Assets belonging to Senator Abdulfatai Buhari have been taken over by the Asset Management Corporation of Nigeria (AMCON).
The agency accused the lawmaker of unwillingness to defray an 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 (APC), represents Oyo North.
The unpaid loan was taken by a Buhari-linked company, Abadat Ventures Limited, from a major bank .
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 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.
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