ABUJA- Thursday 24 June 2021: The Asset Management Corporation of Nigeria (AMCON) says it has seized assets belonging to Abdulfatai Buhari, a senator from Oyo state over an alleged N600 million debt

AMCON, in a statement on Wednesday, said the loan was taken by the senator’s company, Abadat Ventures Limited, from Guaranty Trust Bank (GTB).

AMCON said a federal high court had graciously directed police, court bailiffs and other security agencies to assist the agency in securing the assets.

“Sequel 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,” the statement reads.

“The 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.”

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.

The senate had passed the AMCON amendment bill in April 2021 strengthening the agency in the area of loan recovery.

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.