AMCON seizes Senator Buhari's properties over N600m debt

Assets belonging to Abdulfatai Buhari, a serving senator representing from Oyo North, Oyo State, has been seized over an alleged N600 million debt, the Asset Management Corporation of Nigeria(AMCON) has said.

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

“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-indebtedness of almost N600million,” the statement read in part.

Justice Ekwo made the ruling on March 25, 2021, and in compliance with the enforcement order, àAMCON 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.

AMCON explained that the non-performing loan of Abadat ventures were purchased by it from Guarantee Trust Bank(GTBank)Plc. during the second phase of eligible asset purchases in 2021.

“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.”