Home NEWS Buba Galadima Loses Abuja Residence, Company To Asset Management Over N900 Million...

Buba Galadima Loses Abuja Residence, Company To Asset Management Over N900 Million Debt

Former political Allie of President Muhammadu Buhari, Alhaji Buba Galadima has lost his business premises and assets of Gecko Nigeria Limited as well as his resident to Asset Management Corporation of Nigeria (AMCON) over an alleged N900 million indebtedness.
In a statement in Abuja today, February 25, AMCO said the Federal High Court in Abuja issued an order for it to take over Gladima’s properties, including his private residence and company, over alleged N900 million indebtedness.
The statement said that the order followed a ruling in suit No. FHC/ABJ/CS/1136/2019 against Bedko Nigeria Limited and Galadima.
The spokesperson of AMCON, Jude Nwauzor, explained that the loan was 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.”
AMCON confirmed that the order was granted by Justice A.I. Chikere, empowering it to take over some properties belonging to the politician.
It 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.
It added that the enforcement of the order on the properties of Bedko Nigeria Limited and Galadima is one of the many it would be undertaking this year since receiving additional powers from the president late last year.
An Inter-agency Committee on the recovery of AMCON debts was constituted by the President Buhari last year following the signing into law of the 2019 Amended AMCON Act.
The amendment gave AMCON additional powers to go after all obligors of the corporation no matter how highly placed in society.
Nwauzor said that AMCON would take all necessary actions, including 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 the AMCON Act as amended.
Meanwhile, Galadima has denied knowledge of the allegations of indebtedness against him and his company.

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