Tuesday, April 20, 2021
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AMCON takes over Buba Galadima’s Abuja residence, company over ‘N900m debt’

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The Asset Management Corporation of Nigeria, AMCON, has seized the Abuja residence and company of Buba Galadima, a former ally of President Muhammadu Buhari, over debts amounting to N900 million.

The In a statement on Tuesday, the AMCON’s head of corporate communications, Jude Nwauzor, disclosed that the seizure was approved by a federal high court in Abuja with suit number FHC/ABJ/CS/1136/2019.

According to him, Mr Galadima and Bedko Nigeria Limited, owe AMCON nearly N900 million, after obtaining as loan during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

The properties taken over from Galadima in Abuja are located at 15, Addis Ababa crescent, Wuse zone 4, and 4, Bangui Street, Wuse 2.

Mr Nwauzor said: “The loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

However, when DAILY NIGERIAN contacted the daughter of Mr Galadima, Zainab described the taking over as unfounded, stressing that her father has no case to answer as far as Unity Bank’s loan is concerned.

Zainab, however, admitted that her father had has ever sought for Loan Prospector agreement from the said bank for the supply of a certain items to the Kano State government, but no money was released by the bank up till the time the contract was terminated.

She said: “At the time, all the suppliers he contacted rejected the LP from that particular bank because, according to them, the bank had been put under the FBI’s watch list.

“It was around that time he began to have issue with the then Kano State governor, Ibrahim Shekarau, over political differences which led to the revocation of the contract,” she added.

Unknown to him, according to her, the bank, three years after, wrote to him, informing him that the said loan had generated interest to the tune of N349million.

“He totally disagreed with their claim. They then took him to court. In fact, my father won his case at the Court of Appeal and the court dismissed the case for lacking in merit. So, AMCON’s action is unfounded,” she stressed.

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