Connect with us

AMCON Takes Over Buhari Property Over 600M Loan

Piroll

Published

on

Follow
NAIJA NEWS: AMCON Takes Over Buhari Property Over 600M Loan [New Naija News] » Naijacrawl
Photo: Naijacrawl

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.


Click Here To Comment




Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

Continue Reading
Click to comment

Be first to comment


Leave a Reply

Your email address will not be published. Required fields are marked *

Naija News

Yoruba communities takes to the streets of new York to welcome buhari.

elnino

Published

on

NEWS: Yoruba communities takes to the streets of new York to welcome buhari. [New Naija News] » Naijacrawl
Photo: Naijacrawl
Following the arrival of president buhari in the united states for the UN congress, the westerners in new york has taken to the streets in thier traditional attires to welcome mr president.
Continue Reading

Naija News

Assist Nigeria To Build Refineries, Not To Amass Loans For Oil Importation – Civic Group, HEDA Knocks World Bank Over ‘$800Million Loan Trap’

Mee_dey0

Published

on

NAIJA NEWS: Assist Nigeria To Build Refineries, Not To Amass Loans For Oil Importation – Civic Group, HEDA Knocks World Bank Over ‘$800Million Loan Trap’ [New Naija News] » Naijacrawl
Photo: Naijacrawl
The Nigerian government had secured $800 million from the World Bank for cash handouts to the poor as part of efforts to end a costly fuel subsidy by June.The Human and Environmental Development Agenda (HEDA Resource Center) has accused the World Bank of setting a loan trap for Nigeria with $800 million funding.The Nigerian government had secured $800 million from the World Bank for cash handouts to the poor as part of efforts to end a costly fuel subsidy by June.Ho...
Continue Reading

Naija News

Fuel Subsidy: Controversy over $800m World Bank loan to Nigeria

Victorious

Published

on

NAIJA NEWS: Fuel Subsidy: Controversy over $800m World Bank loan to Nigeria [New Naija News] » Naijacrawl
Photo: Naijacrawl
Nigeria’s economy has been laced with confusion and anxiety over the World Bank’s $800 million loan to the country as a palliative to cushion the effect of the proposed fuel subsidy removal by June.Muhammadu Buhari’s government has repeatedly disclosed its intention to halt fuel subsidies before the inauguration of the incoming administration on May 29, 2023.As the clock ticks down, debates on the implications of subsidy removal have intensified.Labor, trade unions,...
Continue Reading

Latest


Download Naijacrawl App today

Fastest way to read on the go

Download the Naijacrawl App.