Home > Business > Agribusiness > AMCON Seizes Buhari’s Assets Over Unwillingness To Repay N600M Debt

AMCON Seizes Buhari’s Assets Over Unwillingness To Repay N600M Debt

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Senator Abdulfatai Buhari after the lawmaker allegedly refused to defray a N600 million loan.

The corporation reportedly obtained a court order to sell assets seized from the Senator, a member of the All Progressives Congress representing Oyo North, to recover the loan.

The unpaid loan was taken by a Buhari-linked company, Abadat Ventures Limited, from a major bank.

The Nation reports that this loan was classified as a Non-Performing Loan (NPL) and purchased by AMCON from the bank during the second phase of eligible bank asset purchases this year.

The corporation alleged that Buhari had shown unwillingness to repay the loan, despite the concessions made available to him by AMCON in a bid to amicably resolve the matter.

Justice I. E Ekwo of the Federal High Court, Abuja was said to have granted the order to seize Sen. Buhari’s assets on March 25, 2021.

In this regard, AMCON took possession of the two properties as listed by the court through its appointed receiver manager, Mr. Baba Mohammed Waziri of Baba Waziri & Co. Chambers.

The assets taken over by the corporation include a property situate at No 12, St, Petersburg Street, Wuse II, Abuja and Plot 516, (also known as No 2. Marte Close), off Misau Crescent, off Birnin Kebbi Crescent, Garki II, Abuja.

Confirming this, AMCON’s Head, Corporate Communications, Jude Nwauzor, explained that the enforcement was carried out in a seamless manner, as the court had directed officers and men of the Police, court bailiffs and other security agencies to assist the corporation in securing the assets.

Since Buhari had remained recalcitrant to repay his debt, AMCON had no other option than to seek judicial intervention, Nwauzor added.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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