N900M DEBT: AMCON Takes Possession Of Galadima’s Residence, Company

A Federal High Court sitting in Abuja,has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Bedko Nigeria Limited belonging to Alhaji Buba Galadima.

A statement signed by the Head of Corporate Communications of AMCON, Jude Nwauzor, revealed that Bedko Nigeria Limited and Galadima owed AMCON about N900 million.

He 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.

The loan in Suits No.FHC/ABJ/CS/1136/2019 , was purchased during the first phase of Eligible Bank Assets (EBA) purchase from Unity Bank Plc in 2011, it revealed.

“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,” it stated.

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

It listed the properties to include House No. 15, Addis Ababa Crescent, Zone 4, Federal Capital Territory (FCT), Abuja and house No. 4, Bangui Street, Wuse 2 also in high-brow area of Abuja.

.Buba Galadima, is a former ally of President Muhammadu Buhari.