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

The Asset Management Corporation of Nigeria (AMCON) says it has seized assets belonging to Abdulfatai Buhari, a senator from Oyo state over an alleged N600 million debt

AMCON, in a statement on Wednesday, said the loan was taken by the senator’s company, Abadat Ventures Limited, from Guaranty Trust Bank (GTB).

AMCON said a federal high court had graciously directed police, court bailiffs and other security agencies to assist the agency in securing the assets.

“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,” the statement reads.

“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.”

The statement added that Buhari and his firm remained recalcitrant despite all efforts, negotiations and windows of opportunity provided by AMCON to enable them to repay the huge debt.

The senate had passed the AMCON amendment bill in April 2021 strengthening the agency in the area of loan recovery.

The amendment bill empowers AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular.