AMCON Seizes Buba Galadima’s Assets Over N900m Loan from Unity Bank

Buba Galadima loan

By Modupe Gbadeyanka

The assets of former ally of President Muhammadu Buhari and his recent critic, Mr Buba Galadima, have been seized by the Asset Management Corporation of Nigeria (AMCON).

A statement issued on Tuesday by the Head of Corporate Communications at AMCON, Mr Jude Nwauzor, disclosed that the agency confiscated the Abuja residence and a company belonging to Mr Galadima, Bedko Nigeria Limited, over debts of nearly N900 million.

Mr Galadima, who backed Mr Atiku Abubakar, candidate of the opposition Peoples Democratic Party (PDP) in the 2019 presidential election, was said to have obtained the N900 million loan during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

“The loan was purchased 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 statement read.

“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 said.

The agency disclosed that it took over the assets of Mr Galadima after securing a court order from a federal high court in Abuja, with suit number FHC/ABJ/CS/1136/2019.

It was stated that the properties taken over from him in Abuja are located at 15, Addis Ababa crescent, Wuse zone 4, and 4, Bangui street, Wuse 2.

The corporation said it will take all necessary actions, which includes asset take over, liquidation, winding-up and garnishee proceedings against Mr Galadima’s company and its directors in line with the court judgement and relevant sections of AMCON act as amended.

“Recall that aside the fact that the federal government set up the Inter-Agency Committee on the recovery of AMCON debt, President Buhari 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,” the statement noted.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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