The Asset Management Corporation of Nigeria (AMCON) has taken over the business premises and assets of Bedko Nigeria Limited, a company owned by Buba Galadima.
A statement by AMCON in Abuja on Tuesday said the take was on the orders of a Federal High Court in Abuja presided over by Justice A.I. Chikere.
Besides Galadima’s business premises, AMCON also took over his private residence, over alleged N900 million indebtedness.
The order followed a ruling in suit No. FHC/ABJ/CS/1136/2019 against Bedko Nigeria Limited and Mr. Galadima, according to the statement signed by AMCON’s spokesman Jude Nwauzor.
Nwauzor explained that the N900 million was loan sourced from Unity Bank Plc in 2011 during the first phase of Eligible Bank Assets acquisition.
“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,” Nwauzor said.
The statement listed the properties to 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 the high-brow area of Abuja.
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It said the enforcement of the order on the properties of Bedko Nigeria Limited and Mr. Galadima is one of the many it would undertake this year since receiving additional powers from the president late last year.
Having taken over the property, AMCON spokesman, Nwauzor, further stated that the corporation would take all necessary actions, including assets take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria and its directors in line with the Court judgement and relevant sections of AMCON’s Act as amended.
Galadima, a former political ally of the president, has for years been one of the most vocal critics of the administration.
A politician and engineer, Galadima was a former Director-General of the Nigeria Maritime Agency (NMA) from 1996 to 1998.
He was appointed National Secretary of the Congress for Progressive Change (CPC), which was formed in the run-up to the 2011 general elections
Galadima was one of the signatories to the merger agreement between some political parties that came together including the All Progressives Grand Alliance (APGA), CPC, All Nigeria Peoples Party (ANPP) and Action Congress of Nigeria (CAN), which gave birth to the All Progressives Congress (APC).