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Alleged N600m loan default: Court orders AMCON to allow Sen. Buhari access seized house

Alleged N600m loan default: Court orders AMCON to allow Sen. Buhari access seized house

By Eric Ikhilae, Abuja

A Federal High Court in Abuja has ordered the Asset Management Corporation of Nigeria (AMCON) to allow Senator Abdulfatai Buhari have access to his Abuja property seized over alleged unpaid loan by his company, Abadat Ventures Limited.

Justice Inyang Ekwo gave the order on Friday after his lawyer, Ahmed Raji (SAN), complained the house was sealed by AMCON, preventing his client from accessing it.

Raji told the court that there were perishable items in the property that needed to be urgently salvaged, an information which prompted the judge to order AMCON to allow Buhari access the property for the purpose of retrieving the perishable items.

AMCON on March 25 obtained an ex-parte order seizing the property after claiming that Abadat Ventures obtained non-performing loan (NPL) from a bank, which it purchased 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.

Some of the properties affected by the order include 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.

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.

AMCON claimed that Buhari, as the chief promoter of Abadat and his firm, had remained recalcitrant despite all efforts, negotiations and windows of opportunity provided them by AMCON to enable them to repay the indebtedness.

It stated that having exhausted all possibilities, AMCON had no other options as a law abiding corporate organisation than to seek judicial intervention.

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