The Assets Management Corporation of Nigeria has taken over assets belonging to Senator Abdulfatai Buhari from Oyo North Senatorial District for defaulting on a loan of N600 million.

The agency accused the lawmaker of unwillingness to repay his N600 million loan.

The corporation said it took the action after securing a court order to sell the assets to recover the loan.

Buhari, elected on the platform of the All Progressives Congress, represents Oyo North.

The unpaid loan was taken by a Buhari-linked company, Abadat Ventures Limited, from a major bank, the Nation reports. 

It was classified as a Non-Performing Loan (NPL) and purchased by AMCON from the bank during the second phase of eligible bank asset purchases this year.

AMCON alleged that Buhari had shown an unwillingness to repay the loan, despite the concessions made available to him by the Corporation in a bid to amicably resolve the matter.

The corporation approached the Federal High Court, to obtain an order to take over assets of Abadat. It was granted by Justice I. E Ekwo of the Federal High Court, Abuja on March 25.

In compliance with the enforcement order, the corporation went about “putting the logistics together and 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.”

Besides granting the corporation possession of the seized properties, the court also ordered the receiver-manager to take all necessary steps required to realise the assets of the obligor, to pay the outstanding loan in line with Section 553 and 554 of the Companies and Allied Matters Act, 2020.

The AMCON Head, Corporate Communications, Jude Nwauzor, who confirmed that the properties were effectively under AMCON’s possession, explained that the enforcement was carried out seamlessly, as the court had directed officers and men of the Police, court bailiffs, and other security agencies to assist AMCON in securing the assets.

Nwauzor added that Buhari, as the chief promoter of Abadat and his firm, had remained recalcitrant despite all efforts, negotiations, and windows of opportunity provided them by AMCON to enable them to repay the indebtedness.

According to him, having exhausted all possibilities, AMCON had no other options as a law-abiding corporate organisation than to seek judicial intervention.

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