Justice Anwuri Ichegbuo Chikere, of the Federal High Court, Abuja, on Tuesday, ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima, a known politician.
Bedko Nigeria Limited and Alhaji Galadima, together, owe AMCON nearly N900m, arising from the loan purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.

Since then, AMCON, said in a statement by Jude Nwuzor, its spokesman, that it has explored various avenues to resolve the matter amicably, even as the obligor, and his company, Bedko Nigeria Limited “remained recalcitrant and unwilling to repay the huge debt to the corporation.”
The presiding judge while granting the order in Suit No: FHC/ABJ/CS/1136/2019, gave empowered AMCON to take over properties belonging to the politician, including House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory (FCT), Abuja and house No. 4, Bangui Street, Wuse 2, also in the high-brow area of Abuja.
Alhaji Galadima, a prominent Nigerian politician, engineer and long-term ally of President Muhammadu Buhari, until their relationship went sour. He was Director-General of the Nigeria Maritime Authority (NMA) between 1996 and 1998 and became National Secretary of the Congress for Progressive Change (CPC), one of the legacy parties of the All Progressives Congress, which was formed in the run-up to the 2011 national elections as a leading platform for now incumbent President Buhari.
Galadima was one of the nine signatories to the merger agreement among the All Progressives Grand Alliance (APGA); Congress for Progressive Change (CPC); All Nigeria Peoples Party (ANPP) and Action Congress of Nigeria (ACN), which merged to form the ruling All Progressive Congress (APC), the 2015 presidential election. He later became the spokesman of former Vice President Atiku Abubakar when he contested the 2019 presidential elections with the incumbent.
The corporation assured that the enforcement on the properties of Bedko Nigeria Limited and Alhaji Galadima is one of many others that would happen this year, given the additional powers derived from the AMCON Act as amended late last year. The amendment gives AMCON additional powers to go after all obligors of the corporation no matter how highly placed in the society.
This is aside from the Inter-Agency Committee on the recovery of AMCON debt set up of Federal Government
Having taken over the properties, according to Nwauzor, the corporation will take all necessary actions, which include asset take-over, liquidation, winding-up, and garnishee proceedings against Bedko Nigeria Limited and its directors in line with the Court judgement and relevant sections of AMCON Act as amended.
AMCON led by Ahmed Kuru as Managing Director/Chief Executive has intensified efforts at recovering the over N5tr outstanding indebtedness to AMCON while reiterating the fact that AMCON will do whatever everything possible under the law to recover the huge debt, and will not mind the status of the obligor in the discharge of the duties of AMCON.