Court Adjourns AMCON’s N900m Debt Suit Against Galadima
Posted: 20/Mar/2020

Justice Anwuli Chikere of the Federal High Court, Abuja, on Thursday, adjourned the suit filed by the Asset Management Corporation of Nigeria against a former chieftain of the defunct Congress for Progressives Change, Alhaji Buba Galadima.

Recall that the judge had earlier granted an order to AMCON to take over the business and assets of a company, Bedko Nigeria Limited and Galadima for an alleged N900m debt default.

Justice Chikere adjourned the matter till April 20 after counsel for AMCON, Akpama Ekwe, asked the court for time to respond to applications filed by parties seeking to be joined in the case.

AMCON had claimed before the court that the respondents owed it nearly N900m loan purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

The corporation said since then it had offered extended olive branches to the obligor and explored all avenues to resolve the matter amicably, but the obligor and his company remained adamant and unwilling to repay the debt.

The order gave the corporation the power to take over some property belonging to Galadima, including House No. 15, Addis Ababa Crescent, Wuse Zone 4 and House No. 4, Bangui Street, Wuse II also in high-brow area of Abuja.

It recalled that Galadima was one of the nine signatories to the merger agreement among some political parties that came together, including the All Progressives Grand Alliance, CPC, All Nigeria Peoples Party and Action Congress of Nigeria to form the ruling All Progressives Congress in the build up to the 2015 presidential election won by the APC.

Galadima is one of the hardest critics of the President, Major General Muhammadu Buhari (retd.), and the APC.