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AMCON Takes Over Buba Galadima’s Abuja Residence, Company

First Bank Nigeria

The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over the business premises and assets of Bedko Nigeria Limited belonging to Buba Galadima, a strong critic of President Muhammadu Buhari.

Mr Galadima, a former political ally of the president, has for years been one of the most vociferous critics of the administration.

A one-time Director-General of the Nigeria Maritime Agency (NMA) (1996 – 1998), Mr Galadima was appointed the National Secretary of the Congress for Progressive Change (CPC) formed in the run-up to the 2011 national elections.

He was one of the nine signatories that signed the merger agreement between some political parties that came together to form the ruling All Progressive Congress (APC), which President Buhari used as a platform for his election in 2015.

The political parties in the merger deal were the All Progressives Grand Alliance (APGA); Congress for Progressive Change (CPC); All Nigeria Peoples Party (ANPP) and Action Congress of Nigeria (ACN).

However, since the president’s election, his relationship with Mr Galadima appeared to have gone sour, with the latter emerging as the leading opposition voice against the administration’s policies and programmes.

On Tuesday, AMCON in a statement in Abuja said the Federal High Court in Abuja issued an order for it to take over Mr Gladima’s properties, including his private residence and company, 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, AMCON said.

The spokesperson of AMCON, Jude Nwauzor, said 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,” Mr Nwauzor said.

PREMIUM TIMES is yet to see a copy of the order, which AMCON said was granted by Justice A.I. Chikere, empowering it to take over some properties belonging to the politician.

AMCON 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.

AMCON said the enforcement of the order on the properties of Bedko Nigeria Limited and Mr 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.

Mr Nwauzor said 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, Mr Galadima has denied knowledge of the allegations of indebtedness against him and his

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