Galadima Loses Houses And Company To AMCON Over N900m Debt

Galadima Loses Houses And Company To AMCON Over N900m Debt

David Ugbabe

A Federal High Court in Abuja has ordered the Asset Management Corporation of Nigeria (AMCON) to take over some houses and a company linked to a chieftain of the Peoples Democratic Party (PDP), Alhaji Buba Galadima, over an alleged N900 million debt.

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

The presiding judge, Justice A.I. Chikere, granted AMCON the power to take over the business and assets of Bedko Nigeria Limited and some properties belonging to Alhaji Buba Galadima.

The properties to be acquired 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.

It was gathered that both Bedko Nigeria Limited and Galadima obtained a loan 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 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 judgment and relevant sections of AMCON Act as amended.

This, according to him is one of the many others that would happen this year, following additional powers given to AMCON by the Federal Government last year.

Happenings Media