lives with his
family whereas Peace Global’s right to appeal to Supreme Court within 90 days
started counting on 11-02-2020 ?
iv. Why did AMCON use
N421,983,448.90 as the index amount whereas AMCON paid only N123 million to
WEMA Bank Plc for the debt and AMCON is not a profit making body or revenue
generating body ?
v. If AMCON is a
profit making or revenue generating body, AMCON should make its records of
debts resolved so far public to see how much profit or revenue it has made and
paid into the Treasury of the Federal Republic of Nigeria.
vii. AMCON sources its
funds from Treasury Bills which goes for about 6% rate of interest because it
is guaranteed by the Federal Government and as such the rate of interest
calculated based on the index amount should not exceed single digit.
vi. AMCON was created
to make banks liquid and once debt has been bought and paid for by AMCON, the
bank is not expecting another money from AMCON subsequently and as such AMCON
cannot scheme to recover beyond what it paid for buying the debt and single
digit of interest.
Oreye through his
media Consultant called on the Senate Committee on Banking, Insurance and other
Financial Institutions, the Attorney General of the
Federation to call AMCON to order and requested the suit at Federal High Court
Abuja be withdrawn and let parties pursue their remedies at Supreme
Court.
Signed
Ovie Edomi
Media Consultant to
Barrister Oreye Livingstone
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