Politics

Alleged N900m debt: Court adjourns Buba Galadima, AMCON case till April 20

Written by Maritime First

Justice Anwuli Chikere of a Federal High Court, Abuja, on Thursday, adjourned until April 20 the suit filed by Asset Management Corporation of Nigeria (AMCON), on the order that it takes over the assets of Alhaji Buba Galadima and his company, Bedko Nigeria Ltd.

Justice Chikere, adjourned the matter after Counsel to AMCON, Akpama Ekwe, told the court that the corporation would,  respond to applications filed by counsel to parties seeking to be joined in case within seven days.

Bedko is the 1st defendant, while Galadima is the 2nd defendant in the case.

Justice Chikere had, recently, ordered AMCON, in a suit no: FHC/ABJ/CS/1136/2019 to take over the business and assets of Galadima and Bedko Nigeria Ltd.

Bedko Nigeria Limited and Buba Galadima are alleged to be owing AMCON about N900m through a loan purchased during the first phase of Eligible Bank Assets (EBAs) from Unity Bank Plc in 2011.

Since then, the corporation said it offered extended olive branches to the obligor and explored all avenues to resolve the matter amicably, but the obligor and his company remained adamant and unwilling to repay the debt.

The order, which was granted AMCON by the judge, gave the corporation the power to take over some property belonging to Galadima, including House No. 15, Addis Ababa Crescent, Wuse Zone 4 and House No. 4, Bangui Street, Wuse II both in Abuja.

Engr. Galadima, who was former Director-General of the Nigeria Maritime Agency (NMA) from 1996 to 1998, was appointed National Secretary of the Congress for Progressive Change (CPC), which was formed in the run-up to the 2011 general elections.

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Maritime First