N900M Debt: AMCON Takes Over Buba Galadima’s Company

Ololade Adeyanju/

The Asset Management Corporation of Nigeria (AMCON) has taken over the residence and company of Buba Galadima, a former ally of President Muhammadu Buhari, over N900 million debts.

AMCON’s head of corporation’s corporate communications, Jude Nwauzor, disclosed in a statement today that the development followed an order of a Federal High Court in Abuja.

He said Galadima and his company, Bedko Nigeria Limited, owe AMCON nearly N900 million which was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

Read AMCON’s full statement:

A Federal High Court sitting in Abuja, Nigeria’s Federal Capital Territory in Suit No. FHC/ABJ/CS/1136/2019 has ordered AMCON to take over the business & assets of Bedko Nigeria Limited and Alhaji Buba Galadima – both parties owe AMCON nearly N900million.

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 order, which was granted to AMCON by Honourable Justice A.I. Chikere, the presiding judge gave the Government recovery agency the power to take over some properties belonging to the politician.

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.

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.

Having taking over the properties, Jude Nwauzor, Head of Corporate Communications of AMCON said the Corporation will take all necessary actions, which includes asset take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria Limited and its directors in line with the Court judgement and relevant sections of AMCON Act as amended.

AMCON led by Mr Ahmed Kuru as Managing Director/Chief Executive has intensified efforts at recovering the over 5 Trillion Naira outstanding indebtedness to the Corporation.

The AMCON CEO has repeatedly reiterated the fact that AMCON under his leadership will do whatever it takes within the law to recover the huge debt, and will not mind the status of the obligor in the discharge of the duties of AMCON.

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