A Federal High Court sitting in Abuja, 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 belonging to Alhaji Buba Galadima.
A statement issued yesterday and signed by the Head of Corporate Communications of AMCON, Mr. Jude Nwauzor, revealed that Bedko Nigeria Limited and Galadima owed AMCON about N900 million.
The loan was purchased during the first phase of Eligible Bank Assets (EBA) purchase from Unity Bank Plc in 2011, the statement said.
“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 AI 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, Wuse Zone 4, Federal Capital Territory (FCT), Abuja and house No. 4, Bangui Street, Wuse 2 also in high-brow area of Abuja.
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) , which was formed then in the run-up to the 2011 national elections as a leading platform for now incumbent President Muhammadu Buhari.
Galadima, was 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 (ACN) to form the ruling All Progressives Congress (APC), which is the platform on which the current president of Nigeria contested and won the 2015 presidential election.
“The enforcement on 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,” the statement added.
Aside the fact that the federal government set up the Inter-Agency Committee on the recovery of AMCON debt, President Buhari had last year 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, Nwauzor, said the corporation would take all necessary actions, which include asset take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria Limited and its directors in line with the court judgment 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 have 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,” the statement added.