The Asset Management Corporation of Nigeria has taken over assets belonging to Oyo North lawmaker, Senator Abdulfatai Buhari, over an N600m debt taken by his company, Abadat Ventures Limited.
This is according to a press statement issued by the Spokesman of AMCON, Mr. Jude Nwauzor and seen by Naijabusiness.com.ng
According to Mr. Nwauzor, Senator Buhari had obtained a loan totaling the aforementioned amount from Guaranty Trust Bank, and has defaulted in the loan repayment, despite repeated reminders. In a bid to salvage the situation, the bank approached and obtained a Federal High Court order to seize the senator’s assets.
Delivering the judgement, Justice I.E Ekwo of the Federal High Court in Abuja listed some of the seized assets to include; a property at 12, St, Petersburg Street, Wuse II, Abuja and Plot 516 off Misau Crescent, off Birnin Kebbi Crescent, Garki II, Abuja.
In line with the court directive, a statement from AMCON read thus: “Sequel to the order of Honourable Justice I. E Ekwo of the Federal High Court, Abuja, AMCON has taken over assets belonging to Alhaji Buhari Abdulfatai, Chief Promoter of Abadat Ventures Limited over indebtedness of almost N600m.
“Interestingly, Alhaji Buhari Abdulfatai is a serving Senator of the Federal Republic of Nigeria representing Ogbomosho North Federal Constituency in Oyo State a seat he won on the platform of the ruling All Progressive Congress.
“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 Waziri of Baba Waziri & Co. Chambers.”
Apart from granting AMCON possession of the properties, the court also ordered the receiver manager to take all necessary steps required to realize 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 corporation said the non-performing loan of Abadat Ventures Limited was purchased by AMCON from Guaranty Trust Bank 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,” AMCON said.