{"id":50318,"date":"2021-06-24T05:40:39","date_gmt":"2021-06-24T04:40:39","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=50318"},"modified":"2021-06-24T05:40:39","modified_gmt":"2021-06-24T04:40:39","slug":"n600m-debt-amcon-takes-over-oyo-senators-properties-in-abuja","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/06\/24\/n600m-debt-amcon-takes-over-oyo-senators-properties-in-abuja\/","title":{"rendered":"N600m debt: AMCON takes over Oyo senator&#8217;s properties in Abuja"},"content":{"rendered":"<p>The Asset Management Corporation of Nigeria (AMCON) has stated that it has seized assets belonging to a senator from Oyo state, Abdulfatai Buhari over an alleged N600 million debt.<\/p>\n<p>This was contained in a statement released on Wednesday by AMCON.<\/p>\n<p>According to the corporation,\u00a0the loan was taken by the senator\u2019s company, Abadat Ventures Limited, from Guaranty Trust Bank (GTB).<\/p>\n<p>AMCON said a federal high court had graciously directed police, court bailiffs and other security agencies to assist the agency in securing the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/28\/senate-passes-amended-amcon-bill-okays-seizure-of-debtors-assets\/\">assets<\/a>.<\/p>\n<p>\u201cSequel to the order of Honourable Justice I. E Ekwo of the federal high court, Abuja, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Buhari Abdulfatai, chief promoter of Abadat Ventures Limited over an indebtedness of almost N600million,\u201d the statement reads.<\/p>\n<p>\u201cJustice 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 \u2013 Mr Baba Mohammed Waziri of Baba Waziri &amp; Co. Chambers.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cApart 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.<\/p>\n<p>\u201cThe 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.\u201d<\/p>\n<p>The statement added that Buhari and his firm remained recalcitrant despite all efforts, negotiations and windows of opportunity provided by AMCON to enable them to repay the huge debt.<\/p>\n<p>Recall that the senate had passed the AMCON amendment bill\u00a0in April 2021 strengthening the agency in the area of loan recovery.<\/p>\n<p>The amendment bill empowers AMCON to, amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security\/collateral for obtaining the loan in particular.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Asset Management Corporation of Nigeria (AMCON) has stated that it has seized assets belonging to a senator from Oyo state, Abdulfatai Buhari over an alleged N600 million debt. This was contained in a statement released on Wednesday by AMCON. According to the corporation,\u00a0the loan was taken by the senator\u2019s company, Abadat Ventures Limited, from [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":50325,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[596,11665,1410,8730],"class_list":["post-50318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-amcon","tag-n600m-debt","tag-oyo","tag-senator-abdulfatai-buhari"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>N600m debt: AMCON takes over Oyo senator&#039;s properties in Abuja<\/title>\n<meta name=\"description\" content=\"The 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