Galadima Opens Defence Over Alleged N1.3bn Unity Bank Loan

On Tuesday, prominent politician Alhaji Buba Galadima began his defence in a N1.3 billion debt recovery suit filed against him and his firm, Bedko Nigeria Limited, by the Asset Management Corporation of Nigeria (AMCON).

The case, before Justice Emeka Nwite of the Federal High Court, Abuja, centres on an alleged unpaid import finance loan initially approved by Tropical Commercial Bank Plc and later acquired by Unity Bank Plc through a merger. AMCON claims it took over the debt and all rights from Unity Bank.

According to AMCON, the loan approved on February 16, 2005, was intended to import 12,000 tonnes of fertiliser, half of which was allegedly meant for the Kano State government. Galadima, said to be the controlling shareholder of Bedko Nigeria Limited, is accused of personally guaranteeing the loan.

AMCON is demanding N349 million, plus compound interest at 19 per cent per annum from July 31, 2008, until judgment, and has asked the court for a foreclosure order on two Abuja properties allegedly linked to Galadima and the company.

At Tuesday’s hearing, Galadima entered the witness box after AMCON’s lawyer, Barrister Akpama Ekwe, closed the prosecution’s case. Led in evidence by his legal team, Galadima submitted documents in his defence, which were admitted by the court.

He told the court that Unity Bank was fully aware that only 6,000 tonnes of the fertiliser were for the Kano State contract, while the remaining 6,000 tonnes were for commercial sale. He insisted the bank served as both consultant and financial manager, debiting his accounts in advance for advisory services.

“The bank was my consultant and adviser; they managed the loan on agreed terms. I had nothing to do with the funds directly. Any failure in the transaction should rest on the bank,” Galadima argued.

Justice Nwite adjourned the matter to July 15, 2025, for continuation of the defence.

AMCON has pursued debt recovery from Galadima since 2020, when it seized some of his assets over an alleged N900 million obligation. Galadima has consistently denied wrongdoing, describing AMCON’s action as a reincarnation of a 1983 decree aimed at dispossessing Nigerians of their property without just cause.