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N600m Debt: AMCON Takes over Assets of Serving Senator

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Senator Buhari Abdulfatai

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to a serving Senator, Alhaji Buhari Abdulfatai, Chief Promoter of Abadat Ventures Limited over an indebtedness of almost N600million.

This is sequel to the order of Justice I. E Ekwo of the Federal High Court, Abuja.

Interestingly, Alhaji Abdulfatai is a Senator representing Oyo North Senatorial District, a seat he won on the platform of the ruling All Progressives Congress (APC).

One of the properties taken over by AMCON

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.

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

He added that Alhaji Abdulfatai and his firm remained recalcitrant despite all efforts, negotiations and windows of opportunity provided them by AMCON to enable them repay the huge indebtedness.

He said having exhausted all humane possibilities, AMCON had no other options left as a law-abiding corporate organisation than to approach the court for intervention.

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