AMCON Seizes Buhari’s Abuja Properties

“Justice 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 – Mr Baba Waziri of Baba Waziri & Co.

Chambers.” “Apart from granting AMCON possession of the 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.

“The corporation said the non-performing loan of Abadat Ventures Limited was purchased by AMCON from Guaranty Trust Bank 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.”.

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