Reps probe alleged mismanagement of multi-million naira equipment in BOI

By Christiana Ekpa

The House of Representatives on Tuesday resolved to investigate the alleged seizure and sale of industrial equipment belonging to Ashford Industries by the Bank of Industry since 2009.
The investigation was prompted by a petition against the Bank of Industry staff for the seizure of 327 industrial machines and the fraudulent sale of some parts.
The petition, signed by the company’s CEO, Mr. Okey Justine Eze, was presented to the House at the plenary on Tuesday by Hon. Ikenga Ugochinyere, the member representing Ideato North/South Federal Constituency. The petitioner is seeking the House’s intervention to address the alleged undue seizure of the machines.
According to the petition, in 2006, Mr. Eze approached the Bank of Industry and obtained a loan of N89.5 million (approximately $535,000 at that time) to increase the production capacity of Ashford Industries Nig. Ltd. However, the petition claims that Bank officials frustrated the transaction, leading to the seizure of 327 industrial machines owned by the company.
The petition, titled “Petition Against Staff(s) of Bank of Industry for Seizure of 327 Ashford Machines Since 2009 and Fraudulent Sale of Parts of the Equipment,” states: “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 to retrieve 327 industrial machines owned by Ashford Industries Nigeria Limited, which have been 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 (approximately $535,000 at that time) to increase the production capacity of Ashford Industries Nig. Ltd.
“However, according to his petition, Bank of Industry officials frustrated the entire transaction, leading to the seizure of the 327 industrial machines belonging to the company. Detailed facts of the petition are contained in a copy attached herewith. Please accept, Mr. Speaker, the assurance of my esteemed regards.”