A Federal High Court sitting in Abuja in Suit No. FHC/ABJ/CS/1136/2019 has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Bedko Nigeria Limited and Buba Galadima.

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

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

The order, which was granted AMCON by Justice A.I. Chikere, gave the corporation the power to take over some property belonging to Galadima, including House No. 15, Addis Ababa Crescent, Wuse Zone 4, Abuja, and House No. 4, Bangui Street, Wuse 2 in the FCT.

Galadima, a politician and engineer, 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

It would be recalled that Galadima was one of the signatories that signed the merger agreement between some political parties that came together including the All Progressives Grand Alliance (APGA), CPC, All Nigeria Peoples Party (ANPP) and Action Congress of Nigeria (ACN), which fused into the All Progressives Congress (APC).

The enforcement on the property of Bedko Nigeria Limited and Buba Galadima is one of the many others that would happen this year, given the additional powers the President gave AMCON late last year.

Also, besides the fact that the Federal Government set up the Inter-Agency Committee on recovery of AMCON’s debt, President Buhari also signed the 2019 Amended AMCON Act into law, which gave AMCON additional powers to go after all obligors of the corporation no matter how highly placed.

Having taken over the property, AMCON spokesman, Jude Nwauzor, said in a statement that the corporation would take all necessary actions, including assets take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria and its directors in line with the Court judgement and relevant sections of AMCON’s Act as amended.

AMCON, led by its Managing Director and Chief Executive Officer, Ahmed Kuru, has intensified efforts in recovering the over N5 trillion outstanding debt owed it.

Kuru has constantly restated that AMCON under his watch would do whatever it takes within the law to recover the debts and would not mind the obligor’s status in the discharge of its duties.