N440m debt: AMCON takes over assets belonging to Doggi Group

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Umaru Baba Abdullahi, the chief promoter of Doggi Group Limited, over a N440 million debt.

A.I. Chikere, a justice of the federal high court in Abuja, ruled that AMCON could take over the assets on June 5, 2020.

AMCON, through its receiver, Juliet Benson, seized properties situated at Plot 3810, Cadastral Zone A04, Asokoro District, Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.

“The case of Doggi Group Limited and its promoter has been a protracted issue because the loan was purchased during the first phase of eligible bank assets (EBA) purchase from Union Bank Plc way back in 2011,” a statement released by the corporation on Thursday read.

“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, Doggi Group Limited have remained recalcitrant and unwilling to repay the huge debt to the corporation.

“AMCON is chasing to recover over N5trillion in the hands of a few highly sly and uncooperative individuals. Sadly, a good number of them occupy public offices as well as positions of influence in the country.”

Jude Nwauzor, AMCON head of corporate communications, said the mandate is to recover debts not seize assets.

“As we have always said in the past, our priority at AMCON has never been to take over anybody’s properties or assets. Our mandate is to recover Nigeria’s money in the hands of these obligors.

“Over time, however, we have observed that the obligors enjoy hiding under some legal technicalities to delay even the repayment arrangement they negotiated and signed.

“When you have held several meetings and arrived at an agreement but the obligor decided to make a U-turn by reneging, it leaves AMCON with no other option than to approach the court.

“In the case of Doggi Group Limited and its promoter, AMCON did everything any responsible and law-abiding organisation ought to do to help the promoter and his business continue to no avail.”

In 2019, President Muhammadu Buhari signed the amended AMCON Act which gave the corporation additional powers to go after all obligors of the corporation.