N900m debt: AMCON takes over Buba Galadima's firm

A Federal High Court sitting in Abuja,has ordered the Asset Management Corporation of Nigeria to take over the business & assets of Bedko Nigeria Limited and Alhaji Buba Galadima.

MyNigeria.com learnt that both parties owe AMCON nearly N900million.

MyNigeria.com gathered that the N900million loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

Ever since then, Bedko Nigeria Limited and Alhaji Buba Galadima have refused to redeem the money owed even after AMCON extended an olive branch to them.

The order, which was granted to AMCON by Honourable Justice A.I. Chikere, the presiding judge gave the Government recovery agency the power to take over some properties belonging to the politician.

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 Abuja.

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.