South Daily
Related Articles
The Asset Management Corporation of Nigeria (AMCON) has taken over the residence and company of a former ally of President Muhammadu Buhari, Buba Galadima, over debts up to the tune of N900 million.
The properties include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory (FCT), Abuja and house No. 4, Bangui Street, Wuse 2 also in Abuja.
In a Suit No. FHC/ABJ/CS/1136/2019x, the Federal High Court presided over the Honourable Justice A.I Chikere in Abuja ordered AMCON to take over the business & assets of Bedko Nigeria Limited and Alhaji Buba Galadima, as both parties owe AMCON nearly N900million.
In a statement release by AMCON corporate communications head, Jude Nwauzor, the cooperation said “Galadima and Bedko Nigeria Limited, his company, owe AMCON nearly N900 million which was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.
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.
