As part of efforts to recover the over N5tr debt owed the nation by a few, the Asset Management Corporation of Nigeria (AMCON), on Thursday said it has taken over two properties belonging to Alhaji Umaru Baba Abdullahi, the chief promoter of Doggi Group Limited over his debt in excess of N440m.
This, the corporation said in a statement by Jude Nwauzor, its head of Corporate Communications, followed the June 5, 2020 order by Justice Anwuli Chikere of the Federal High Court, Abuja division
Specifically, AMCON said it took effective possession of the properties at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja, through Mrs. Juliet Benson of Benson Reeds Legal Practitioners, its Receiver.
“The case of Doggi Group Limited and its promoter have been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets (EBA) purchase from Union Bank Plc way back in 2011,” the corporation said.
Since then, the statement continued, “AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Doggi Group Limited have remained recalcitrant and unwilling to repay the huge debt to the corporation.”
Nwauzor expressed the corporation’s gratitude to the Federal High Court for helping to recover some of the nation’s debts owed by a few individuals despite the challenges posed by the dreaded Coronavirus (COVID-19) pandemic to institutions including the judiciary.
“Like we have always said, our priority at AMCON has never been to take over anybody’s properties or assets. Our mandate is to recover Nigeria’s money in the hands of these obligors.
“Overtime however, we have observed that the obligors enjoy hiding under some legal technicalities to delay even the repayment arrangement they negotiated and signed.
“When you have held several meetings and arrived at an agreement but the obligor decided to make a U-turn by reneging, it leaves AMCON with no other option than to approach the court.
“In the case of Doggi Group Limited and its promoter, AMCON did everything any responsible and law abiding organistaion ought to do to help the promoter and his business continue to no avail,” Nwauzor lamented.
He warned that the enforcement on the properties of Doggi Group Limited and Alhaji Abdullahi is one of many others that would happen in the coming days, despite the COVID-19.
The statement recalled that President Muhammadu Buhari had last year signed the 2019 Amended AMCON Act which the corporation additional powers to go after all of its obligors who for years have refused to repay their debt into law.
The corporation under the leadership of Ahmed Lawan Kuru, its Managing Director/Chief Executive, he stressed, is poised to descend hard on its obligors irrespective of political or social status.
