Federal High Court sitting in Abuja, in Suit No. FHC/ABJ/CS/1136/2019 has ordered the Asset Management Corporation of Nigeria to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima.
A statement from the corporation on Tuesday said Bedko Nigeria Limited and Alhaji Buba Galadima owed AMCON nearly N900m.
It stated that the loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.
Since then, it added, AMCON had offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Bedko Nigeria Limited had remained recalcitrant and unwilling to repay the huge debt to the corporation.
It added that the order, which was granted to AMCON by Justice A.I. Chikere, the presiding judge gave the government recovery agency the power to take over some properties belonging to the politician.