SAN FRANCISCO, February 25, (THEWILL) – The Asset Management Corporation of Nigeria (AMCON) says it has taken over the Abuja residence and company of Buba Galadima, a former ally of President Muhammadu Buhari, over “debts to the tune of N900 million”.
Jude Nwauzor, the corporation’s corporate communications head, disclosed this in a statement on Tuesday.
He said Galadima and Bedko Nigeria Limited, his company, owe AMCON nearly N900 million, obtained as loan during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.
The spokesman said the order to take over the assets was granted by a federal high court in Abuja, with suit number FHC/ABJ/CS/1136/2019.
The properties taken over from Galadima in Abuja are located at 15, Addis Ababa crescent, Wuse zone 4, and 4, Bangui street, Wuse 2.
“The loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc. in 2011. Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Bedko Nigeria Limited have remained recalcitrant and unwilling to repay the huge debt to the Corporation.
“The enforcement on the properties of Bedko Nigeria Limited and Alhaji Buba Galadima is one of the many others that would happen this year given the additional powers AMCON received from President Buhari late last year.
“Recall that aside the fact that the federal government set up the Inter-Agency Committee on the recovery of AMCON debt, President Buhari also signed the 2019 Amended AMCON Act into law. The amendment gives AMCON additional powers to go after all obligors of the Corporation no matter how highly placed in the society.”
Nwauzor said the corporation will take all necessary actions, which includes asset take over, liquidation, winding-up and garnishee proceedings against Galadima’s company and its directors in line with the court judgement and relevant sections of AMCON act as amended.
Galadima is one of the nine signatories who signed the merger agreement between some political parties to form the ruling All Progressive Congress (APC).
He fell out with Buhari shortly after the president assumed office and has remained a staunch critic of the president and his administration.
Galadima, who served as one of the spokespersons for the campaign of Atiku Abubakar, Buhari’s rival in the 2019 presidential election, accused the APC of rigging the election.
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