AMCON goes for Galadima’s jugular, seize houses, company

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…

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How Banire, AMCON boss, ran into trouble over Yahoo boy’s case

Muiz Banire (SAN), who is chairman of Asset Management Corporation of Nigeria is in trouble for actively representing and defending a suspected yahoo boy standing trial in court for alleged 419 offences while still serving as Chairman of the Asset Management Corporation of Nigeria, a development described by some as unethical. The Economic and Financial Crimes Commission had on November 4, 2019, arraigned one Samusideen Sarumi, owner of 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited, before Justice Chuka Obiozor of the Federal High Court sitting in…

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AMCON to publish names of Nigeria’s high profile debtors

Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani hinted that the committee will cooperate the Asset Management Corporation of Nigeria to publish names of high profile debtors in an effort to facilitate the recovery of over N5 trillion debt owed the corporation. Sani, according to a release in Kaduna, made available to newsmen, said the decision was part of the outcome of the retreat organised by AMCON for the committee, which held in Kaduna, the state capital. He expressed concern over the debt profile of…

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Ex-C/Rivers Gov., Duke loses Ikoyi property to AMCON, UBA over N537m Debt

A Federal High Court in Ikoyi, Lagos, has ordered the Asset Management Corporation of Nigeria and United Bank for Africa to take over a property belonging to a former governor of Cross River State, Donald Duke. Justice Chuka Obiozor made the order following an ex parte application filed by AMCON and UBA. The property was to be forfeited over an alleged debt of N537,334,360.77. Listed as first to third defendants were Stonehedge Investment Limited, Donald Duke and Owunari Bob-Manuel Duke, respectively. The applicants had prayed the court for “an order…

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