The Asset Management Corporation of Nigeria says it has taken over assets belonging to Oyo North lawmaker, Senator Abdulfatai Buhari, over a N600m debt taken by his company, Abadat Ventures Limited.

AMCON said in a statement by its Spokesman, Mr. Jude Nwauzor, that Senator Buhari took the loan from Guaranty Trust Bank and refused to offset it despite repeated reminders.

According to the corporation, the decision to seize Senator Buhari’s assets was sequel to the order of Justice I. E Ekwo of the Federal High Court, Abuja.

Some of the assets seized by AMCON include: a property at 12, St, Petersburg Street, Wuse II, Abuja and Plot 516 off Misau Crescent, off Birnin Kebbi Crescent, Garki II, Abuja.

The statement read in part, “Sequel to the order of Honourable Justice I. E Ekwo of the Federal High Court, Abuja, AMCON has taken over assets belonging to Alhaji Buhari Abdulfatai, Chief Promoter of Abadat Ventures Limited over indebtedness of almost N600m.

“Interestingly, Alhaji Buhari Abdulfatai is a serving Senator of the Federal Republic of Nigeria representing Ogbomosho North Federal Constituency in Oyo State a seat he won on the platform of the ruling All Progressive Congress.

“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 Waziri of Baba Waziri & Co. Chambers.”

Apart from granting AMCON possession of the 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 corporation said the non-performing loan of Abadat Ventures Limited was purchased by AMCON from Guaranty Trust Bank 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,” AMCON said.