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.

According to AMCON on Wednesday say it has seized the Senator’s property due to the N600m debt owed by his company, Abadat Ventures Limited from Guaranty Trust Bank(GTB).

The body said the Federal High Court has graciously given them go ahead to secure the property while security operatives were also assigned to assist in seizing the asset.

Ruling on this case is Justice I. Ekwo which gives directives as follow “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 reads that despite all modalities laid down by the body for Buhari and his company to repay the loan, they were indifferent to the huge debt.

It should be noted that National Assembly legislated that on bill, in April 2021 which strengthening loan recovery for AMCON.

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.

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