The Assets Management Corporation of Nigeria has taken over property belonging to Senator Abdulfatai Buhari from Oyo North Senatorial District for defaulting on a mortgage of N600 million.
The company accused the lawmaker of unwillingness to repay his N600 million mortgage.
The company mentioned it took the motion after securing a courtroom order to promote the property to get well the mortgage.
Buhari, elected on the platform of the All Progressives Congress, represents Oyo North.
The unpaid mortgage was taken by a Buhari-linked firm, Abadat Ventures Limited, from a serious financial institution, the Nation reviews.
It was categorized as a Non-Performing Loan (NPL) and bought by AMCON from the financial institution in the course of the second section of eligible financial institution asset purchases this 12 months.
AMCON alleged that Buhari had proven an unwillingness to repay the mortgage, regardless of the concessions made accessible to him by the Corporation in a bid to amicably resolve the matter.
The company approached the Federal High Court, to acquire an order to take over property 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 company 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.”
Besides granting the company possession of the seized properties, the courtroom additionally ordered the receiver-manager to take all crucial steps required to grasp the property of the obligor, to pay the excellent mortgage consistent with Section 553 and 554 of the Companies and Allied Matters Act, 2020.
The AMCON Head, Corporate Communications, Jude Nwauzor, who confirmed that the properties had been successfully beneath AMCON’s possession, defined that the enforcement was carried out seamlessly, because the courtroom had directed officers and males of the Police, courtroom bailiffs, and different safety companies to help AMCON in securing the property.
Nwauzor added that Buhari, because the chief promoter of Abadat and his agency, had remained recalcitrant regardless of all efforts, negotiations, and home windows of alternative offered them by AMCON to allow them to repay the indebtedness.
According to him, having exhausted all prospects, AMCON had no different choices as a law-abiding company organisation than to hunt judicial intervention.