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Buhari’s former friend, Buba Galadima looses investment to AMCON over N900m debt

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Buhari's former friend, Buba Galadima looses investment to AMCON over N900m debt

Buba Galadima

Buba Galadima, a former ally of President Muhammadu Buhari, on Tuesday lost his investment, Bedko Nigeria Limited, to the Asset Management Corporation of Nigeria (AMCON) over debts of nearly N900 million.

The order was given by a federal high court sitting in Abuja. AMCON spokesperson, Jude Nwauzor, in a statement said the loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

He said AMCON had tried to explore all avenues to resolve the matter out of court but without success.

Justice A.I. Chikere gave the order, granting AMCON the power to take over some properties belonging to the politician.

The properties include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory (FCT), Abuja and house No. 4, Bangui Street, Wuse 2 also in Abuja.

Mr Nwauzor said the corporation would take all necessary actions, which includes asset take-over, liquidation, winding-up and garnishee proceedings against Bedko Nigeria Limited and its directors in line with the court judgement and relevant sections of AMCON Act as amended

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