AMCON Takes Over Abadat Ventures’ Assets Over N600m Debt

AMCON Takes Over Abadat Ventures’ Assets Over N600m Debt

6/24/2021 5:46:00 AM

AMCON Takes Over Abadat Ventures’ Assets Over N600m Debt

The asset management corporation of Nigeria has taken over assets belonging to Alhaji Buhari Abdulfatai, chief promoter of Abadat Ventures Limited over an

AdvertisementsThe takeover follows the order of Justice I. E Ekwo of the Federal High Court, Abuja, mandating the corporation to do so.Interestingly, Alhaji Buhari Abdulfatai is a serving senator representing Ogbomosho north federal constituency in Oyo State, a seat he won on the platform of the ruling All Progressives Congress (APC).

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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 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.Apart from granting the corporation possession of the above-mentioned 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 Sections 553 and 554 of the Companies and Allied Matters Act, 2020.

AdvertisementsThe non-performing loan of Abadat Ventures Limited was purchased by AMCON from Guaranty Trust Bank (GTBank) Plc., during the second phase of eligible bank asset purchases in 2021. Read more: LEADERSHIP Newspaper »

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AMCON seizes Senator Buhari's propertiesThe Asset Management Corporation of Nigeria says it has taken over assets belonging to Oyo North lawmaker, Senator Abdulfatai Buhari, xniyi That name!! Sahara Reporters stop advert terrorists in news platforms, call evil ,evil. stop publishing terrorists.gumi is a terrorists. A terrorist will only talk about terrorists. Stop this advert.

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