A Federal High Court in Abuja has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Bedko Nigeria Limited, a company owned by Buba Galadima, a former ally of President Muhammadu Buhari, over debts of nearly N900 million.
AMCON spokesperson, Jude Nwauzor, made this known in a statement on Tuesday.
The loan was purchased during the first phase of Eligible Bank Assets purchase from Unity Bank Plc in 2011.
He said AMCON had tried to explore all avenues to resolve the matter out of court but without success.
Justice A.I. Chikere gave the order, granting AMCON the power to take over some properties belonging to the politician.
The properties include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory (FCT), Abuja and house No. 4, Bangui Street, Wuse 2 also in Abuja.
Mr Nwauzor said the corporation would take all necessary actions, which includes 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.