AMCON takes over Oyo senator’s properties in Abuja over N600m debt

Avatar admin | June 24, 2021

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Properties belonging to Abdulfatai Buhari, a senator from Oyo state has been seized by the Asset Management Corporation of Nigeria (AMCON) over an alleged N600 million debt. 

The Senator was accused of securing a loan from Guaranty Trust Bank (GTB) through his company, Abadat Ventures Limited. 

In a statement released on Wednesday June 23, AMCON disclosed that a federal high court had graciously directed police, court bailiffs and other security agencies to assist the agency in securing the assets after his company remained recalcitrant despite all efforts, negotiations and windows of opportunity to repay the huge debt.

“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 N600million.

“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.

“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.”


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