Buhari loses properties to AMCON over N600 million debt

June 24, 2021
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The Senator representing Oyo North Senatorial District at the National Assembly, Fatai Buhari has forfeited his asset to Asset Management Corporation of Nigeria (AMCON) over alleged N600 million debt.

According to a statement by AMCON on Wednesday, Mr Buhari took the loan for his company, Abadat Ventures Limited, from Guaranty Trust Bank (GTB).

Following his refusal to pay, AMCON got an order from a federal high court that had graciously directed police, court bailiffs and other security agencies to assist the agency in securing the assets.

“Sequel to the order of Honourable Justice I. E Ekwo of the federal high court, Abuja, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Buhari Abdulfatai, chief promoter of Abadat Ventures Limited over an indebtedness of almost N600 Million.”

“Justice Ekwo made the ruling on March 25, 2021, and in compliance to the enforcement order, AMCON went about putting the logistics together and on Friday, June 18, 2021, the corporation took effective 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 enforced properties include 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.”

“Apart from granting the corporation possession of the above-mentioned properties, the court also ordered the receiver-manager to take all necessary steps required to realise the assets of the obligor, with a view to paying the outstanding loan in line with Section 553 and 554 of the companies and allied matters act, 2020.”

AMCON accused Mr Buhari of being reluctant to negotiate and windows of opportunity provided to repay the huge debt.

“The non-performing loan (NPL) of Abadat Ventures Limited was purchased by AMCON from Guaranty Trust Bank (GTBank) Plc., during the second phase of eligible bank asset purchases in 2021. Since then, the obligor has been unwilling to repay the loan despite the concessions made available to him by the Corporation in a bid to amicably resolve the bad debt,” the statement read.

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