AMCON Takes Over Buba Galadima’s Residence, Company Over N900m Debt

A Federal High Court sitting in Abuja, the Federal Capital Territory (FCT), has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the residence of a former chieftain of All Progressives Congress (APC), Alhaji Buba Galadima, as well as business and assets of Bedko Nigeria Limited.

Galadima is one of the nine signatories that signed the merger agreement between some political parties, including the All Progressives Grand Alliance (APGA); Congress for Progressive Change (CPC); All Nigeria’s Peoples Party (ANPP) and Action Congress of Nigeria (ACN), to form the All Progressive Congress (APC).

Bedko Nigeria Limited and Alhaji Galadima owe AMCON nearly N900 million.

The loan was obtained during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

Since then, AMCON has offered the obligor a 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 debt.

The order, which was granted to AMCON by Justice A.I. Chikere gave the government recovery agency the power to take over some properties belonging to the politician. Among them are No. 15, Addis Ababa Crescent, Wuse Zone 4, FCT, Abuja and No. 4, Bangui Street, Wuse 2, also in the high-brow area of Abuja.

The enforcement on the properties of Bedko Nigeria Limited and Alhaji Galadima is one of the many others that would happen this year, given the additional powers AMCON received from President Buhari late last year.