News

AMCON Takes Over Top Politician, Buba Galadima’s Private Abuja Residence, Company

A Federal High Court sitting in Abuja, Nigeria’s Federal Capital Territory in Suits No. FHC/ABJ/CS/1136/2019 has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima.

 Bedko Nigeria Limited and Alhaji Buba Galadima 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 the high-brow area of Abuja.

 Alhaji Buba Galadima is a prominent Nigerian politician and engineer who formally was the Director-General of the Nigeria Maritime Agency (NMA) from 1996 to 1998. He was appointed National Secretary of the Congress for Progressive Change (CPC) Party, which was formed then in the run-up to the 2011 national elections as a leading platform for now incumbent President Muhammadu Buhari.

 It would also be recalled that Galadima is one of the nine signatories that signed the merger agreement between some political parties that came together, including the All Progressives Grand Alliance (APGA); Congress for Progressive Change (CPC); All Nigeria Peoples Party (ANPP) and Action Congress of Nigeria (CAN) to form the ruling All Progressive Congress (APC), which is the platform on which the current president of Nigeria contested and won the 2015 presidential election.

 The enforcement of 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 from 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 taken 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 N5trillion outstanding indebtedness to AMCON. 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.

Angela Davies

Recent Posts

Court Dismisses Case Against #EndBadGovernance Protesters

The court has dismissed the case against #EndBadGovernance protesters.   Glamtush reports that a Federal…

6 hours ago

FG Terminates ₦740bn Abuja-Kaduna Road Contract With Julius Berger Over Non-Performance

FG has terminated the ₦740bn Abuja-Kaduna road contract with Julius Berger over non-performance.   Glamtush reports…

6 hours ago

Ekiti Chief Judge, Adeyeye, Dies At 64

Ekiti Chief Judge, Adeyeye, has died at 64.   Glamtush reports that Justice Oyewole Adeyeye,…

7 hours ago

Access Bank Wins Best Digital, Best Website At 2024 Digital Jurist Awards

Access Bank PLC has been named the 2024 Best Digital Award winner in the Commercial…

7 hours ago

Top Summary From Nigerian Newspapers For Tuesday, November 5th, 2024

The top summary from Nigerian newspapers for Tuesday, November 5th, 2024, can be accessed on…

8 hours ago

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

20 hours ago