A Federal High Court sitting in Abuja, has ordered the Asset Management Corporation of Nigeria to take over the business and assets of Bedko Nigeria Limited and its owner, Alhaji Buba Galadima.
A statement from the corporation on Tuesday said Bedko Nigeria Limited and Alhaji Buba Galadima owed AMCON about N900m.
It stated that the loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.
Since then, it added, AMCON had 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 had remained recalcitrant and unwilling to repay the huge debt to the corporation.
It added that the order, which was granted to AMCON by Justice A.I. Chikere, the presiding judge gave the government recovery agency the power to take over some properties belonging to the politician.
The properties, it added, included House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and house No. 4, Bangui Street, Wuse 2 also in high-brow area of Abuja.
Having taken over the properties, the Head of Corporate Communications, AMCON, Jude Nwauzor, said the corporation would take all necessary actions, which included asset take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria Limited and its directors in line with the court judgement and relevant sections of AMCON Act as amended.
The statement said the Managing Director/Chief Executive, AMCON, Mr Ahmed Kuru, had intensified efforts at recovering the over N5tn outstanding indebtedness to AMCON.
The AMCON boss has repeatedly reiterated the fact that AMCON under his leadership will do whatever it takes within the law to recover the huge debt, and will not mind the status of the obligor in the discharge of the duties of AMCON, the statement said.