A Federal High Court sitting in Abuja, in the Federal Capital Territory of Nigeria, in case FHC / ABJ / CS / 1136/2019, ordered 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 900 million naira. The loan was purchased during the first phase of purchasing eligible bank assets from Unity Bank Plc in 2011. Since then AMCON has offered the debtor a good measure of olive branch and explored all avenues to resolve the issue amicably, but the debtor and his company, Bedko Nigeria Limited, remained recalcitrant and unwilling to repay the huge debt of the company.
The order, which was granted to AMCON by the Honorable Justice AI Chikere, the presiding judge gave the government salvage agency the power to repossess certain 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 upscale Abuja district.
Alhaji Buba Galadima is a prominent Nigerian politician and engineer who was officially 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 at the time. in the run-up to the 2011 national elections as a prominent platform for current President Muhammadu Buhari.
It should also be remembered that Galadima is one of the nine signatories of the merger agreement between certain political parties which have joined forces, including the All Progressives Grande 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 presidential election of 2015.
The execution on the properties of Bedko Nigeria Limited and Alhaji Buba Galadima is one of many more reportedly occurring this year given the additional powers AMCON received from President Buhari late last year. . Recall that in addition to the fact that the federal government has set up the inter-agency committee on debt collection AMCON, President Buhari also signed the amended AMCON law of 2019. The amendment gives AMCON additional powers to sue all debtors in the company, no matter how high they are in the company.
After taking over the properties, Jude Nwauzor, AMCON’s head of corporate communications, said the company will take all necessary steps, including asset takeover, liquidation, liquidation and foreclosure procedures. judgment against Bedko Nigeria Limited and its directors in accordance with the Court’s Judgment and relevant sections of the AMCON Act as amended.
AMCON led by Mr. Ahmed Kuru as Managing Director / CEO has stepped up efforts to collect overdue debt of over 5,000 billion naira owed to AMCON. The CEO of AMCON has repeatedly reiterated that AMCON, under his leadership, will do whatever it takes within the law to collect the huge debt, and will not care about debtor status in the performance of AMCON’s functions.