Reps To Investigate Alleged Seizure, Sale Of Firm’s Industrial Equipment By Bank Of Industry

The House of Representatives has resolved to investigate the alleged seizure and sale of industrial equipment belonging to Ashford Industries Nigeria Limited since 2009 by the Bank of Industry (BoI).

The House resolved to wade into the matter following a petition against staff of Bank of Industry over the seizure of 327 industrial machines of Ashford Industries since 2009 and subsequent fraudulent sale of some parts of the said machines.

In the petition signed by the company CEO, Mr. Okey Justine Eze, and laid before the House at the plenary on Tuesday by the member representing Ideato North/South Federal Constituency of Imo State, Hon. Ikenga Ugochinyere, the petitioner sought the intervention of the House over the machines, which he said were unduly seized by the bank.

According to his petition, in 2006, he approached the Bank of Industry and obtained a loan of N89.5 million (USD535,000 as at the time), so as to increase the production capacity of Ashford Industries Nig. Ltd. However, officials of the Bank allegedly frustrated the entire transaction, which led to the seizure of 327 industrial machines belonging to the company.

The petition titled, “PETITION AGAINST STAFF(S) OF BANK OF INDUSTRY FOR SEIZURE OF ASHFORD 327 INDUSTRIAL MACHINES SINCE 2009 AND FRAUDULENT SALE OF PARTS OF THE EQUIPMENT, reads: “I am in receipt of a petition on the above subject from my constituent, Mr. Okey Justine Eze (CEO of Ashford Industries Nigeria Limited). He is seeking the intervention of the House of Representatives in retrieving 327 industrial machines owned by the Ashford Industries Nigeria Limited, which were unduly seized by the Bank of Industry since 2009.

“In 2006, he approached the Bank of Industry and obtained a loan of N89.5 million (USD 535,000 as at that time), so as to increase the production capacity of Ashford Industries Nig. Ltd. However and according to his petition, officials of the Bank of Industry frustrated the entire transaction, which led to the seizure of 327 industrial machines belonging to the company. Detailed facts of the petition are contained in a copy of the petition attached herewith. Accept Mr. Speaker, the assurance of my esteemed regards.”

After accepting the petition, the Speaker of the House, Rt Hon. Tajudeen Abbas, who presided over the session, referred it to the House Committee on Public Petitions for investigation.