N900M Debt: AMCON Takes Over Galadima’s Houses, Company

Alhaji Buba Galadima

Houses and a company linked to a chieftain of the Peoples Democratic Party (PDP), Alhaji Buba Galadima, were on Tuesday seized by the Asset Management Corporation of Nigeria (AMCON) over an alleged N900 million debt.

Galadima was the Director-General of the Nigeria Maritime Agency (NMA) from 1996 to 1998.

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

Presiding Justice A.I. Chikere granted AMCON the power to take over some properties belonging to Galadima.

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 a high-brow area of Abuja.

Bedko Nigeria Limited and Galadima owe AMCON about 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 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.

Having taking over the properties, Head of Corporate Communications of AMCON, Jude Nwauzor, 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.

He said the enforcement on the properties of Bedko Nigeria Limited and Galadima is one of the many others that would happen this year, following additional powers given to AMCON by the Federal Government last year.