SAN FRANCISCO, November 19, (THEWILL) – The CEO of Peace Global Satellite Communication, Barrister U. Oreye is a very quiet guy. He loathes unnecessary media attention. Reason he is always off the media space. He has his hands in many pies including Real estate, Communication and hospitality. The consummate businessman is currently going through hard times. His hard earned investment in Peace Hotel, situated in Omole Phase 1, Lagos, 2 properties at Obadina Street, Lagos and his residence have been sealed by the Asset Management Corporation of Nigeria AMCON over bad loans.
In 2004, the CEO, Peace Global/ Peace Hotels limited, took a loan of N178 million to supplement the rolling out of wired phone. Out of the N178m taken, the sum of N162 million was paid back, remaining a balance of N16m.
Unfortunately, a thunderstorm destroyed the Peace Global Satellite Communications network, a development that made WEMA bank, the credit provider, move to dispose off the collateral used to secure the loan.
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 AMCON was created.
Sources claimed that; The case is still pending before the supreme court but AMCON went to secure an ex-parte order from an Abuja Federal High Court so they could take over the property. “On July 24th, 2020, without 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.”
“Meanwhile, Oreye and his company are being asked to pay over a billion naira, whereas AMCON bought the debt for N123 Million and up till date WEMA Bank or AMCON have not been able to produce photocopies of the instruments with which Peace Global drew the account down beyond N178 Million. 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.”
The businessman is currently enmeshed in a serious battle with AMCON over the seizure of his properties. While seeking divine intervention, he is currently hoping on the Senate Committee on Banking, Insurance and other Financial Institutions and the Attorney General of the Federation to call AMCON to order and allow the Supreme Court determine the matter.
