Debtor and fierce critic of President Muhammadu Buhari, who was also a former ally, Mr Buba Galadima, has lost some of his assets to Asset Management Corporation of Nigeria (AMCON)
One of the assets is Bedko Nigeria Limited which he lost over a chronic debt of N900 million.
A Federal High Court sitting in Abuja, Nigeria’s Federal Capital Territory in Suits No. FHC/ABJ/CS/1136/2019 ordered AMCON to take over the business and assets of Bedko.
Bedko Nigeria Limited and Alhaji Buba Galadima’s loan was purchased by AMCON during the first phase of Eligible Bank Assets from Unity Bank Plc in 2011.
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.
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 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 high-brow area of Abuja.
Alhaji Buba Galadima is a prominent Nigerian politician and engineer who formally was the Director-General of the Nigeria Maritime Agency (NMA) from 1996 to 1998.
He was appointed National Secretary of the Congress for Progressive Change (CPC) Party, which was formed then in the run-up to the 2011 national elections as a leading platform for now incumbent President Muhammadu Buhari.