The Civil Liberties Organization, CLO has urged the Asset Management Corporation of Nigeria, AMCON to obey the court order in respect of its case with Peace Global Satellite Communications Limited.
On the 24th of November, 2020, the Federal High Court of Nigeria, Abuja issued an order restraining AMCON from selling properties belonging to the company pending hearing and determination of substantive suit.
In a statement signed by its Chairman, Comrade Abiola Bakare and Secretary Comrade Enitan Joseph, the human rights group, condemned an alleged possession of the company’s properties by AMCON despite the court restraining order, describing it as a threat to democracy and the rule of law.
It noted with concern that AMCON had gone ahead to obtain an ex-parte order to take possession of the company’s properties in Omole Estate Lagos when the matter of the exact quantum of Debt owed by the company is on appeal at the Supreme Court.
The CLO therefore called on the presidency as well as the National Assembly to use their Superior powers to prevail on AMCON to act in line with Law.
It explained that based on information at it’s disposal, Peace Global had borrowed N178 Million from Wema Bank Plc which it used for rolling out a wired phone network in Omole Estate Phase 1,2 and it’s environs in 2004
It noted that the company later paid back 162 Million remaining a balance on principal of N16million , which it probably was unable to pay following a thunder storm that destroyed the network that was acquired through the loan.
The CLO said it was told that while Wema Insurance Brokers failed to process the thunder storm claim, Wema Bank Plc at a point attempted selling the collateral used in securing the loan without due process hence , the decision of Peace Global to go to court in 2009.
The right group noted that Wema Bank had misrepresented the fact by putting the balance on the principal at N240 Million instead of N 16 Million, which made AMCON bring the loan at N123 Million in 2012.
Upon detection of the padding by Wema Bank of the loan amount, it stated that Peace Global wrote immediately to AMCON alleging false misrepresentation of figures.
The Civil Liberties Organisation while pledging to follow the case to the end, vowed bthat it would continue to campaign for good governance, rule of law and true democracy.
